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Global Wind Turbine Installations Hit Record 121.6 GW in 2024

Global wind turbine installations reached a record 121.6 GW in 2024, doubling the capacity commissioned in 2019, as per BloombergNEF’s 2024 Global Wind Turbine Market Shares report. Of this, 109.9 GW (90%) were onshore, while offshore wind additions stood at 11.7 GW. This growth was largely driven by China, which dominated the sector, with six of the world’s top ten turbine manufacturers based in the country. However, outside China, wind capacity additions declined by 10% year-over-year.

For the first time, Chinese companies claimed the top four spots in global turbine manufacturing, pushing European and U.S. manufacturers out of the top three rankings. Goldwind led with 19.3 GW in new capacity, followed by Envision (14.5 GW), Windey (12.5 GW), and Mingyang (12.2 GW). China’s domestic market accounted for 70% of global wind installations, highlighting its heavy reliance on local demand. Experts predict Chinese manufacturers will look to expand internationally, but their primary market remains China as provinces push to meet 2025 renewable energy targets.

Offshore Wind Sees Moderate Growth

Offshore wind capacity grew by 6% year-over-year to 11.7 GW in 2024, with China contributing over half (6.1 GW). Siemens Gamesa regained its position as the top offshore wind turbine supplier, overtaking Vestas and leading Chinese competitors. The company supplied nearly 75% of offshore wind projects outside China and added 4 GW, more than doubling its 2023 installations.

Meanwhile, the U.S. added only 5.4 GW of wind capacity, marking its lowest level in a decade. Challenges such as slow project execution, long turbine delivery lead times, transformer shortages, and high interest rates hampered growth. Despite these challenges, China’s total installed wind power capacity increased by 18% year-over-year to approximately 520 GW.