Beijing, China — Chinese clean energy giant Goldwind charted solid growth last year, a stock filing showed Friday, as the leading turbine manufacturer’s push into overseas markets continues to deepen.
China now dominates the global wind sector in terms of total installed capacity, aided over the years by generous strategic subsidies from Beijing and rapid growth in the vast domestic market.
Goldwind and other major players from the country are now looking to boost growth overseas, where foreign competitors including Vestas of Denmark and GE Vernova of the United States remain strong.
Beijing-based Goldwind announced that its revenue in 2024 reached 56.5 billion yuan ($7.8 billion), up 12.5 percent from the previous year, according to a statement published on the Hong Kong Stock Exchange website.
In a sign that the firm’s push into foreign markets saw further progress, nearly 12 billion yuan in revenue came from outside of China, jumping from 7.8 billion yuan the previous year.
Meanwhile, net profit last year also saw growth, rising nearly 40 percent percent to 1.9 billion yuan.
Goldwind was the world’s biggest wind turbine supplier in 2024, according to a report this month by BloombergNEF.
The next three companies on the list also hail from China — the first time European and US firms were all third or lower since the ranking began in 2013.
“Chinese wind power manufacturers, with Goldwind in the lead, obviously control China’s domestic market, which was a whopping 65 percent of the global market in 2024,” Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, told AFP.
Firms from the country do not yet dominate in the non-China market, he added, though they are “making inroads”.
“Most of China’s cleantech exports are now going to emerging and developing countries, and that’s where most of the market growth is,” said Myllyvirta.
