The report, which ranks China's wind turbine manufacturers based on new turbines installed throughout 2021, shows that Shanghai Electric Wind Power took the number five spot by increasing its wind capacity by 5.18GW, securing 9 percent of the market share in China. The Company retains the top spot in the offshore wind scene as the Company's newly installed offshore capacity grew by 4.1GW over the year.
"In light of the lingering effects of the COVID-19 pandemic and fierce market competition triggered by the looming end to offshore wind subsidies, Shanghai Electric Wind Power overcame the challenges and broke multiple industry records, winning recognition from our partners for our exceptional installation efficiency, as well as product and service quality. These accolades from the industry have given us fresh impetus as we continue to reshape China's wind power sector in an effort to accelerate towards carbon peak and neutrality goals," Shanghai Electric wrote in a statement.
In 2021, China's newly installed wind capacity increased 55.8GW in total, a slight dip of 3% from 2020, passing the 50GW threshold for the second year in a row. It comes at a time when China's wind power sector is contending with market uncertainties posed by surges in global commodity prices as well supply chain disruptions. Last year saw commissioning rates offshore shooting up 351% by adding 14.2GW, while domestic onshore capacity dropped by 23% from its peak in 2020, to 41.6GW in 2021.
Established in 2006, Shanghai Electric Wind Power offers services including wind turbine manufacturing, wind farm operation and maintenance (O&M), wind resource assessment, digitized wind farm investment and development, wind farm asset management, smart energy and more. The Company's product portfolios feature wind turbines with capacity ranging from 1.25MW to 10MW.
The last decade and a half have seen the Company launch itself to become the largest offshore wind turbine manufacturer in China, cementing its leadership in the global new energy sector. In May 2021, Shanghai Electric Wind Power launched an initial public offering on the Shanghai Stock Exchange Science and Technology Innovation Board, through which the Company can further expand investment into the R&D of its core technology.
Last year, Shanghai Electric Wind Power also unveiled its Petrel platform SEW11.0-208 to the world. The flagship direct-drive turbine, which is the company's full proprietary intellectual property, features a nameplate capacity of 11 MW - the largest of its kind in Asia - marking a major breakthrough for China's homegrown innovation in offshore wind technology.
With the development of cutting-edge technology sitting at the forefront of its strategy, the Company seeks cooperation with top-tier wind power companies in the hope of jointly driving forward the global new energy sector. Now, the Company is expanding its upstream and downstream partnerships, with the business focus centered on digitized wind farm development and smart O&M, transforming itself into a full-cycle service provider. Aiming to become a world-class wind power company, Shanghai Electric Wind Power is ramping up its global presence, bringing its high-quality products and services to customers worldwide.
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