Global wind turbine order intake reached a new high in the first half of 2024, totaling 91.2 gigawatts (GW), a 23 percent increase year-over-year (YOY), according to new data from Wood Mackenzie. This surge was accompanied by a 3 percent rise in global investment from developers, reaching $42 billion.
China was the primary driver of this growth, contributing over 70 GW of orders to its domestic market and an additional 5 GW from overseas, with most activity concentrated in the northern region. The second quarter alone saw over 66 GW of new orders, helping to boost global figures.
India also saw significant progress, with a 69 percent YOY increase in wind turbine orders. Overall, the Asia-Pacific region accounted for 85 percent of global intake during H1, with Chinese OEMs continuing to break records both domestically and abroad.
However, Western manufacturers struggled, capturing only 13 percent of global orders in H1. Wind turbine orders in the Americas and Europe fell by 42 percent, with fewer than 10 GW ordered. This decrease is attributed to intensifying competition from China, policy uncertainty, inflation, and softening demand in Western markets.
Despite strong growth in onshore wind activity, the offshore sector saw a 38 percent YOY decline in order intake (-4.1 GW), hindered by challenging project economics. While there are nearly 30 GW of conditional offshore orders globally, particularly in Europe and the U.S., many projects have been delayed due to economic difficulties.
For H1, Chinese OEMs dominated, with Envision, Windey, and Goldwind each securing more than 12 GW in orders, solidifying China’s lead in the global wind energy market.