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China Wind Energy Market, By Rating; By Component; By Installation; By Application Trend Analysis, Competitive Market Share & Forecast, 2018-2028

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  • 103 Pages
  • January 2022
  • Region: China
  • Blueweave Consulting & Research Pvt Ltd
  • ID: 5534306

China Wind Energy Market Set to Witness a Positive Growth - Growing at a CAGR of 10.2% by 2028

China Wind Energy system market is anticipated to grow due to the increasing number of investments by the key player and increasing electricity demand in the region…

A study recently revealed that the China wind energy market is expected to grow at a CAGR of 10.2% during the forecast period (2022-2028). China wind energy market is organically growing due to increasing investment by the Chinese provinces to reach the ambitious goal of generating a major amount of energy from the wind. Guangdong, for instance, intends to build 30 GW of offshore wind power by 2030, followed by Jiangsu (15 GW), Zhejiang (6.5 GW), and Fujian (5 GW). Other provinces have also set up their own targets and developed offshore wind development plans, which has all contributed to the growth of the China wind energy market.

Favorable Government Policies Driving the Market Forward

Advances in technology as well as the growing ability to generate power at low wind speeds will contribute to a significant rise in China's wind energy industry in the coming years. Furthermore, the wind energy market in China is driven by favorable policies initiated by the government owing to the increasing electricity demand. In 2018, the Chinese government put forward an action plan. A year later, the National Development and Reform Commission (NDRC) issued a new policy outlining a clear path toward subsidy-free onshore wind. Because of this law, projects already approved until 2018 will continue to earn the Feed-in-Tariff (FiT) if they are grid-connected by 2020. In this way, favorable schemes by the Chinese government have fueled the growth of China's wind energy market.

Growing Concerns Regarding Carbon Footprint is Propelling the China Wind Energy Market

One of the critical and essential topics for countries across the globe is regarding reducing carbon footprints and climate change. To tackle climate change and reduce the carbon footprint from the region, the Chinese government is expanding the use of renewable energy sources for power generation by launching new favorable schemes. According to a cabinet paper issued in the state, China intends to reduce its dependency on fossil fuels to less than 20% by 2060. According to the document, the Chinese government plans to reach peak emissions by 2030 and carbon neutrality by 2060. According to China, 25% of energy will be derived from non-fossil fuel sources by 2030. According to Chinese officials, China plans to use non-fossil fuels for 80% of its energy in 30 years. As a result, relying more on non-fossil fuels and achieving a net-zero carbon footprint has driven the growth of wind energy in China.

>12 MW Segment to Hold the Largest Share in the Market

Based on ratings, China wind energy market is segmented into ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW. Among these, the >12 MW segment holds the largest share in the China wind energy market generating a significant amount of revenue. China is expected to account for about 70% of new wind power capacity expansions globally within a decade, owing to the country's strong electricity demand. Rapid expansion in power demand, fueled by China's industrial sector, and a recent power deficit in September 2021, fueled China's ambition to accelerate renewable energy development. Thus, to reach 70% of new wind project there is a need for higher ratings of wind energy plants of >12 MV power ratings which has driven the growth of the market.

Impact of COVID-19 on the China Wind Energy Market

As a result of the COVID-19 pandemic, China has seen a decline in energy consumption, a disruption in supply chains, and a decline in economic development. A disruption in the supply chain and lockdowns during the pandemic resulted in delays in projects and low investments. China's economic indicators were all negative in the first quarter of 2020: industrial production fell 8.4%, retail sales declined 19%, and fixed-asset investment dropped 16.1%. As a result, China's GDP fell by 6.8% year on year. The wind energy market in China, however, grew drastically in 2021 due to the restart of projects and increased trade between the countries.

China Wind Energy Market - Competitive Landscape

Some of the key players in the China wind energy market are Goldwind, China Guodian Corporation, CRRC (China). CSIC (Chongqing) - HZ Wind Power (China), Envision Energy (China), SANY (China), Shanghai Electric (China), Sinovel (China), GE Renewable Energy, Siemens Energy Pvt. Ltd., and other prominent players. Government initiatives to install wind energy plants throughout the region and achieve net-zero emission by 2030 have driven the competition in the market. Further, the Chinese government is collaborating with foreign companies to commission and install new projects, which has led to more competition in the market.

In December 2021, Orient Cable (NBO) finished a dynamic subsea cable project for China Three Gorges at the 400MW Yangxi Shapa 3 floating offshore wind farm off the coast of China. The project is the world's first pilot anti-typhoon floating wind turbine in China, and it will create 5500 kilowatt-hours of clean energy for 30,000 households.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China wind energy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the China wind energy market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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Table of Contents

1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. China Wind Energy Market Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. Recent Development
4.4. Government Regulations
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Intensity of Rivalry
4.6. Technological Advancement
5. China Wind Energy Market Overview
5.1. Market Size & Forecast by Value, 2018-2028
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Rating = 2 MW >2= 5 MW >5= 8 MW >8=10 MW >10= 12 MW > 12 MW
5.2.2. By Component Turbine Support Structure Electrical Infrastructure Others
5.2.3. By Installation Off-Shore On-Shore
5.2.4. By Application Utility Industrial Commercial Residential
6. Competitive Landscape
6.1. List of Key Players and Their Offerings
6.2. Market Share Analysis, 2021
6.3. Competitive Benchmarking, By Operating Parameters
6.4. Key Strategic Development
6.4.1. Merger Acquisition, Joint Venture, Product Launch
7. Impact of Covid-19 on Smart Parking System Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
8.1. Goldwind
8.2. China Guodian Corporation
8.3. CRRC (China)
8.4. CSIC (Chongqing) - HZ Wind Power (China)
8.5. Envision Energy (China)
8.6. SANY (China)
8.7. Shanghai Electric (China)
8.8. Sinovel (China)
8.9. GE Renewable Energy
8.10. Siemens Energy Pvt Ltd
8.11. Other Prominent Players
9. Key Strategic Recommendations
List of Figures
Fig 1: China Wind Energy Segmentation
Fig 2: China Wind Energy Market Value Chain Analysis
Fig 3: Company Market Share Analysis, 2021
Fig 4: China Wind Energy Market Size, By Value (USD Million), 2018-2028
Fig 5: China Wind Energy Market Share, By Rating, By Value, 2018-2028
Fig 6: China Wind Energy Market Share, By Component, By Value, 2018-2028
Fig 7: China Wind Energy Market Share, By Application, By Value, 2018-2028
Fig 8: China Wind Energy Market Share, By Installation, By Value, 2018-2028
List of Table
Table 1: China Wind Energy Market Size, By Rating, By Value, 2018-2028
Table 2: China Wind Energy Market Size, By Component, By Value, 2018-2028
Table 3: China Wind Energy Market Size, By Application, By Value, 2018-2028
Table 4: China Wind Energy Market Size, By Installation, By Value, 2018-2028
Table 5: Goldwind Financial Analysis
Table 6: Goldwind Business Overview
Table 7: CRRC Financial Analysis
Table 8: CRRC. Business Overview
Table 9: CSIC Financial Analysis
Table 10: CSIC Business Overview
Table 11: Envision Energy Financial Analysis
Table 12: Envision Energy Business Overview
Table 13: SANY Financial Analysis
Table 14: SANY Business Overview
Table 15: Shanghai Electric Financial Analysis
Table 16: Shanghai Electric. Business Overview
Table 17: GE Renewable Energy Financial Analysis
Table 18: GE Renewable Energy Business Overview
Table 19: Siemens Energy Pvt Ltd Financial Analysis
Table 20: Sinovel Business Overview
Table 21: Sinovel Financial Analysis