【英文】摩根士丹利报告：中国风力发电设备行业：势头将持续到2022年（88页）

英文研究报告 2022年03月08日 06:42 管理员

Chinese wind turbine OEMs are catching up with international players in the rated power metric for both onshore and offshore products. The trend of rising wind turbine rated power will likely continue to help reduce unit production cost, as it will help to consume less key components per megawatt (MW), as well as reduce engineering, land, and other related construction cost. For example, the average blade length per MW decreases 40% when an onshore wind turbine grows from 3MW to 5.5MW and it decreases 28% when an offshore wind turbine increases from 6MW to 10MW, according to CWEA.

The nacelle weight of an onshore wind turbine decreases 27% from 3MW to 6.25MW, according to Windey. We expect that hybrid drive wind turbines will take some market share from direct drive wind turbines in China, as Goldwind is switching both onshore and offshore products from direct drive technology to hybrid drives to reduce wind turbine weight and cut production costs, which will bring additional demand for cast main shafts used in the transmission system of hybrid drive wind turbines. We expect demand for doubly fed wind turbines will remain resilient, as many wind turbine OEMs (including the top 3 international players: Vestas, GE, Siemens Gamesa) continue to pursue this technology for their onshore wind turbine production.