In 2024, wind turbine manufacturers installed a record 127 GW of new wind power capacity, with 23,098 units installed by 29 suppliers despite economic challenges and supply chain disruptions, according to GWEC’s Supply Side Data report.
The report highlights the need for structural reforms and market improvements to accelerate the transition to renewable energy, aiming for 380 GW of annual installations by the decade’s end. While some manufacturers achieved positive EBIT margins for the first time since 2021, many Western and Chinese suppliers faced declining net profits.
The data shows a continued rise in installations by Chinese manufacturers, now occupying the top four global positions, with Denmark’s Vestas in fifth place, while European suppliers maintained a 92 percent market share in the region.
Goldwind retained its position as the leading global wind turbine supplier in 2024, installing a record 20 GW worldwide.
Envision secured second place, despite a decline in domestic capacity, and achieved a record 3.5 GW in eight overseas markets, the highest for a Chinese OEM.
Mingyang advanced to third, experiencing its best installation year, followed by Windey, completing an all-Chinese top four. Vestas dropped to fifth, with installations decreasing by 13 percent, yet remained the most widespread supplier globally, ahead of Nordex Group, Enercon, and Siemens Gamesa.
The global average turbine capacity rose by 9 percent to nearly 5,500 kW, with onshore turbines surpassing 5,000 kW and offshore reaching 9,815 kW, driven by larger installations in China and offshore markets exceeding 10 MW.
Medium-speed turbines gained popularity, increasing market share to 29.1 percent as Goldwind transitioned from PMG Direct Drive, accounting for 89 percent of its installations. Geared-drive systems maintained a 91.3 percent market share.
Rotor diameters over 180m became dominant, representing 58.6 percent of the market. Despite ten of the top 15 turbine suppliers being Chinese, 94 percent of Chinese OEMs’ installations were domestic, with Goldwind and Envision leading overseas, contributing 98 percent of the 5,458 MW installed outside China.
Asia received 55.6 percent of these exports, followed by Africa, South America, the Middle East, the Pacific, and Europe. Vestas, Nordex, Siemens Gamesa, Enercon, and GE Vernova led in Europe, where Chinese OEMs installed only 242.4 MW, with just 11.7 MW in the EU-27. Among Western OEMs, Vestas was the sole company to install turbines in China, delivering 52 MW.
GreentechLead.com News Desk