CHINESE turbine makers have made their local wind power market the biggest in the world with a scorching pace of installations. Now, those giants want to take a larger slice of burgeoning global demand.
Companies including Xinjiang Goldwind Science & Technology Co., Envision Group and Ming Yang Smart Energy Group Ltd. have typically made only small inroads into overseas markets, though now plan to invest in factories abroad to take market share from European and American rivals such as Vestas Wind Systems A/S and General Electric Co.
Competition is heating up with global demand for wind power ready to surge. Regions from Europe to India and South America are scaling up renewable energy installations to help meet aggressive climate goals, and President Joe Biden has set a target for the U.S. to develop offshore wind capacity of 30 gigawatts by 2030, up from zero today.
While higher prices of steel and other raw materials are impacting manufacturers in Europe and the U.S., turbine prices in China are about 40% cheaper than overseas. Producers in the highly fragmented market are trying to undercut each other, pushing the cost of China-produced models to a new low in the first half of 2021.
That small project is seen as a sign of what’s to come, and Ming Yang is planning to build a manufacturing base in southern Germany, Vice President Ye Fan said in an interview.
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