Market size and future development trend of China's wind power industry

    Abstract from International Energy Network

    China''s wind power development began in the late 1990s. Since then, with the strong support of the government, the wind power industry has developed rapidly and become one of the main sources of renewable energy generation in China. According to the analysis of China''s wind power industry market depth assessment and investment profit forecast report from 2023-2029 released by Market Research Online, in 2018, China''s wind power installed capacity reached 19.31 million kilowatts, accounting for 34.2% of the country''s installed renewable energy capacity.

    In 2019, China''s wind power industry continued to maintain a good momentum of development, the annual installed capacity reached 22.76 million kilowatts, an increase of 19.2%, ranking first in the world, accounting for 44.7% of the country''s installed renewable energy capacity. Many regions have seen very rapid increases in wind power capacity, such as Shandong with 35.9% year-on-year growth, Xinjiang with 32.4% year-on-year growth and Ningxia with 18.3% year-on-year growth.

    The market size of China''s wind power industry is constantly expanding, which is not only conducive to environmental protection, but also helps to increase the proportion of renewable energy generation and achieve clean energy transition. In 2020, the Chinese government will promote the installed capacity of wind power to reach more than 25 million kilowatts, accounting for more than 50% of the country''s installed renewable energy capacity, in order to promote the proportion of renewable energy generation further increase.

    In addition, the government will continue to increase support, focus on promoting the sustainable development and technological innovation of the wind power industry, accelerate the sustainable development of energy conservation and emission reduction and green development, and achieve sustainable development of economic and social development.

    In the future, the development of China''s wind power industry will develop in the direction of scale, green, diversified and intelligent, wind power installed capacity will continue to increase, and the market size will continue to expand. At the same time, the government will continue to increase its support to promote technological innovation, achieve sustainable development, improve the competitiveness and sustainability of the wind power industry, and provide a reference for the government to formulate a more sustainable renewable energy development strategy.

Win Power forward the news for information,not representing approval for some certain opinions in the passage.