Global wind installations are projected to increase by 7% annually on a compound annual growth rate (CAGR) basis from 2023 to 2030. This growth is expected to result in approximately 1,100 gigawatts (GW) of new wind power capacity, which equates to an average annual growth of more than 150 GW.

Chinese original equipment manufacturers (OEMs) and component suppliers in the wind industry are expanding their business to international markets due to intense competition in their domestic market, a new wave of oversupply and tightening profit margins.

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