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The Global Wind Energy Council (GWEC) has reported a record-breaking 127 gigawatts (GW) of new wind power capacity installed in 2024, according to its latest Supply Side Data report. The analysis, compiled by GWEC’s Market Intelligence team, revealed that 29 wind turbine manufacturers mechanically installed 23,098 turbines worldwide last year—despite ongoing macroeconomic headwinds, rising input costs, and prolonged supply chain disruptions.
The report highlights the wind industry’s resilience and its growing contribution to the global energy transition. According to GWEC forecasts, annual installation records are expected to continue in the coming years, although urgent policy and market reforms are necessary to sustain momentum.
Ben Backwell, CEO of GWEC, commented: “This new record in installations is a testimony to the key role wind energy is playing in delivering the energy transition and protecting people from ever-higher energy prices caused primarily by fossil fuel volatility.
“Governments need to urgently take action to kick start a much faster transition to renewables and remove barriers to deployment and investment. This means cutting red tape and bureaucracy, fast-tracking grid investments and ensuring that markets adequately remunerate green energy instead of subsidising fossil fuels.
“The world is seeing the energy transition take shape, but the pace at which it is delivered is in our control. We can rapidly deploy wind energy, and deliver the benefits of a clean, secure and abundant energy system if we scale up investment and reach the right level of installations – 380GW per year – by the end of this decade. That acceleration will come by clearing supply chain bottlenecks, correcting poor market design and delivering project certainty. The industry stands ready to deliver, help it accelerate deployment.”
While some turbine manufacturers returned to positive EBIT margins in 2024—a first since 2021—many, including several Western and Chinese suppliers, continued to report negative year-on-year net profit growth. The industry’s financial recovery remains uneven, particularly as inflation and material costs continue to weigh heavily on operations.
Key findings from GWEC’s 2024 report include:
- 23,098 wind turbines were installed globally by 29 manufacturers, including:
- 18 from Asia Pacific
- 8 from Europe
- 2 from the Americas
- 1 from the Middle East
- Chinese turbine makers led global installations due to continued strong domestic demand.
- All of the top four global suppliers in 2024 were Chinese companies, with Denmark’s Vestas ranking fifth.
- In Europe, European suppliers maintained dominance, capturing 92% of the regional market share, a 4% increase from 2023.
The report underscores the growing role of China in global wind deployment and signals a shift in market dynamics, even as Western manufacturers look to regain profitability and competitiveness.
Goldwind maintained its position as the world’s leading wind turbine manufacturer in 2024, installing over 20 GW globally—a record for any single OEM in a calendar year, according to the Global Wind Energy Council (GWEC)‘s latest Supply Side Data report.
Chinese companies swept the top four positions for the first time in history. Envision held on to second place, despite a decline in domestic installations. However, the company achieved a record 3.5 GW of new capacity installed across eight overseas markets, the highest figure ever recorded by a Chinese OEM outside China.
Mingyang surged two positions to claim third place, recording its best-ever annual installations, while Windey completed the all-Chinese top four. Denmark’s Vestas slipped to fifth place, with a 13% drop in installations year-on-year, although it remained the most geographically diversified OEM, operating in more countries than any of its competitors. Other notable players included Nordex Group, Enercon, and Siemens Gamesa.
Feng Zhao, Chief Research Officer at GWEC, reported that 127 GW of wind turbine capacity was installed globally in 2024, reflecting the industry’s resilience. He noted that while 10 of the top 15 wind turbine suppliers were Chinese, 94% of their installations remained in China. Only four—Goldwind, Envision, Mingyang, and Windey—expanded abroad, with Goldwind and Envision accounting for 98% of the 5.5 GW installed outside China. Asia led in overseas installations, followed by Africa, South America, the Middle East, the Pacific, and Europe. In Europe, Vestas, Nordex, Siemens Gamesa, Enercon, and GE Vernova topped the market, while Chinese OEMs installed just 242.4 MW—only 11.7 MW within the EU-27. Vestas was the only Western OEM active in China, with 52 MW installed.
Key Market Trends in 2024:
- The average rated capacity of newly installed wind turbines rose by 9% year-on-year to 5,500 kW, driven by larger onshore turbines in China and offshore turbines exceeding 10 MW in global markets.
- The average onshore turbine size surpassed the 5,000-kW milestone, while offshore turbines averaged 9,815 kW.
- Medium-speed (hybrid-drive) turbines gained traction, with their global market share rising from 25.0% in 2023 to 29.1%—primarily due to Goldwind’s shift from PMG Direct Drive to medium-speed systems, which accounted for 89% of its total installations.
- The combined market share of geared-drive systems (conventional and medium-speed) remained steady at 91.3%.
- Rotor diameters continued to expand, with turbines featuring rotors larger than 180 meters accounting for 58.6% of global market share, up from 42.9% in 2023.
This performance marks a critical moment for the global wind industry, demonstrating resilience in the face of geopolitical and economic turbulence and reinforcing the importance of innovation and international market diversification.
