On August 9, Yinchuan Power Transmission Technology Co., LTD. (referred to as “Power Transmission”), which focuses on the research and development and manufacturing of wind power reducer, was officially listed on the GEM of Shenzhen Stock Exchange, raising 640 million yuan, and the funds will be all used for the research and development and production projects of precision reducer and supplementary working capital projects.

Public information shows that Power transmission independently developed a variety of models of wind power yaw reducer, wind power variable pitch reducer products, applied to wind turbines, can meet the needs of different wind resources and environmental conditions. According to the prospectus, the company’s wind power reducer products are widely used in onshore and offshore wind turbines of various power types such as 1MW-14MW. In addition, the company customized research and development of 63 new models of wind power reducer products according to customer needs, and through sales to customers to drive the rapid growth of revenue scale.

Wind power reducer is one of the core components of wind turbine, which plays a role in matching speed and transferring torque between the prime mover and the working machine or the actuator, and is a relatively precise machinery. At present, there are a wide variety of reducers on the market, such as gear reducers, worm reducers, planetary gear reducers, cylindrical gear reducers, cycloidal pin wheel reducers, harmonic reducers, etc. The product service field involves wind power, metallurgy, petrochemical, Marine, water conservancy and construction machinery industries.

In the context of “reaching the peak of carbon and carbon neutrality”, not only the overseas wind power market has great potential, but also the domestic market has huge incremental space. Since 2003, China’s wind power has entered the stage of industrial development, and the installed capacity has been expanding. After years of development, China has become the world’s largest wind power market. According to the Offshore Wind Review and Outlook 2023 report, China surpassed the UK for the first time in 2021 to become the world’s largest country in terms of cumulative installed offshore wind power, and continued to maintain this position in 2022.

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A few days ago (July 31), the National Energy Administration held a regular press conference for the third quarter to release the energy situation in the first half of 2023, the development of renewable energy, and introduced the scale of new energy storage installed in the first half of 2023 and the national electricity market trading. In the first half of the year, the country’s new installed capacity of renewable energy was 109 million kilowatts, a year-on-year increase of 98.3%, accounting for 77% of the new installed capacity. Among them, 22.99 million kW of wind power was connected to the grid.

As of the first half of 2023, the installed capacity of renewable energy in the country exceeded 1.3 billion kilowatts, reaching 1.322 billion kilowatts, an increase of 18.2% year-on-year, historically exceeding coal power. Among them, 389 million kilowatts of wind power was installed. In addition, wind power photovoltaic power generation is growing rapidly. In the first half of the year, wind power photovoltaic power generation reached 729.1 billion KWH, an increase of 23.5%.

According to the deployment of the National Energy Work Conference in 2023, the installed capacity of wind power in 2023 will reach 430GW, and the new installed capacity is expected to be at a high of 70GW. From the new installed capacity in 2023, the new installed capacity of wind power in the first quarter of 10.4GW, an increase of 32%, set a new high in the first quarter of nearly 6 years.

Many institutions predict that China’s wind power industry will usher in a big year of installation this year, when the relevant wind turbine core components reducer is expected to accelerate the entry.

At present, China’s wind turbine output has occupied more than 2/3 of the global market share, and has large megawatt wind turbine, key core large components independent research and development and manufacturing capabilities, the birth of many internationally competitive wind turbine core components (such as reducer) production enterprises.

Power transmission and other wind turbine core components reducer manufacturing enterprises have formed a unique technical route through long-term independent research and development, in product structure optimization, transmission efficiency improvement, process accuracy improvement and fatigue life extension and other aspects of the formation of their own competitive advantages, to win the recognition of downstream fan manufacturers.

The author believes that the future of wind power reducer enterprises also need to strengthen technological innovation, market diversification, international competition and other aspects of exploration and challenges, to further improve brand awareness and international market position.