A report by Wood Mackenzie highlights a major shift in the global wind turbine industry, with Chinese manufacturers Goldwind, Envision, and MingYang securing the top three positions for the first time. This development underscores China’s growing dominance in renewable energy infrastructure, driven by robust domestic demand and strategic market positioning.
Vestas, Windey, SANY, DEC, Siemens Gamesa, Nordex Group, and GE Vernova are the in the next positions in the global wind turbine industry.
Key Market Trends
Goldwind led the market for the third consecutive year, installing 20 gigawatts (GW) in 2024, reflecting a 20 percent increase from 2023 and over a 60 percent rise compared to 2022. Five original equipment manufacturers (OEMs) surpassed double-digit GW installations for the first time, with Chinese firms benefiting from strong domestic support, while Vestas continued its dominance in non-Chinese markets.
China’s wind energy sector expanded by nearly 12 percent year-over-year, reaching a record 80 GW in annual capacity, accounting for more than 60 percent of the global total. However, installations outside China fell by 9 percent, creating challenges for Western manufacturers.
Market Implications and OEM Strategies
“Goldwind, Envision, and MingYang have captured the top positions, reflecting the strength of China’s domestic market, which shows no signs of slowing down,” Endri Lico, Principal Analyst at Wood Mackenzie, said.
Despite record-breaking installations, Chinese OEMs faced profitability challenges due to fierce competition and component oversupply. In response, they reached an agreement to maintain healthy competition, leading to a price rebound in Q4 2024.
Western OEMs encountered increasing pressures, as global installations outside China dropped to below 40 GW — the lowest level since the COVID-19 pandemic.
Vestas led non-Chinese markets, connecting over 10 GW, followed by Siemens Gamesa and Nordex.
Western OEMs have adopted strategies such as focusing on core markets, restructuring manufacturing, outsourcing production, divesting non-core activities, and simplifying product lines.
Offshore Wind Challenges and Future Outlook
Siemens Gamesa dominated the offshore wind sector in 2024, despite widespread delays that hindered grid connections. Global offshore wind capacity experienced a decline due to inconsistent policies and project postponements, even as connections outside China reached an all-time high.
China’s expanding market share and the transition to next-generation offshore wind turbines contributed to a wider deployment of larger turbines, increasing the weighted average turbine rating globally by 18 percent in 2024 compared to the previous year.
Baburajan Kizhakedath