Since “China Manufacturing 2025” listed power equipment as one of the ten key development areas in 2015, the power equipment manufacturing industry of China has achieved a historic leap, becoming a significant leader in the global industrial landscape. This study evaluates the development achievements of China’s power equipment manufacturing industry from 2015 to 2025, focusing on three major fields: power generation equipment, power transmission and transformation equipment, and energy saving and storage equipment. The analysis is conducted from four dimensions: technological level, industrial scale, market structure, and global influence. The study reveals that the added value of China’s power equipment industry has grown at an average annual rate of over 9%, with over 30 000 large-scale enterprises by 2024, and a localization rate of over 90% across the entire industrial chain. By constructing an analytical framework of “policy guidance ‒ innovation-driven development ‒ market driving ‒ ecological synergy,” this study identifies rapid technological iteration, cluster-based industrial development, and major engineering demonstration as the core pathways for China’s power equipment to transition from following to leading. Looking toward the 2035 goal of building a new power system, future efforts must focus on continuous breakthroughs in high-end materials, core components, and digital integration to propel the industry toward the higher end of the value chain.