China Propels its Wind Turbine Companies into Global Top Five
According to a study report by Wood Mackenzie, four Chinese firms are among the world’s top five wind turbine companies. Ranked by installed capacity, Vestas is the only non-Chinese firm making the Top 5 and squeezes itself into a spot at third position.
- Goldwind 16.3 GW
- Envision 14.1 GW
- Vestas 11.5GW
- Windey 10.1 GW
- Ming Yang 9.9 GW
China boasts the world’s largest amount of wind turbines in operation and accounts nearly for the world’s 65% of installed wind capacity. The Chinese government has put forward favorable policies for deploying renewable energy projects such as /#PV and #WindPower and has set an agressive target before the end of 2024.
A huge domestic market coupled with favorable policies have catalyzed wind installation in China, which witnessed the commissioning of 74.7 GW recently. In contrast, western wind turbine manufacturers deployed only 40 GW during the same period.
On the offshore front, 9.8 GW were added in 2023, bringing the total global offshore capacity to 67.4 GW. There is a total of 282 offshore wind farms around the world, including 158 in Asia, 122 in Europe and only 2 in US. It is worth noting that the average size of new wind farms increased to 392 MW in 2023, compared to 225 MW in the previous year.
However, as many other players enter the market, competition heats up and prices of wind turbines fell on average by 16% for onshore and 9% for offshore in 2023. The lower prices then spur deployment, creating a virtuous cycle.