In 2023, China continued its dominance in the global wind energy sector, with significant implications for the market share of wind turbine original equipment manufacturers (OEMs). According to Wood Mackenzie's latest analysis, China accounted for an impressive 65% of global wind capacity, propelling four Chinese OEMs into the top five global rankings, a milestone in the industry's history.

Goldwind maintains top position for second year in a row

With an impressive installation of 16.3 gigawatts (GW) of capacity, Goldwind maintained its position as the top wind turbine manufacturer for the second consecutive year. This achievement cements Goldwind's status as a powerhouse in the renewable energy landscape.

Envision and Vestas follow close behind

Envision, just behind Goldwind, achieved its best year so far with an installation of 14.1 GW, securing the second position globally. Meanwhile, Vestas, the only Western OEM in the top five, connected 11.5 GW, reinforcing its significant presence in the market.

Top 5 leading OEMs dominating the market

The top five OEMs collectively held 54% of the global wind market, showing market consolidation. With Windey and MingYang securing the fourth and fifth positions with the installation of 10.1 GW and 9.9 GW, respectively, Chinese manufacturers continued to assert their dominance on the global stage.

Source: Wood Mackenzie

Note: Wood Mackenzie bases its analysis on grid-connected capacity in all wind markets except China and Vietnam.

Western OEMs thrive outside China

Outside China's borders, Vestas maintained its leading position for the sixth consecutive year, with more than 10 GW installed. This achievement underlines Vestas' resilience and adaptability in diverse global markets.

In this respect, Siemens Gamesa Renewable Energy (SGRE) overtook General Electric (GE) to claim the second position outside China. SGRE capitalised on its offshore success with 9.7 GW installed, while GE relied on the US onshore market to install 7.2 GW globally.

Market dynamics outside China

Nordex ranked fourth with 6.4 GW and Enercon fifth with 2.4 GW, ranking fourth and fifth respectively outside China. Collectively, the top five Western OEMs accounted for a staggering 93% of global volumes, demonstrating their dominance in regions outside China.

Source: Wood Mackenzie

Note: Wood Mackenzie bases its analysis on grid-connected capacity in all wind markets except China and Vietnam.

The global wind energy landscape in 2023 was characterised by China's continued dominance and the resilience of both Chinese and Western OEMs in their respective markets. As the world moves towards a greener future, these trends are likely to shape the trajectory of the renewables sector in the coming years.

Record levels driven by China's wind power boom

China's unprecedented wind power boom has reached record levels, with an increase in installations of 74.7 GW, marking a historic milestone in wind power deployment in the country. This increase is reflected in onshore capacity reaching 67.8 GW, along with almost 7 GW of additional offshore installations, representing an impressive 41% year-on-year increase. Moreover, with six Chinese manufacturers among the world's top 10, China's wind power industry is marking a strong global leadership.

On the other hand, Western OEMs face considerable challenges in a stagnant market, with installed capacity declining by 3% year-on-year in 2023 to just 40 GW. Despite some improvement in financial performance, evidenced by a decrease in supply chain disruptions, Western manufacturers have shown little interest in reducing prices to increase market share, which has led to quality and reliability issues, exacerbating instability in their economic performance.