Huaxia Energy Network & Huaxia Wind Power (public number hxfd3060) learned that recently, Bloomberg New Energy Finance released the data and ranking of the new hoisting capacity of China's wind power manufacturers in 2024.

According to the data, in 2024, China's new wind power hoisting capacity will be 86GW, an increase of 11% compared with 2023 and a record high. Among them, onshore wind power added 79GW, a year-on-year increase of 14%; Offshore wind power added 6GW, down 21% year-on-year.

The

top 10 are Goldwind Technology (SZ: 002202), Envision Energy, Yunda (SZ: 300772), Mingyang Intelligent (SH: 601615), Sany Renewable Energy (SH: 688349), Dongfang Electric (SH: 600875), Electric Wind Power (SH: 688660), CRRC (SH: 601766), CSSC Marine, and United Power.

Goldwind's market share in 2024 will reach 22%, ranking first with 18.67GW of lifting capacity, a year-on-year increase of 19% compared to 15.67GW in 2023, further expanding its lead.

Although Envision Energy continues to maintain its second position, its hoisting capacity has decreased instead of increasing, and the scale of 2024 is 700MW lower than that in 2023. As a result, the gap between the company and Goldwind has widened, from 835MW in 2023 to 4.5GW in 2024.

The gap between the third and fourth places is further narrowing, with the market share of Yunda and Mingyang Intelligent both 14%, and the difference in hoisting capacity between the two is only 243MW. In 2024, Yunda will add 2GW of hoisting capacity, and Mingyang Intelligent will add 3.1GW.

The competition for the fifth and sixth places is also intensifying, and Dongfang Electric is stepping up to catch up with Sany Renewable Energy: in 2024, Sany Renewable Energy's hoisting capacity will be 9.33GW, and Dongfang Electric's will be 8.38GW, and the gap between the two will plummet from 2GW in 2023 to less than 1GW.

Based on the above top six data, it can be expected that there is a high possibility of large changes in the ranking in 2025, and the top companies will be overtaken by the companies behind if they are not careful.

In terms of markets, in the onshore wind power market, the top three are Goldwind Technology, Envision Energy, and Yunda Co., Ltd., and Mingyang Intelligent has replaced Sany Renewable Energy to return to the fourth. The top four wind turbine manufacturers will all have more than 10GW of onshore wind hoisting capacity in 2024.

The lifting capacity of offshore wind power has declined year-on-year. With an offshore wind power hoisting capacity of 1.8GW, Mingyang Intelligent won the No. 1 offshore wind power manufacturer and continued to maintain its position as the overlord of offshore wind power, but the hoisting capacity has decreased by more than 1GW compared with 2023.

In 2024, Goldwind will advance both on land and sea, jumping to second place with 1.1GW of sea wind lifting capacity, and Dongfang Electric will rank third with 947MW of lifting capacity. In 2023, electric wind power, which ranked second, fell out of the top 3 ranks.

CRRC completed the hoisting of its first offshore wind project in 2024, totalling 230MW.

It is worth noting that in the local market, Chinese machine manufacturers occupy an absolute dominant position, and only one foreign-funded company, Vestas, has added 32MW of lifting capacity.

A comprehensive analysis of the 2023-2024 list shows that there are four major trends:

The first is to further concentrate on the head manufacturers in the wind power market. The domestic wind power market is almost "rounded" by 10 machine manufacturers, and the top 10 has won 98.23% of the market share. The market share of the top 5 machine manufacturers has reached 78%, accounting for 8% of the entire market.

Second, the competitive echelon is significantly differentiated. In addition to Goldwind, which is leading by a large margin, the gap between the 2nd and 4th and 5th places is narrowing, and the barriers between the manufacturers in terms of scale, technology, and supply chain are still unclear, and there will be fierce competition between the two echelons, and they will face the pressure of reshuffle in the medium term. At the same time, with the application of large-scale fans, the competition for the top few will intensify, or will further squeeze the living space of tail manufacturers.

Third, the differentiation of the sea and land markets has intensified. The "scale threshold" of the first echelon of onshore wind power has been raised to 12GW, while offshore wind power fluctuates to a certain extent every year due to the impact of policy coordination and project cycles, but with the completion of CRRC's offshore wind project, the offshore wind market has ushered in a strong "disruptor".

Fourth, the new hoisting capacity presents the phenomenon of cold and warm interweaving. Compared with 2023, the top 10 machine manufacturers will increase their hoisting capacity in 2024, with 5 increasing and 5 declining. Looking forward to 2025, with the stabilization of wind turbine prices, the expansion of the offshore wind market, and the promotion of the transformation of wind farms with large and small ones, the hoisting capacity of the whole machine manufacturer may still be greatly differentiated.

(Please indicate the source for reprinting, article source: Huaxia Energy Network, WeChat ID: hxny3060).