Chinese Wind Turbine Makers Expand Global Footprint in 2023, New Report by bloombergNEF

China is solidifying its position as a global leader in the wind energy revolution. A new report by BloombergNEF reveals that worldwide wind capacity additions reached an all-time high of 118GW in 2023, with China driving staggering growth.

Chinese wind turbine manufacturers, particularly Goldwind and Envision, dominated the market. Goldwind retained the top spot for the most commissioned projects, while Envision soared to second place. This remarkable growth surge is mainly due to ambitious wind power goals and the easing of pandemic restrictions in China.

But the reach of Chinese turbine makers isn’t limited to their home market. Their presence in foreign markets is expanding rapidly. In 2023, China-based companies commissioned an impressive 1.7GW of wind projects in 20 markets globally. This expanding reach is partly fueled by significant price cuts, allowing Chinese companies to export turbines at prices roughly 20% below their US and European rivals.

While China’s boom draws attention, there’s concern over slower growth elsewhere. New wind power additions outside China grew by just 8% compared to 2022. However, there’s a flicker of hope – the US Inflation Reduction Act is triggering a surge in US turbine orders, and permitting reforms suggest a boost to European markets.

In offshore wind, the landscape is also shifting. Chinese turbine maker Mingyang became the largest global supplier of turbines at sea for the first time, unseating Siemens Gamesa. China once again claimed the top spot for new offshore wind capacity.