SHANGHAI Electric Group aims to grab a 30 percent market share in China's offshore wind market, a sector set to boom in coming years after a slow start.
"Our aim is to be No.1 in China's offshore wind turbine market," said Jin Xiaolong, head of Shanghai Electric's wind equipment unit.
Shanghai Electric, China's largest power equipment maker, has set up two wind equipment joint ventures with German industrial conglomerate Siemens, a leading player in the sector.
Siemens has brought key turbine prototypes to these ventures, enabling Shanghai Electric to better compete with rivals, Jin said today at the Offshore Wind China 2013 conference.
While China has become the world's largest wind market, the offshore sector had a relatively slow start mainly because of costs.