Chinese firms dominate wind turbine market

A total of four Chinese wind turbine companies made it to the top five firms.

A total of four Chinese wind turbine companies made it to the top five firms.

Chinese wind turbine original equipment manufacturer (OEM) led the sector’s market share driven by the acceleration of the count’s wind capacity, according to Wood Mackenzie.

With China comprising 65% of the global wind capacity, four Chinese wind turbine OEMs made it into four of the top five global rankings, led by Goldwind for the second consecutive year with a record of 16.3 gigawatts (GW) capacity installed.

It is followed by another Chinese firm, Envision, which hit a record of 14.1 GW. China-based firm Windey ranked fourth and MingYang placed gift with an installed capacity of 10.1 GW, and 9.9 GW, respectively.

ALSO READ: Global offshore wind capacity rose by 9.8 GW in 2023

Vestas is the only Western OEM in the top five, ranking third with 11.5 GW of wind capacity.

“China’s first batch of massive renewable bases have a 2024 deadline on the horizon which has accelerated installations to an unprecedent pace of 74.7 GW. This combined with a mature supply chain and ambitious provincial targets is pushing wind deployment to an unprecedented level in China,” said Endri Lico, Principal Analyst at Wood Mackenzie.

Local OEMs, however, still faced reduced profitability, due to intense competition from 14 different Chinese firms which pulled turbine prices by 16% onshore and 9% offshore.

Western OEMs, meanwhile, saw financial losses, with the wind market plateauing at 40 GW.

Wood Mackenzie

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