China is leading the global renewables market and is on track to reach a record-breaking 230 gigawatts (GW) of wind and solar installations this year, consultancy Wood Mackenzie said on Tuesday.

China's estimated installation is more than double the number of U.S. and Europe installations combined, Woodmac said in a report.

China's wind and solar project investment is expected to reach $140 billion for 2023, the report added.

"While some other markets are moderating renewables targets, China has pushed up its 2025 wind and solar outlook by 43% or 380 GW in just a couple of years,” said Alex Whitworth, vice president of power and renewables research at Wood Mackenzie.

The country's share of coal in power generation has been continuously falling and about 80% of the reduction was replaced by renewables and the rest mostly by nuclear power, he added.

China's energy bureau said last week that total installed solar power capacity hit 536 (GW) in October, up 47% from a year earlier, with wind capacity also rising 15.6% to 404 GW.

Earlier this month, Wood Mackenzie said China will have more than 80% of the world's solar manufacturing capacity through 2026 and will be capable of satisfying annual global demand for much of the next decade. (Reporting by Anushree Mukherjee in Bengaluru, Editing by Louise Heavens)