Speaking at the session, held during Windenergy 2014 in Hamburg, were Siemens chief technical officer Henrik Stiesdal, Nordex CEO Jürgen Zeschky, Dong Energy vice president for engineering Tove Feld, and Mita Teknik CSO Thorbjorn Rasmussen.
The panel looked at the challenges facing manufacturers and developers in the effort to reduce the cost of energy.
Stiesdal highlighted the need to be "relentless innovation step-by-step". However, he also said that offshore wind would need some significant technogical improvements.
Other discussion points included the role of electronics and how this has changed over the last 20 years.
Asked about the importance of innovation to cost cutting. Zeschky said: "In innovation you need two things. On the one hand you need a focused approached, let's say 80% to focus on very specific projects to reduce the cost of energy. But we also need the other 20% for free thinking, discovery, the next step of making it better, even if people are telling us it's not possible."