Industry Overview - Wind power EPC (Engineering, Procurement, and Construction) refers to the construction of wind power plants under the EPC model, where a general contractor is responsible for design, construction, procurement of wind turbine equipment, and other materials, delivering the completed project to the owner after all turbines are connected to the grid [1] - The wind power EPC industry can be divided into three segments: upstream suppliers of basic equipment and materials, midstream EPC contractors, and downstream project owners, which include enterprises or government entities [3] Industry Development History - The development of wind power EPC in China has gone through three stages: pilot stage (1984-2002), promotion stage (2003-2013), and comprehensive promotion stage (2014-present) [5] Policy Background - The introduction of carbon peak and carbon neutrality policies has made renewable clean energy generation a key focus for China's future development, with wind power EPC being a crucial part of this growth [8] Current Industry Status - The supply capacity and level of wind power EPC are continuously increasing, with major companies like China Power Construction and China Energy Engineering expanding their EPC business [12] - The demand for wind power EPC is rising, driven by the construction of wind farms, with China's cumulative installed wind power capacity reaching 603 million kilowatts by November 2025, a year-on-year increase of 22.4% [12] - The market size of wind power EPC saw a decline in 2022 due to a drop in new installed capacity, reaching 31.3 billion yuan, but is expected to rebound to 79 billion yuan by 2024 [14] Competitive Landscape - The wind power EPC market is predominantly led by large state-owned enterprises, with China Power Construction and China Energy Engineering being the top players [15] - In 2025, among 132 projects awarded in the wind power EPC sector, China Power Construction secured 24 projects (18% of the total), while China Energy Engineering won 19 projects (14%) [18] Future Development Outlook - The wind power EPC industry in China is projected to maintain rapid growth, with the market size expected to reach 140 billion yuan by 2030 [20] - Key trends include the expansion of offshore wind farms, integration of new technologies for smart wind farms, and the development of comprehensive applications for offshore wind energy [23]