Chinese Offshore Wind Market Dashes Siemens’ Hopes of Success
The offshore wind market in China has turned out to be sluggish and did not fulfill Siemens’ expectations when it comes to the speed of its development, as the company had a plan to hold 30% of Chinese offshore wind market.
After witnessing that the offshore wind industry in China is not developing as fast as some market experts had reported, Siemens is now investigating the market more thoroughly, to get a better perspective on growth speed and to decide on its further steps.
“Some are still predicting a large market if you look over the period of 10 to 15 years. But the question is when and where it will take off in China,” Siemens Offshore CEO Michael Hannibal told Bloomberg.
In 2010, the company opened a wind turbine blade manufacturing facility in Lingang, and the next year it entered a joint venture with Shanghai Electric Group.