Chinese wind turbine makers eye Asia, Europe for growth as climate change, energy security take centrestage
- Amid stiff price competition in the domestic market, Chinese firms are looking at overseas markets where profit margins are higher, says Liang of GWEC
- China’s wind turbine installations growth is expected to average 7.3 per cent a year up to 2025 after more than doubling in 2020
The biggest opportunities are in Asia and Europe. Governments in the region are delivering on their climate goals by incentivising renewable energy production, while in Europe efforts have been stepped up to grow renewable capacity to reduce dependence on fossil fuel imports, amid skyrocketing electricity prices caused by a winding down of natural gas imports from Russia following its invasion of Ukraine.
“Due to stiff price competition in the domestic market recently, some companies are finding that they can make a higher profit margin by selling overseas,” said Liang Wanliang, China director of Global Wind Energy Council (GWEC). “Also, as their technological capabilities and cost competitiveness have improved, they are more qualified to play a bigger role overseas.”
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China's largest offshore wind farm ready to start operations