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Feb 19, 2024 · Last year, the ranking of wind turbines was relatively stable, with two companies falling and two companies rising. On February 19, Bloomberg New Energy Finance released
Wood Mackenzie's latest report on global wind turbine original equipment manufacturers (OEMs) reveals that Chinese companies dominated the market in 2024, with Goldwind, Envision, and MingYang securing the top three positions globally for the first time. Key findings:
In offshore wind, 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 of mainland China last year.
Goldwind continued to lead the ranking as the world’s biggest wind turbine supplier, with 19.3GW of new wind capacity added in 2024. Envision retained second place with 14.5GW. Windey was third with 12.5GW, and Mingyang ranked fourth, adding 12.2GW. The Danish manufacturer Vestas was the last of the five suppliers that hit the 10GW mark in 2024.
Goldwind emerged as the top supplier, with Envision moving up three positions to second place, and Denmark’s Vestas securing third place. Windey and Mingyang took fourth and fifth positions, respectively, with Mingyang becoming the world’s largest offshore wind turbine supplier in 2023. Sany and Dongfang also featured in the top 10.
Vestas Wind Systems A/S (CPH:VWS) was the only western OEM in the top five, ranking third with 11.5 GW connected. Envision secured the second place with 14.1 GW, while Windey and MingYang were at fourth and fifth positions with 10.1 GW and 9.9 GW, respectively.
Vestas remains in No. 1 place for the fifth year running, despite strong surge in orders for GE and Chinese manufacturers. GWEC Market Intelligence today released the preliminary rankings for the world’s top five wind turbine original equipment manufacturers (“OEMs”).
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.