Double new highs! Last year, China's new wind power installed capacity and export volume both surged by nearly 50% year-on-year.

Last year, China’s wind power installed capacity increased by nearly 50% year-on-year, with exports rising by over 48% year-on-year.

According to the “2025 China Wind Power Hoisting Capacity Statistics Brief” released by the Wind Energy Professional Committee of the China Renewable Energy Society (CWEA), last year, China added 18,272 wind turbines with a capacity of 130 million kilowatts, a year-on-year increase of 49.9%. Of these, onshore wind power added 125 million kilowatts, accounting for 95.8% of the total new capacity; offshore wind power added 5.56 million kilowatts, about 4.2%.

From the perspective of OEM competition, industry concentration further increased. CWEA data shows that by 2025, seven companies will have added more than 10 million kilowatts of wind power capacity, with a combined market share of 91.8%.

Among them, Goldwind (002202) ranks first with approximately 25.9 million kilowatts of new wind power capacity, holding about 19.8% of the market share; Yunda Shares (300772) ranks second with 19.24 million kilowatts, with about 14.7%; Mingyang Smart (601615) follows closely with 18.55 million kilowatts, holding about 14.2%. Envision Energy and Sany Heavy Energy (688349) rank fourth and fifth with 17.58 million kilowatts and 14.71 million kilowatts, respectively.

Meanwhile, China’s wind turbine manufacturers are accelerating their “going global” efforts, with new export capacity reaching a record high. According to CWEA data, in 2025, China exported 1,175 wind turbines with a capacity of 7.734 million kilowatts, a year-on-year increase of 48.9%. Of these, 1,126 onshore wind turbines were exported, totaling 7.509 million kilowatts; 49 offshore wind turbines were exported, totaling 225,000 kilowatts.

Seven OEMs exported wind turbines to 28 countries. Goldwind’s export capacity was 3.862 million kilowatts; Envision Energy exported to five countries, totaling 290 units and 2.136 million kilowatts. Yunda Shares, Electric Wind Power (688660), Sany Heavy Energy, and Mingyang Smart exported capacities of 971,000 kilowatts, 485,000 kilowatts, 142,000 kilowatts, and 89,000 kilowatts, respectively. By the end of 2025, cumulative exports by Goldwind, Envision Energy, and Yunda Shares reached 13.653 million kilowatts, 8.974 million kilowatts, and 2.116 million kilowatts.

According to Bloomberg New Energy Finance (BNEF), in 2025, Chinese OEMs secured nearly 14 GW of overseas wind turbine sales agreements, involving Goldwind, Envision Energy, Mingyang Smart, Yunda Shares, and Sany Heavy Energy.

In terms of export destinations, last year, China’s wind turbines were exported to 28 countries. The top three countries were Saudi Arabia (18.2%), Egypt (15.1%), and Laos (11.5%). By the end of 2025, China’s wind turbine exports reached 60 countries across six continents, adding three new countries compared to 2024: Georgia, Oman, and Namibia. The top three countries for cumulative exports were Vietnam (11.3%), Saudi Arabia (8.6%), and Egypt (7.9%).

By the end of 2025, China’s cumulative wind turbine exports totaled 6,974 units, with a capacity of 28.522 million kilowatts, including 6,787 onshore units totaling 27.716 million kilowatts and 187 offshore units totaling 80.6 thousand kilowatts.

Notably, over the past five years, the proportion of offshore wind capacity added in China has been declining annually. According to CWEA data, from 2021 to 2025, this share was 25.9%, 10.3%, 9%, 6.5%, and 4.2%, respectively.

Looking at offshore wind data from last year, Goldwind added 2.089 million kilowatts, accounting for 37.6%; Mingyang Smart added 1.367 million kilowatts, accounting for 24.6%; Electric Wind Power, Envision Energy, Dongfang Electric (600875), Sany Heavy Energy, Yunda Shares, and China Shipbuilding Offshore Engineering collectively accounted for 37.8%.

Caitong Securities Research states that since the offshore wind “rush” in China began in 2021, various reasons have caused project delays, and capacity growth has been significantly below market expectations. However, since the second half of 2024, there has been a clear acceleration.

The Global Offshore Wind Report 2025 published by the Global Wind Energy Council indicates that from 2025 to 2034, over 350 GW of offshore wind capacity will be added globally. By the end of 2034, the total offshore wind capacity will exceed 441 GW. From 2025 to 2030, China’s offshore wind capacity additions will total 80 GW, accounting for 51% of the global offshore wind capacity added during that period.