wind turbine manufacturers are seeing a market shift in 2024. Chinese OEMs Goldwind, Envision, and MingYang lead, while Western firms struggle to adapt.
Chinese companies dominate the wind energy market in 2024
For years, the global wind industry was led by European giants like Vestas, Siemens Gamesa, Enercon, and Nordex, alongside the American firm GE. However, in just over a decade, the market has shifted dramatically. Today, China dominates the ranking of the world’s largest wind turbine manufacturers, securing the top three positions for the first time.
Chinese companies now dominate the top 10 list of original equipment manufacturers (OEMs) in the wind energy sector. In 2023, Danish manufacturer Vestas still held onto third place, but as of 2024, it has lost its spot on the podium.
What does this shift mean? Two recent reports, from Wood Mackenzie and BloombergNEF (BNEF), confirm the same trend: China now accounts for six of the world’s top 10 wind turbine manufacturers.
The global wind energy market is evolving
The wind energy sector continues its steady growth, reaching a new record in 2024. With a significant push from Chinese installations, the industry added over 121 GW of new capacity worldwide. Of this, 109.9 GW (90%) came from onshore projects, while 11.7 GW was from offshore installations.
While Chinese manufacturers primarily serve their domestic market, their dominance reflects the country’s ambitious renewable energy targets. Meanwhile, Western manufacturers in Europe and the U.S. are facing restructuring challenges, adapting their operations to new market realities.
Chinese wind turbine OEMs
“Installations are soaring in mainland China as provinces race to meet renewable energy targets by the end of 2025,” said Cristian Dinca, author of the BloombergNEF report. “Local firms are trying to expand overseas, but they remain heavily reliant on their domestic market, which accounted for nearly all capacity additions in 2024.”
Despite record installations and orders, Chinese wind turbine manufacturers have seen profitability decline due to intense competition and an oversupply of components. “In response, they have agreed to maintain healthy competition, leading to a price rebound in Q4 2024,” Wood Mackenzie reported.
Western wind turbine OEMs
Western manufacturers are struggling with mounting pressure. Installations outside China fell below 40 GW, the lowest level since the COVID-19 pandemic. Bureaucratic delays and long delivery times have further weighed on Western companies, particularly in the U.S., where policy shifts have made offshore projects more vulnerable.
“Western OEMs are adapting to tough market conditions,” said Endri Lico, lead analyst at Wood Mackenzie. “They are focusing on core markets, restructuring manufacturing footprints, increasing outsourcing from Asia, divesting non-core businesses, and streamlining product portfolios. More than anything, they are exercising commercial discipline.”
The world’s top 10 wind turbine manufacturers in 2024
For the third consecutive year, Goldwind maintained its lead, installing nearly 20 GW, an increase of over 20% from 2023 and more than 60% from 2022. BNEF ranks Envision, Windey, and MingYang in second, third, and fourth place, with 14.5 GW, 12.5 GW, and 12.2 GW of installations, respectively. Wood Mackenzie’s report slightly swaps third and fourth place.
Vestas, which held the third spot until 2023, has slipped to fifth place. However, the Danish multinational remains the leading wind turbine provider outside China, with 10.2 GW installed.
Siemens Gamesa stands out from eighth place as the top offshore wind turbine supplier. In 2023, it supplied nearly three-quarters of offshore wind turbines outside China, adding 4 GW, more than doubling its capacity from the previous year.
The Global Wind Turbine Market Shares 2023 by BNEF
BNEF’s 2023 Global Wind Turbine Market Share report highlights China’s growing dominance, with six of the top 10 manufacturers being Chinese. The report shows that global wind capacity increased by 118 GW in 2023, with 107 GW from onshore and the rest from offshore projects. This growth was largely driven by China’s aggressive expansion.
“It’s no surprise that Chinese turbine manufacturers dominate the top five,” said Cristian Dinca, lead wind analyst at BNEF. “Gigawatt-scale projects and the post-pandemic recovery have driven record installations. However, these firms still rely heavily on their domestic market, which accounted for 98% of their new capacity.”
China vs. the EU: the battle for wind energy
China’s wind energy expansion is triggering concerns in Europe. The European Union, facing supply chain constraints, inflation, and rising costs, has responded with the EU Wind Power Action Plan to regain competitiveness. However, it remains too early to assess its overall impact.
Meanwhile, China’s manufacturers, with production costs 20% lower than their Western counterparts, are expanding globally. In 2023, they secured 1.7 GW of orders in 20 foreign markets, including five EU countries , nearly triple the number of foreign markets compared to 2018. Goldwind led this push with 748 MW of installations, followed by Envision with 561 MW.
“The wind boom in China masks a worrying trend: elsewhere, new capacity additions were just 8% higher than in 2022,” said Oliver Metcalfe, head of wind energy research at BNEF. “However, there are signs of accelerating growth. A rise in U.S. turbine orders reflects the early impact of the Inflation Reduction Act, while a surge in project approvals in Germany suggests that European permitting reforms are starting to work.”
