Global wind turbine manufacturers install 127 GW of new capacity in 2024

The industry is expected to continue to reach new records.

Wind turbine manufacturers installed 127 gigawatts of new power capacity worldwide in 2024, according to the Global Wind Energy Council (GWEC).

In its latest Annual Supply Side Data report, GWEC said 29 suppliers mechanically installed 23,098 units last year despite macroeconomic pressures, rising commodity and capital costs, and prolonged supply chain disruptions.

Whilst the industry is expected to set new annual installation records, GWEC urges the industry and governments to “work together to remove structural barriers, improve market design and develop procurement mechanisms to accelerate and install the second Terawatt of wind power.”

The report noted that some of the turbine manufacturers achieved a positive EBIT margin for their production business in 2024 for the first time since 2021. However, more than half of the western and several Chinese suppliers continued to see negative growth in net profit.

“Governments need to urgently take action to kick-start a much faster transition to renewables and remove barriers to deployment and investment. This means cutting red tape and bureaucracy, fast-tracking grid investments and ensuring that markets adequately remunerate green energy instead of subsidising fossil fuels,” said GWEC CEO Ben Backwell.