Chinese wind turbine manufacturers led the global market in 2024, with Goldwind, Envision, and MingYang securing the top three positions for the first time, according to Wood Mackenzie's latest report. Goldwind retained its position as the leading original equipment manufacturer (OEM) for the third consecutive year, installing 20 GW—over 20% more than in 2023 and more than 60% more than in 2022.
For the first time, five OEMs installed more than 10 GW, with Chinese manufacturers benefiting from strong domestic demand, while Vestas remained dominant in markets outside China. The Chinese wind market grew by nearly 12% year-over-year, reaching a record of more than 80 GW and accounting for over 60% of global annual connected capacity. Meanwhile, installations outside China declined by 9%, affecting Western OEMs.
Goldwind, Envision, and MingYang now hold the largest share of the global market, reflecting the strength of China's domestic wind industry, which continues to grow with no signs of slowing. However, despite record installations and orders, Chinese OEMs faced declining profitability due to intense competition and an oversupply of components. To counteract this, manufacturers agreed to maintain healthy competition, leading to a price rebound in Q4 2024.
Western OEMs struggled with declining installations, as total capacity connected outside China fell below 40 GW, the lowest level since the COVID-19 pandemic. Vestas remained the leading non-Chinese OEM, connecting more than 10 GW in 2024, followed by Siemens Gamesa and Nordex. Western OEMs have responded to market challenges by concentrating on core regions, restructuring manufacturing operations, increasing outsourcing to Asia, divesting non-core businesses, and simplifying product portfolios. Commercial discipline has played a key role in their strategic adjustments.
Siemens Gamesa led offshore wind installations in a year marked by delays that hindered overall growth. Despite record connections outside China, global offshore wind capacity declined in 2024 due to policy uncertainties and project delays. China's increasing share of the global market and the shift towards next-generation offshore wind turbines expanded the range of deployed turbines and increased the weighted average turbine rating by 18% in 2024 compared with 2023.
