Source: Sina Finance
CICC 2025 Outlook
CICC Research
China's wind power industry is expected to reach a record level of new installations in 2025, potentially more than twice the volume installed in 2020. Offshore construction should recover from the past two to three years, while export orders are also expected to grow, creating opportunities across the industry chain.
Domestic wind power installations are expected to reach 110-120 GW in 2025, with strong offshore growth and an improving overseas market.
Domestic installations are forecast at 110-120 GW in 2025, a third consecutive record. Offshore additions may reach 14-17 GW, while overseas onshore markets recover and offshore markets release larger order volumes.
Three areas of China's wind power industry chain merit attention in 2025:
1. Domestic Offshore Wind:
Offshore cable orders and deliveries are entering a sustained growth cycle and should benefit from ultra-high-voltage transmission. Faster offshore project starts may also reverse recent pressure on tower and foundation shipments and profitability.
2. Wind Turbine Manufacturers:
The most intense phase of domestic turbine competition may have passed. As overseas manufacturers focus on higher-priced markets, Chinese manufacturers should benefit from long-term offshore demand and exports, supporting continued profitability recovery.
3. Wind Power Exports:
Priority areas include offshore foundation manufacturing, where processing fees and procurement demand are rising ahead of projects scheduled for 2027-2030, and complete turbines, where price differences and growing onshore demand in Africa, Asia and Latin America should support further export orders.
Excerpted from Wind Power Equipment 2025 Outlook: Industry Chain Opportunities Under Record New Installations, published December 30, 2024.
Che Yunji, Analyst. SAC License No. S0080520100002; SFC CE Ref. BQL481
Liu Jianyi, Analyst. SAC License No. S0080520070002; SFC CE Ref. BNJ556
Li Jiaying, Analyst. SAC License No. S0080524080009
