China dominates global wind turbine market in 2023

By: Chloe Emanuel

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General Turbines
02/05/2024 Wood Mackenzie

In 2023, China solidified its dominance in the global wind turbine market, with Chinese manufacturers capturing 65% of global wind capacity. This surge propelled four Chinese companies into the top five global rankings for the first time, according to Wood Mackenzie. Goldwind led the pack for the second consecutive year, installing 16.3 gigawatts (GW) of capacity. Envision followed closely with 14.1 GW, while Vestas, the only Western manufacturer in the top five, installed 11.5 GW. Windey and MingYang rounded out the top five with 10.1 GW and 9.9 GW, respectively.
Globally, the top five manufacturers controlled 54% of the wind market. Outside of China, Vestas remained the market leader for the sixth year in a row with over 10 GW installed. Siemens Gamesa overtook General Electric for second place, capitalizing on offshore projects to install 9.7 GW. General Electric and Nordex followed, with Enercon completing the top five.
China's record-breaking installations, driven by massive renewable energy projects with a 2024 deadline, resulted in a total of 74.7 GW installed in 2023. This included 67.8 GW of onshore and nearly 7 GW of offshore capacity, a 41% year-over-year increase. Despite this growth, intense competition among 14 Chinese manufacturers led to a decrease in turbine prices and reduced profitability.
Conversely, Western manufacturers faced challenges in 2023, with a 3% year-over-year decline in installed capacity, marking the lowest level since the COVID-19 pandemic. Financial losses and market stagnation plagued companies in Europe and the Americas. Although there were some improvements in supply chain disruptions, issues with quality and reliability persisted.
"China's accelerated installations and mature supply chain are driving unprecedented wind deployment," said Endri Lico, Principal Analyst at Wood Mackenzie. "However, Western OEMs showed restraint in price reductions, focusing instead on improving financial performance amid ongoing market instability."


For more information curated from over 275 offshore wind turbine models, including dimensions and wind speeds, click here.

About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037 chloe.emanuel@tgs.com
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