– Chinese wind turbine makers dominate global market, with four out of the top five spots in ranking
– Global wind power generation capacity additions reached record 118 GW in 2023
– Goldwind commissions 16.4 GW of new wind projects, with focus on China market
(Note: Total commissioned capacity in 2023 was 118 GW. Source: BloombergNEF)
Chinese wind turbine manufacturers, including Goldwind and Envision, dominated the global market in 2023, with a record 118 GW of wind power capacity additions. Mainland China accounted for two-thirds of global wind power additions, with the EU and Brazil also experiencing significant growth. Chinese companies are expanding their presence in foreign markets by offering more competitive prices for turbines compared to U.S. and European manufacturers.
Despite the strong performance of Chinese companies, U.S.-based GE fell to sixth place in the rankings, with installations decreasing by 35% from the previous year. However, there are signs of growth in other countries, with increasing orders for new turbines in the U.S. and Europe. The U.S. saw its lowest level of wind power capacity additions since 2017, but new subsidies are expected to drive growth.
Mingyang doubled its installations of offshore wind turbines in 2023, becoming the largest global supplier for the first time. China remains the largest market for offshore wind capacity, followed by the UK and the Netherlands. Overall, the trend of increasing wind power capacity additions is expected to continue, with growth potentially accelerating in the coming years.