Chinese manufacturers dominated the global wind turbine market in 2024, securing the top three positions for the first time, according to a new report by Wood Mackenzie. Goldwind, Envision, and MingYang led the market, with Goldwind maintaining its position as the top player for the third consecutive year.
Goldwind installed 20GW of wind turbine capacity in 2024, marking a more than 20% increase from 2023 and a more than 60% rise compared to the previous year. The report revealed that five original equipment manufacturers (OEMs) installed double-digit gigawatts (GW) for the first time, with Chinese manufacturers benefiting from strong domestic demand. Meanwhile, Vestas led markets outside of China.
Wood Mackenzie's report highlighted that the Chinese wind turbine market grew by almost 12% year-over-year, reaching more than 80GW and accounting for over 60% of the global annual connected capacity. However, installations outside China saw a 9% decline, which had a notable impact on Western OEMs.
Endri Lico, principal analyst at Wood Mackenzie, stated, “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. This is driven by China's booming domestic market, which shows no signs of cooling off in the near-term.”
Despite record installations and a high volume of orders, Chinese OEMs experienced a drop in profitability, largely due to intense competition and an oversupply of components. In response, manufacturers have agreed to maintain healthy competition, which led to a price rebound in the fourth quarter of 2024.
Western OEMs faced challenges as well, with connections outside China falling below 40GW, the lowest level since the COVID-19 pandemic. Vestas continued to lead in markets outside China, connecting more than 10GW in 2024, followed by Siemens Gamesa and Nordex.
Lico added, “Western OEMs are adapting to the challenging market conditions by focusing on their core markets, restructuring their manufacturing footprint, increasing outsourcing from the East, divesting non-core activities, simplifying their product portfolios. More than anything, the Western OEMs exercised commercial discipline.”
In offshore wind, Siemens Gamesa maintained a strong position despite delays that impacted connections. Global grid-connected offshore wind capacity declined in 2024, although an all-time high was reached outside China. Wood Mackenzie attributed the subdued deployment to policy uncertainty and delays in project timelines.
The report also noted that China's growing share of the global market and the transition to next-generation offshore wind turbines contributed to an 18% increase in the weighted average turbine rating across the globe in 2024, compared to the previous year.
