Key facts
- Chinese companies held 79% of the global wind turbine market share last year.
- This market share increased by 6 percentage points.
- Demand from China, other parts of Asia, and Africa drove the growth.
- In 2024, China was the world's largest market for wind power and the largest wind turbine manufacturer.
- The four largest wind turbine manufacturers globally were all Chinese companies in 2024.
- Turbine makers experienced historic low profits, with onshore turbine average bid prices falling over 60% from their peak.
Chinese companies have solidified their dominance in the global wind turbine market, capturing nearly 80% of installations worldwide last year, an increase of 6 percentage points. This expansion is attributed to robust demand within China, as well as growing markets in Southeast Asia and Africa.
In 2024, China reaffirmed its position as both the world's largest wind power market and its leading wind turbine manufacturer. The country achieved approximately 87 GW in new installations, accounting for 65% of the global total. Notably, the four largest wind turbine manufacturers globally were all Chinese firms.
However, this market success comes at the cost of significantly reduced profitability for turbine makers. Average bid prices for onshore turbines have fallen to 1,381 yuan/kW, a decrease of over 60% from five years ago. While companies like Goldwind reported a turbine segment gross margin of just 3.75% and Mingyang Smart Energy at 7.69%, their suppliers of blades, towers, and main shafts maintained gross margins between 15% and 30%. This dynamic creates a paradox where the orchestrator of the supply chain earns less than its parts suppliers.