Global wind turbine order intake reached new highs in 2023, with 155GW procured for the year, marking an increase of 16 GW from 2022. According to Wood Mackenzie’s ‘Global wind turbine order analysis: Q1 2024’ report, both China and Western markets set records for order intake, contributing to an estimated US$83 billion in annual investment.
In the fourth quarter of 2023, global order intake increased by 2.5%, with a 12% year-over-year (YoY) growth for the full year, as stated in the report. Developers in China ordered approximately 100 GW in 2023, with onshore demand from China’s wind bases driving most of this growth. Meanwhile, Western markets added 55 GW in 2023, with notable YoY momentum in Europe (19 GW) and North America (17 GW).
However, global intake for offshore wind decreased by 61% in Q4 of 2023, experiencing a 3.1 GW drop YoY, and a 7.2% overall decrease, representing a fall of 1.5 GW YoY. This decline was offset by an increase in global onshore wind orders, which rose by 4.2 GW (+11%) in Q4 YoY and 17.7 GW (+15%) for the full year.
Despite high-profile offtake cancellations and industry headwinds for offshore wind, firm order intake for the offshore sector tripled for markets outside China in 2023. A 56% drop in orders from China, attributed to a pause in procurement decisions, resulted in a modest global drop from the record set in 2022. In total, developers globally ordered 19 GW of offshore wind turbine capacity in 2023.
Envision led the way with 22 GW of order intake in FY 2023, followed by Vestas (19 GW), and Goldwind (18 GW).
