Text: Huaxia Energy Network

On February 18, the wind power research team of Wood Mackenzie, a global consulting agency, released the 2024 ranking of wind turbine orders in China.

According to the report, the number of new domestic wind turbine orders signed in 2024 will reach 180GW, a year-on-year increase of 83%, far exceeding the 94GW in 2022 and 99GW in 2023.

The ranking of the number of new orders signed by the whole machine manufacturer has also changed, and the sea breeze and land breeze thrones have changed hands, and the market competition has been further intensified.

The king of sea breeze and land breeze has changed hands, and price competition has slowed down

In 2024, there will be a slight reshuffle in the ranking of China's wind turbine manufacturers' orders.

Goldwind (SZ:002202) topped the list with 30GW of orders, and onshore wind power orders held the fundamentals, unlike previous years, Goldwind accelerated its expansion of offshore wind power business, winning 3.6GW of offshore wind turbine orders in 2024, and one monopolized 30% of the offshore wind market share, leading the domestic offshore wind market, while Mingyang Intelligent (SH:601615), which ranked first in 2023, signed 1.8GW of new offshore wind orders that year.

Competition for second to fourth place intensifies. Yunda Co., Ltd. (SZ: 300772) is undoubtedly the biggest dark horse, not only won 28GW orders, overtook Envision Energy and Mingyang Intelligence, jumped to the second place, but also in the onshore wind power market fierce offensive, land wind new signed orders ranked first, can be called last year's "king of land wind".

Mingyang Smart remained in third place, while Envision Energy fell from second to fourth, and Sany Renewable Energy (SH:688349) made it into the top five for the first time in 2023 and held back in fifth place in 2024.

Dongfang Electric (SH:600875) and CRRC (SH:601766) ranked sixth and seventh respectively, while Electric Wind Power advanced one place to eighth in terms of orders, and China Transmission Marine Equipment (SH:600072) ranked ninth and United Power ranked tenth.

At the same time, the report pointed out that the internal orders of wind turbine enterprises in the domestic market reached 12GW, a year-on-year increase of 92%. Among them, Envision Energy and Dongfang Electric both have more than 3GW of internal orders.

On the whole, although the order volume of the whole machine manufacturer is increasing, the market share of the top five has declined.

Although the competition between the whole machine enterprises to grab orders is very fierce, the price competition has slowed down. In the fourth quarter of 2024, unit prices have recovered to the level at the beginning of the year, with the average winning prices of onshore and offshore wind turbines rising by 6% and 2% quarter-on-quarter, respectively, according to the report.

But the report also notes that the average price of onshore wind turbines in 2024 is still down 10% year-on-year due to the widespread deployment of large megawatt units.

The domestic country has reached a new high, and the overseas momentum is like a bamboo

In 2024, the number of new wind turbine orders signed in China will surge to 180GW, a year-on-year increase of 83%, almost double that of 2022 and 2023.

Among them, onshore wind power contributed 169GW of orders, accounting for 94%, and Xinjiang and Inner Mongolia provinces signed 40GW of new orders.

In addition, the recovery of offshore wind power is also impressive, with 11.6GW of new offshore wind orders signed in 2024, a year-on-year increase of 53%. Among them, Guangdong and Zhejiang have accelerated the approval of offshore wind power projects, accounting for more than half of the offshore wind orders.

"Bigger, higher" is the core logic of wind power technology iteration in the past few years, and in terms of the market, large-scale units are accelerating to occupy the market: in 2024, 10MW onshore wind turbines will grab 41.6GW of orders, a year-on-year increase of 12 times, of which 22GW orders are scheduled to be delivered in 2025.

It is worth noting that by the end of 2024, 77% of the 99GW wind turbine orders signed in 2023 have been converted into projects that have already started. Due to the increasing scale of the project and the lengthening of the construction period, only 33% of the orders for Landwind have been completed, while the Haifeng project has accelerated, with the completion rate of orders reaching 49% in 2023.

Domestic wind turbine orders have increased rapidly, China's wind power has set off a frenzy to go overseas, and the whole machine manufacturers are making great progress in overseas markets.

According to Wood Mackenzie, in 2024, Chinese OEMs will sign 26.7GW of overseas wind turbine orders in 33 countries, which is close to the previous statistics of Huaxia Energy Network.

Envision Energy continues to be the OEM with the largest number of new overseas orders, winning the championship with 10GW of overseas orders, an increase of 2.5 times compared with 4GW in 2023. Among them, Envision Energy signed 6GW of new orders in the Indian market, and the cumulative order scale in the Indian market is as high as 13GW.

According to incomplete statistics from Huaxia Energy Network, the main market for China's wind power manufacturers to go overseas is still the Asia-Pacific region, especially Southeast Asia and India, and in 2024, machine manufacturers are also actively expanding the market in Europe, the Middle East, North Africa, South America and other places, such as Mingyang Intelligent to get orders from Germany, Italy and other countries.