Chinese group Xinjiang Goldwind Science & Technology Co., Ltd., the world’s leading wind turbine manufacturer, reported significant growth in its 2024 financial performance, supported by robust export momentum. According to data published on the Hong Kong Stock Exchange website on 28 March, annual revenue reached CNY56.5bn (approximately €7.18bn), marking a 12.5% year-on-year increase. Net profit rose by 40% to CNY1.9bn.
International expansion amid domestic market retreat
Revenue generated from international markets saw a sharp rise, reaching nearly CNY12bn compared to CNY7.8bn the previous year. This strategic shift comes as China’s domestic market shows signs of maturity and state support for the sector slows. Historically focused on its domestic base since the 1980s, Goldwind has strengthened its overseas footprint in response to weaker local economic conditions.
Chinese dominance in a reshaped global market
According to BloombergNEF, six of the world’s top seven wind turbine manufacturers are now based in China, reflecting a shift towards Asian dominance in the sector. China currently accounts for 44% of global installed wind capacity, driven by proactive industrial policy and substantial state subsidies that exceed levels observed in Organisation for Economic Co-operation and Development (OECD) member countries.
Emerging markets as the new strategic frontier
Amid declining subsidies and weakening domestic demand, Goldwind and other Chinese manufacturers are targeting emerging and developing markets to sustain growth. These regions are considered more accessible and pose fewer regulatory hurdles. Lauri Myllyvirta, analyst at the Centre for Research on Energy and Clean Air (CREA), stated that “Western manufacturers have been hampered by supply chain disruptions and rising costs due to the pandemic and the Russian invasion of Ukraine”, creating a competitive opening for Chinese players.
