Are wind turbine prices falling in China?

While wind turbine prices in China have been falling, they have increased elsewhere since 2020. BNEF’s turbine price index shows component costs coming down again in 2025, but manufacturers are keeping prices high to improve margins.

How much does an offshore wind turbine cost?

Onshore and offshore wind turbines present distinct cost structures, technical challenges, and market prospects in 2024. Onshore turbines are generally less expensive, with average costs around $900 to $1,200 per kW, owing to easier access, simpler logistics, and mature supply chains.

What is the global wind turbine market worth?

As a result, the global wind turbine market is projected to reach new heights, with an estimated value exceeding $60 billion this year. Regionally, the United States and China continue to dominate the market, accounting for over 70% of new installations combined.

How much does a wind turbine cost in 2024?

In 2024, the average capital cost for onshore turbines ranges between $900 and $1,200 per kilowatt (kW), while offshore turbines can cost between $2,000 and $3,000 per kW due to their complexity and installation challenges. Installation costs are influenced by site-specific conditions such as terrain, grid connection, and logistical considerations.

How can policy support reduce wind turbine costs?

Policy support remains a powerful catalyst for cost reduction. Many governments have announced renewable energy targets and incentive schemes, such as tax credits and subsidies, encouraging industry investments. These policies lower project financing costs and accelerate deployment, further driving down overall wind turbine prices.

Are new wind and solar farms undercutting new coal and gas plants?

According to a latest report by research provider BloombergNEF (BNEF), new wind and solar farms are already undercutting new coal and gas plants on production cost in almost every market globally. Meanwhil...