Wind turbine installations have reached a record capacity of 121.6 GW in 2024, double the capacity commissioned in 2019, according to BloombergNEF (BNEF)’s 2024 Global Wind Turbine Market Shares.

In 2024, 109.9 GW, or 90%, of global wind additions were on land, while 11.7 GW were offshore.

The increasing number of installations is mainly driven by rapid growth in China. The country hosts six of the top ten turbine makers worldwide. However, wind capacity fell 10% year-over-year (YoY) from 2023 outside China.

Chinese companies held the top four places, replacing European and U.S. manufacturers for the first time from the top three spots. Chinese manufacturers relied on their home market, which comprised 70% of global installations.

Goldwind led the rankings, adding 19.3 GW of new wind capacity in 2024. Envision retained second place with 14.5 GW. Windey was third with 12.5 GW, and Mingyang ranked fourth, adding 12.2 GW.

“Chinese turbine makers increasingly dominate the global wind energy business,” said Cristian Dinca, wind associate, BloombergNEF and lead author of the report.

He added, “Installations are soaring in mainland China as provinces race to meet renewable energy targets by the end of 2025. While mainland China’s manufacturers look to expand sales abroad, they remain heavily reliant on their home market, which delivered almost all of their capacity additions in 2024.”

Offshore Wind Projects

Offshore wind capacity rose to 11.7 GW worldwide in 2024, a 6% YoY increase. Mainland China made up over half of global offshore wind additions, with 6.1 GW, making it the largest market in 2024.

Siemens Gamesa reclaimed its title as the top turbine supplier, surpassing Vestas and its Chinese peers for the first time since 2020.

The Europe-based manufacturer provided machines for almost three-quarters of offshore wind farms outside mainland China in 2024.

With 4 GW of additions, the company more than doubled its capacity from 2023.

The U.S. added 5.4 GW of installations, the lowest in a decade. U.S. project developers were hampered by slow execution, reflecting a near-doubling in turbine delivery lead times, shortages of transformers and other electrical equipment, and high interest rates.

China’s installed capacity for wind power generation in 2024 increased by 18% YoY to about 520 GW, according to China’s National Energy Administration.

According to a report by Wood Mackenzie, the worldwide wind power industry forecast declined by 29 GW in Q4 2023, indicating that the cumulative installed capacity would fall to 2.35 TW by the end of 2032.