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In the first half of 2024, global wind turbine orders reached a record 91.2 gigawatts (GW), a 23% increase compared to the same period last year. Investment by developers during this time totaled $42 billion, marking a 3% rise year-over-year.
A significant part of this growth came in the second quarter, which saw over 66 GW of orders, largely driven by strong demand in China’s northern region. China alone accounted for 70 GW of these orders, with an additional 5 GW coming from international markets.
India also saw substantial growth, with a 69% increase in orders year-over-year. The Asia-Pacific region dominated global order intake, contributing 85% of the total for the first half of the year.
However, Western original equipment manufacturers (OEMs) faced challenges, securing only 13% of the global order intake. Orders outside of China fell by 16%, with the Americas and Europe experiencing a 42% decline in wind turbine orders, totaling less than 10 GW combined.
Luke Lewandowski from Wood Mackenzie noted that Chinese OEMs continue to set records both domestically and internationally, while Western OEMs struggle due to competitive pricing and availability issues from China. Western markets also face policy uncertainties, inflation, and other cost pressures, impacting their order volumes.
While onshore wind orders increased, the offshore sector saw a 38% decrease in order intake due to tough project economics. Despite having nearly 30 GW of conditional offshore orders globally, mostly in Europe and the US, challenging economics have delayed their finalization.
For the first half of the year, Envision led in overall order intake, followed by Windey and Goldwind, each securing over 12 GW of orders.
