No results found. Please try again.


China's Wind Turbine Manufacturing Ecosystem and its Potential

China is the world's leader in wind power generation, with the largest installed capacity of any nation and continued rapid growth in new wind facilities. With its large landmass and long coastline, China has exceptional wind power resources: it is estimated China has about 2500GW of exploitable capacity on land and 200GW at sea. China is forecast to have 250GW of wind capacity by 2020 as part of the government's pledge to produce 15 percent of all electricity from renewable resources by that year. The Chinese government has set out a road map for wind power up to 2050. Wind power capacity goals are to reach 400GW by 2030 and 1,000GW by 2050, respectively.

According to Wood Mackenzie1, global wind power capacity additions are expected to maintain at 77GW annually from 2020-2029, representing 112% growth in global installed capacity over the next ten years. Although the coronavirus is expected to impact the capacity additions for 2020 and 2021, the need to comply with long-term energy and climate targets should result in makeup orders after the Covid-19 shock. The EU, Middle East, Africa, and Asia will continue to be key growth drivers, while the US remains uncertain, depending on political leadership.

The value chain of wind turbine original equipment manufacturer (OEM) consists of the wind turbine (nacelle, rotor, tower), cables (array and export cables), structural components such as tower foundations, and electrical components (onshore substation, batteries, offshore substation).

Wind turbines are mostly manufactured by global specialist capital goods companies. The top-three turbine manufacturers by installed capacity are Vestas, Goldwind, and GE. The market for turbine manufacturing is consolidated with the top three players, accounting for nearly 50% of global installed capacity. However, the rest of the market is highly fragmented, with several smaller players such as Siemens Gamesa, Envision, Enercon, Ming Yang, Nordexand other Chinese players competing for a piece of the pie.

A key component of the turbine is the blades, which are often manufactured by specialist manufacturers but can also be produced in-house by turbine OEMs. Globally, the blade market is highly fragmented, with several Chinese players jostling for a small share of the market, such as Sinomatech Wind Power Blade, Zhuzhou Times New Material Tech, etc. Turbine OEMs such as GE, Vestas, and Siemens Gamesa all source their blades internally.

The nacelle, or engine, is another core part of the wind turbine. Nacelle manufacturers produce everything under the hood of a wind turbine, such as the generator, gearbox, drive train, and brake assembly. The nacelle manufacturing space is even more fragmented than blade manufacturing, but with a significant presence of Chinese companies. However, the majority of the market is still controlled by the integrated turbine manufacturers such as Vestas, Siemens Gamesa, GE, and other large players. Outside the leading international companies, Chinese firms such as Shanghai Electric, Guangdong Mingyang, China Creative Wind Energy, Sinovel Wind etc. are the next in terms of scale.

As we have shown, Chinese companies within the wind turbine manufacturing value chain have good opportunities to grow faster than the market by virtue of China's strong domestic demand and penetration into the supply chains of global OEMs. At the same time, countries are increasingly shifting towards wind power as a sustainable form of alternative energy. We believe the Chinese companies have a cost advantage over foreign competitors while their technology is continuously improving. For example, Chinese companies like Titan Wind and Weihai Guangwei have been gaining market share within Vesta's value chain. Titan Wind has positioned itself as a supplier of wind towers to global turbine manufacturers since its founding in 2005. It supplies more than 10% of Vestas' wind tower requirements while also increasing its market share at GE and Siemens. Guangwei is a leading carbon fiber producer in China and supplies Vestas with its production of wind turbine blades.

Staying Ahead with Mirae Asset’s Latest Insights

Mirae Asset Global Investments adheres to a strictPrivacy Policygoverning the handling of your information and subscribers can opt-out per their preference.

Disclaimer & Information for Investors

No distribution, solicitation or advice: This document is provided for information and illustrative purposes and is intended for your use only.  It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated service.

The views and information discussed or referred in this document are as of the date of publication. Certain of the statements contained in this document are statements of future expectations and other forward-looking statements.  Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements. In addition, the opinions expressed may differ from those of other Mirae Asset Global Investments’ investment professionals.

Investment involves risk: Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Fund will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Fund and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.

Sources: Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (“MAGI”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.

Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGI as stipulated by local laws and regulations. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction. This document is issued by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Securities and Futures Commission.

Information for EU investors pursuant to Regulation (EU) 2019/1156: This document is a marketing communication and is intended for Professional Investors only. A Prospectus is available for the Mirae Asset Global Discovery Fund (the “Company”) a société d'investissement à capital variable (SICAV) domiciled in Luxembourg structured as an umbrella with a number of sub-funds. Key Investor Information Documents (“KIIDs”) are available for each share class of each of the sub-funds of the Company.

The Company’s Prospectus and the KIIDs can be obtained from . The Prospectus is available in English, French, German, and Danish, while the KIIDs are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the “UCITS Directive”). Please refer to the Prospectus and the KIID before making any final investment decisions.

A summary of investor rights is available in English from

The sub-funds of the Company are currently notified for marketing into a number of EU Member States under the UCITS Directive. FundRock Management Company can terminate such notifications for any share class and/or sub-fund of the Company at any time using the process contained in Article 93a of the UCITS Directive.

Hong Kong: This document is intended for Hong Kong investors. Before making any investment decision to invest in the Fund, Investors should read the Fund’s Prospectus and the information for Hong Kong investors (of applicable) of the Fund for details and the risk factors. The individual and Mirae Asset Global Investments (Hong Kong) Limited may hold the individual securities mentioned. This document is issued by Mirae Asset Global Investments (HK) Limited and has not been reviewed by the Securities and Futures Commission.

Copyright 2021. All rights reserved. No part of this document may be reproduced in any form, or referred to in any other publication, without express written permission of Mirae Asset Global Investments (Hong Kong) Limited.


  • Unit 1101, 11/F, Lee Garden Three, 1 Sunning Road, Hong Kong


  • 2295 1500

This website is intended for Hong Kong investors only. Your use of this website means you agree to our Terms of use. This website is strictly for information purposes only and does not constitute a representation that any investment strategy is suitable or appropriate for an investor’s individual circumstances. Further, this website should not be regarded by investors as a substitute for independent professional advice or the exercise of their own judgement. The contents of this website is prepared and maintained by Mirae Asset Global Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.