Core Viewpoint - Wind power is a clean and renewable energy source that significantly reduces greenhouse gas emissions and pollution, thereby alleviating climate change and improving air quality. The wind power industry in China has maintained high-quality development, with a notable trend towards larger wind turbine capacities [1][21]. Industry Overview - Wind turbines convert wind energy into mechanical energy and then into electricity, playing a crucial role in the transition to clean energy. The average capacity of newly installed wind turbines in China for 2024 is projected to be 6046 kW, an increase of 8.1% year-on-year [1][19]. - The average capacity of onshore wind turbines is expected to reach 5885 kW, up 9.6%, while offshore wind turbines will average 9981 kW, a 3.9% increase [1][19]. - The share of wind turbines with a capacity of 5 MW and below has rapidly decreased from over 50% in 2022 to around 5%, while the share of offshore wind turbines with a capacity of 10 MW and above has increased from 12.1% in 2022 to 58% [1][19]. Industry Policies - The Chinese government has implemented various policies to enhance the strategic position of the wind power industry, including the "Thousand Villages and Ten Thousand Villages Wind Action" initiative aimed at promoting wind power development in rural areas [9][12]. - The Ningxia government has proposed a plan to upgrade and replace old wind turbines, targeting the renovation of over 200,000 kW of outdated wind power capacity by 2027 [9][12]. Industry Chain - The wind turbine industry chain includes upstream component manufacturing, midstream assembly, and downstream application markets. Key components include blades, generators, gearboxes, and converters [13]. Market Size and Growth - The wind turbine blade market in China is projected to reach 47.6 billion yuan in 2024, driven by advancements in technology and the trend towards larger blades [15]. - The total installed wind power capacity in China is expected to reach 520.68 GW by 2024, with a year-on-year growth of 18% [19]. Key Companies - Major players in the wind turbine industry include Goldwind Technology, Dongfang Electric, and Harbin Electric, which dominate the market share. The industry is characterized by a high concentration of production capacity [29][31]. - Goldwind Technology reported a revenue of 12.768 billion yuan from wind turbine sales in the first half of 2024, while Dongfang Electric's clean energy equipment revenue reached 14.065 billion yuan, a 41.03% increase year-on-year [31][33]. Development Trends - The wind turbine industry is expected to undergo significant technological innovations, with advancements in design and materials leading to higher energy capture efficiency [36]. - The industry will see deeper vertical integration and specialized division of labor, with leading companies extending into upstream core component production [37]. - New business models, such as shared wind power and community wind power, are emerging, alongside the integration of wind power with hydrogen and energy storage solutions [38].