Chinese Companies Continue to Dominate Global Wind Turbine Market

Chinese wind turbine makers continue to pace the global market, taking four of the top five spots in a ranking of the world's top manufacturers of both onshore and offshore wind power equipment. BNEF's "2023 Global Wind Turbine Market Shares" report said developers commissioned 36% more wind power capacity last year than in 2022, primarily thanks to China, the world's largest wind power market. "It's no surprise that Chinese turbine makers dominate the top five in our ranking, as buildout of gigawatt-scale wind projects and an end to pandemic restrictions sent installations soaring last year," said Cristian Dinca, wind analyst at BloombergNEF and lead author of the report. The report said Chinese turbine makers last year commissioned 1.7 GW of wind projects in 20 foreign markets, including in five member states of the European Union. The BNEF report said prices for Chinese-made wind turbines delivered outside mainland China are 20% lower than those of U.S. and European companies. Mingyang doubled its installations of offshore wind turbine in 2023, commissioning 3 GW of new capacity and becoming the largest global supplier of offshore turbines for the first time. China remains the largest market for new offshore wind capacity and, as with onshore, accounts for about two-thirds of new worldwide generation.