China Drives Demand for Wind Turbines

by | 9. Mar 2023 - 14:36 | Economy

China drove global demand for wind turbines last year, figures from market researchers Wood Mackenzie show. 70 percent of all orders for new wind turbines came from the People’s Republic, which has set ambitious targets for the expansion of renewable energies as part of its 14th Five-Year Plan. Outside China, however, Wood Mackenzie has noticed a slowdown in the pace of expansion. Research Director Luke Lewandowski cites problems in the supply chains and cost increases as the cause. Compared to the international average, Chinese wind turbines cost less than half as much, according to S&P Global Market Intelligence. This is due to a highly efficient and cost-effective supply chain, he said. The country also dominates the market for rare earths, which are needed for the turbines’ generators. Because of these advantages, analysts expect Chinese manufacturers to continue expanding their international market share, especially in previously less developed countries in Latin America and Eastern Europe.

Photo: iStock/XiXinXing

Starting Soon: Rawmaterials Newsletter

Subscribe now and stay up to date!

Subscribe Now!
Stay up to date with our brand new newsletter.
By subscribing, you agree that the data you enter will be transmitted to our e-mail tool rapidmail.