Goldwind, a chinese wind turbine⁤ manufacturer, retained its position as the world’s top supplier for the third consecutive year in 2024, with 20,000 ⁣megawatts of installed power. This represents a 20%⁣ increase over its 2023 performance and a 60% jump compared to 2022.

According to a report by Wood Mackenzie,a global consultancy,Goldwind leads the ⁤market,followed by fellow Chinese companies Envision and Mingyang. The five largest wind turbine manufacturers⁢ each installed more than 10 gigawatts in 2024.

Chinese manufacturers have capitalized on their robust domestic market to strengthen their global position.Vestas, ⁣a company that previously held the top spot,‍ now ranks fourth, focusing on markets ⁤outside of China, according to Wood Mackenzie.

The Chinese market experienced nearly 12% ⁤growth in 2024, with over 80,000 megawatts of wind power installed, according to wood Mackenzie. This represents more than 60% of the total global wind power installed during the year,meaning China installed⁤ more wind power than all other countries combined.

According to an analyst at Wood Mackenzie, the strength of Chinese companies stems ‍from the rapid growth of the Chinese domestic market, which shows no ⁤signs of slowing down.

Outside of ⁣China, the global wind sector saw a 9% decrease in power installed compared to 2023, impacting Western manufacturers such as Siemens Gamesa, Nordex, and GE Vernova.

Despite the installation record in China,original equipment manufacturers have seen squeezed profit margins due to intense competition and component overcrowding,according to Wood Mackenzie.

In response, manufacturers ⁣have agreed to maintain healthy⁢ competition, resulting in a price increase in the fourth quarter of ⁣2024, according to Wood ⁤Mackenzie.

Outside of China, Western manufacturers faced growing pressures in 2024. The rest of the world connected less than 40,000 megawatts of new wind power, the lowest figure since the pandemic. Vestas maintained its leading position outside of China, installing more than 10,000 megawatts, followed by Siemens gamesa and Nordex.

According to⁣ analysts, Western original ⁤equipment manufacturers are adapting to challenging market conditions by ⁢focusing on key markets, restructuring their manufacturing footprint, divesting in non-structural activities, and simplifying their product catalogs and ⁢services.

Offshore Wind

Siemens Gamesa remains a⁣ key player in the offshore wind market, despite delays impacting power connections in 2024, according to⁤ Wood Mackenzie.Global offshore wind power connected to the grid decreased compared to the previous year, even though China connected more offshore wind turbines than ever before.

Wood Mackenzie attributes the slowdown in the global offshore wind sector to technical delays and ‍inconsistent policies.

The average power of⁤ wind turbines grew by 18% in 2024, driven by the progress of new generation offshore wind turbines, which are significantly more powerful than onshore ‍turbines, with prototypes exceeding 15-16 megawatts.

Data from Bloomberg New Energy Finance (BNEF)⁣ aligns with Wood Mackenzie’s findings.⁣ According to BNEF, Goldwind, Envision, and ⁣Windey lead the market.Mingyang and Vestas follow closely behind. The top five manufacturers each installed more than 10 gigawatts in 2024.

BNEF reports that the global wind sector installed 121,600 megawatts of power in 2024, doubling the amount installed in⁤ 2019 before the pandemic.of this, 109,900 megawatts were installed on the mainland (90% of the power), while 11,700 megawatts were installed offshore.

BNEF highlights the rise of ⁢Chinese manufacturers, stating that 2024 has been the first year in which European and North American manufacturers have been⁤ out of the Top 3. BNEF places Vestas in fifth place in its 2024 rankings.