China to sustain lead in renewable equipment manufacturing
Companies in China are estimated to have a 50% share of the wind turbine market.
China is projected to sustain its lead in renewable equipment manufacturing over the short to medium term, Fitch Solutions reported.
It is expected to continue supplying to its strongly growing domestic renewables market as well as to international markets.
“The global renewables industry is heavily reliant on Mainland China to provide equipment,” the report read in part.
“China dominates the solar manufacturing industry, due to a combination of factors, including state support, low labour costs and economies of scale. The Chinese government has heavily invested in the solar industry, providing subsidies and incentives for companies to expand production, undercutting the wider global manufacturing landscape for solar.”
In addition, China also dominated the wind sector as it accounted for a market share of over 50% in the global wind turbine industry, according to the Global Wind Energy Council.