Offshore Wind Will Draw $65 Billion by 2030


The American Clean Power Association (ACP) has released its 2024 Offshore Wind Market Report, indicating that the renewables industry is projected to invest $65 billion in the offshore wind sector by 2030. 

Per the report, there are currently 12 GW of projects with active offtake agreements and 56 GW of capacity under development across 37 U.S. leases.

Market analysts forecast 14 GW of offshore wind deployed by 2030, 30 GW by 2033 and 40 GW online by 2035. These outlooks build on the 7.6 GW of offshore wind projects seeking to be operational by 2027.

“After the successful start-up of the 132 MW South Fork wind farm earlier this year, and with 136 MW operational at Vineyard Wind, offshore wind is gaining momentum, with three projects under construction and 37 more in development,” says Frank Macchiarola, ACP’s chief policy officer.

“Harnessing America’s offshore wind resources will boost economic activity, create jobs, reduce pollution providing environmental and public health benefits, and strengthen America’s energy security by enhancing grid reliability and energy independence.”

The new report also highlights the economic impact of offshore wind on domestic U.S. shipbuilding, port infrastructure and other supply chain activities. There are more than 40 new vessels currently on order or under construction to support the industry. 

Investments include 28 CTVs, seven service operation vessels and two tugs and two barges to support offshore wind operations and maintenance. The industry’s total infrastructure investment announcements now exceed $9 billion.

State solicitations, as well, could award procurement contracts for an additional 12,200 MW of offshore wind projects in the second half of this year. States with ongoing or upcoming solicitations include New Jersey, New York, Massachusetts, Rhode Island and Connecticut.

The report notes that while contract cancellations and rebidding impacted offshore wind development in 2023, states have been quick to open new solicitations and streamline processes.

The momentum and investment are likely to continue, with BOEM planning to hold four lease sales in the second half of this year in the Central Atlantic, Oregon, the Gulf of Maine and Gulf of Mexico. 

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