Recently, the world leading energy research and consultancy group Wood Mackenzie launched a new report Global wind turbine OEMs 2022 market share to explore complex topics about global wind turbine supply segment.
Profitability challenges, exacerbated by supply chain disruptions, geopolitical tensions, inflationary pressure and delays on project execution saw new wind capacity fall by 13% in 2022, to 90.7GW, following two years of record-setting 100 GW+ installations globally, according to Endri Lico, senior analyst of Wood Mackenzie.
So what will be the market share of global wind turbine OEMs in 2022? Who’s leading the pack for new installations?
Goldwind ranked First in global wind turbine supply
According to the new report of Wood Mackenzie, Goldwind gained the leading position for 2022, by adding 12.5 GW of new installs. This marks the first time that a Chinese OEM has captured the top global market share position.
Vestas, who lost the top spot for the first time since 2015, followed closely with 11.8 GW. GE came next with 10.1GW closing the trio with double-digit GW Installations. Siemens Gamesa and Envision installed 9.3GW and 8.8 GW, respectively, to conclude the top five OEMs – a group that collectively controls almost 60% of the global markets.
China continues to be the largest global wind market
China continues to be the largest global wind market, contributing 54% of the new wind capacity. This is despite the 11% drop YoY, which is primarily due to strict lockdown policies that significantly limited new capacity additions in Q4 2022, according to the report.
However, domestic demand boosted Goldwind to the top global market share position, as the Chinese OEM installed 91% of its new capacity in its domestic market.
The robust domestic market shielded most Chinese OEMs from the supply chain headwinds that severely affected Western turbine OEM profitability. Therefore, the majority thrived on a robust home market improving their YoY financial results and garnering more future volumes through a record year of order intake in China.
Turbine technology has also accelerated in China. Explained by Endri Lico, senior analyst of Wood Mackenzie that an average onshore turbine rating of 4.7 MW in China in 2022 eclipsed the average turbine size in most Western markets. These turbine size increases have led to a 31% YoY decrease in the onshore turbine supply costs and an overall 36% decrease YoY in the EPC costs.
The offshore market shows further evidence of rapid Chinese technology evolution. The average installed Chinese offshore rating was 7.4 MW, a massive leap of 32% compared with the 2021 value of 5.6 MW.