Highlights :
- Five OEMs installed double-digit GW for the first time, with Chinese manufacturers benefiting from the rise in domestic demand and Vestas dominating markets outside China.
Chinese Firms Dominate Global Wind Market But Profits Sink: Report Wood Mackenzie’s latest report on global wind turbine original equipment manufacturers (OEMs) reveals that Chinese wind energy companies led the global market in 2024. For the first time, Goldwind, Envision, and MingYang secured the top three positions worldwide, highlighting China’s increasing influence in the sector. However, the dip in their profitability remained a concern, the report highlighted. Notably, late last year, Chinese firms apparently agreed to hold back on undercutting each other, in an effort to stem losses.
Key Findings:
Goldwind retained its leadership for the third consecutive year, installing 20 GW—over 20% more than in 2023 and more than 60% more than in 2022. Five OEMs surpassed double-digit gigawatt installations for the first time, largely due to surging domestic demand, while Vestas remained the dominant player outside China.
China’s wind market expanded by nearly 12% year-over-year, reaching a record-breaking 80 GW and accounting for more than 60% of global annual connected capacity. In contrast, installations outside China fell by 9% year-over-year, creating challenges for Western OEMs.
“The Chinese trio of Goldwind, Envision, and MingYang have captured the top global market share positions, marking a significant shift in the wind turbine manufacturing landscape,” said Endri Lico, Principal Analyst at Wood Mackenzie. “This is driven by China’s booming domestic market, which shows no signs of cooling off in the near term.”
Profitability Challenges for Chinese OEMs
Despite record-breaking installations and strong demand, Chinese OEMs faced shrinking profitability due to intense competition and an oversupply of components. In response, major players agreed to maintain healthy competition, leading to a price rebound in Q4 2024.
Meanwhile, Western OEMs struggled as wind power connections outside China fell below 40 GW—the lowest level since the COVID-19 pandemic. Vestas remained the market leader outside China, connecting more than 10 GW in 2024, followed by Siemens Gamesa and Nordex.
“Western OEMs are adapting to challenging market conditions by focusing on core markets, restructuring manufacturing footprints, increasing outsourcing from the East, divesting non-core activities, and simplifying product portfolios. More than anything, Western OEMs exercised commercial discipline,” Lico added.
Offshore Wind Market Trends
Siemens Gamesa led the offshore wind segment in a year marked by project delays that slowed grid connections. Although offshore wind capacity hit a record high outside China, global installations still declined in 2024 due to inconsistent policies and project delays.
China’s growing share of the global wind market and the transition to next-generation offshore turbines resulted in an 18% increase in the average turbine rating worldwide compared to 2023. Chinese firms have dominated the sze game as well, coming out with ever larger capacity turbines.
