Share of wind turbine manufacturers in 2023: Wood Mackenzie report

By Editor


The latest analysis from Wood Mackenzie has indicated the market share of wind turbine equipment manufacturers in 2023.

Goldwind (16.3 GW of installations), Envision (14.1 GW), Vestas (11.5 GW), Windey (10.1 GW), Mingyang (9.9 GW), Siemens Gamesa RE (9.7 GW), SANY (7.5 GW), GE (7.2 GW), Nordex (6.4 GW), DEC (5.4 GW), SEWind (3.7 GW), CSSC (3.5 GW), CRRC (2.9 GW), and Enercon (2.4 GW) are the top wind turbine equipment manufacturers.
Vestas share in wind turbine market 2023Wood Mackenzie said China accounted for 65 percent of global wind capacity in 2023, which pushed four Chinese wind turbine original equipment manufacturers (OEM) into the top five global rankings, a first for the sector.

Outside of China, Vestas was the market leader for the sixth consecutive year, with more than 10 GW installed. Siemens Gamesa (SGRE) overtook General Electric (GE) for the second position.

Siemens Gamesa capitalised on offshore success with 9.7 GW installed.

GE installed 7.2 GW globally, supported by the US onshore market.

Nordex came in at fourth place with 6.4 GW and Enercon at fifth place with 2.4 GW.

Onshore capacity achieved 67.8 GW, while almost 7 GW of new offshore installations were in China, an increase of 41 percent, which ultimately drove six Chinese OEMs into the global top 10 rankings.

China’s record installations, backed by more than 100 GW of new wind turbine orders in 2023, have not shielded local OEMs from reducing profitability. Intense competition from 14 different Chinese OEMs in 2023 reduced turbine prices by 16 percent and 9 percent in onshore and offshore, respectively, throughout the year.

Companies across Europe and the Americas suffered financial losses in a stalling wind market that plateaued at 40 GW capacity installed, a 3 percent drop YoY, which is the lowest year since the COVID-19 pandemic.

Western OEMs practiced commercial discipline, showing little appetite for price reduction to grow market share,” said Endri Lico, Principal Analyst at Wood Mackenzie.

Baburajan Kizhakedath

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