风电行业：风电市场空间未来可期，核心零部件环节有望受益

Investment Rating - The report rates the wind power industry as "positive" with a focus on growth potential in both onshore and offshore wind installations [4][5]. Core Insights - The global wind power installed capacity has increased significantly from 0.34TW in 2014 to 0.94TW in 2023 for onshore wind, with a CAGR of approximately 11.98%. Offshore wind capacity grew from 8.5GW to 73.2GW during the same period, achieving a CAGR of about 27.02% [4][5]. - The total investment in global wind energy rose from $75.4 billion in 2011 to$216.6 billion in 2023, with a CAGR of 9.19% [4][5]. - The report highlights that the wind power market is expected to continue its upward trajectory, driven by factors such as the transition from fossil fuels to renewable energy due to geopolitical events, supportive policies like the US IRA, and China's "14th Five-Year Plan" aiming for 80% renewable energy in its energy mix [5][6]. Summary by Sections 1. Wind Power Market Growth - The global wind power market is projected to see a CAGR of 9.4% from 2023 to 2028, with an expected annual addition of 158GW [5][6]. - In China, the wind power market is anticipated to add no less than 75GW annually from 2024 to 2025, with potential annual additions exceeding 200GW by 2030 [5][6]. 2. Offshore Wind Development - The report indicates that offshore wind power is poised for a new growth wave, with global offshore wind installations reaching a record high in 2023 [6][7]. - China has maintained its position as the global leader in offshore wind installations for six consecutive years, with a cumulative capacity of 38GW by the end of 2023 [6][7]. 3. Component Market Insights - The report notes a clear trend towards larger wind turbine units, with 82.1% of newly installed turbines in 2023 being 5.0MW or larger [9]. - The global wind turbine blade market reached approximately $31 billion in 2023, expected to grow to$47 billion by 2027 at a CAGR of 6.1% [9][10]. - The tower market in China is projected to grow significantly, with expected market sizes of 62.9 billion yuan and 72.7 billion yuan in 2024 and 2025, respectively [10][11]. 4. Investment Recommendations - The report recommends focusing on leading companies in the wind turbine sector such as Goldwind Technology (688349.SH) and Sany Renewable Energy (002202.SZ), as well as key component manufacturers like Daikin Heavy Industries (002487.SZ), Zhongtian Technology (600522.SH), and Dongfang Cable (603606.SH) [13][14][15].