6-GWEC_GOWS_June 21.2024.pdf

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1、GOWS1Copyright 2023 by Boston Consulting Group.All rights reserved.Note:Analysis on location of value-add,not nationality of producer.Mining,refining and production split for wind use estimated based on national capacity,sourcing policy and trade patterns,and do not include major Chinese ownership i

2、n major mining markets such as Indonesia and Chile.Manufacturing includes sub-suppliers for towers and blades.Assembly includes OEM R&D.Source:GWEC,IEA,BCG analysisValue add from supply varies by step;EU and US punching below their weightMiningT&IManufacturing7%Assembly3%Refining6%15%5%63%TotalROWS.

3、AmericaN.AmericaEuropeIndiaChinaShare of value generation in the wind supply chain%of USD 2023Share of new installations GW8%5%9%18%3%58%2023-25e GW avg.100%With 63%,China is net-exporter but not dominant58%of global value is China for China3%of value is non-Chinese producing in China2%is China for

4、non-China(mainly manufacturing)FindingsLooking AheadRecommendations2Copyright 2023 by Boston Consulting Group.All rights reserved.Wind impacted adverse external and internal developmentsSource:BCG analysisIndustry demand has in past been volatile,driven by phase in and phase out of support schemesVo

5、latility induced by macro events such as supply chain bottlenecks through COVID and inflation and raw material prices driven by the war on UkraineDevelopers canceling projects despite already secured feed-in tariffIncreasing market volatilityMarket volume in number of WTGs has declined while additio

6、nal production capacity has been built,resulting in 30%overcapacityEmerging markets and local content rules are still increasing the pressure to expand production footprintMultiple-source procurement policies drive redundant investments in the supply chain Production overcapacityRace for larger WTGs