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The American Clean Power Association (ACP)released the 2024 Offshore Wind Market Report, indicating that the clean power industry is expected to invest $65 billion in offshore wind projects by 2030, supporting 56,000 jobs in the United States. Currently, 12 gigawatts (GW) of projects have active offtake agreements, with 4 GW under construction at Vineyard Wind, Revolution Wind, and Coastal Virginia Offshore Wind.
With 37 leases in the U.S., there are now 56 GW (56,363 MW) of capacity under development, capable of powering 22 million homes. Market analysts predict 14 GW of offshore wind will be deployed by 2030, 30 GW by 2033, and 40 GW online by 2035. These projections are based on 7.6 GW of offshore wind projects aiming to be operational by the end of 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 thirty-seven more in development,” said ACP Chief Policy Officer Frank Macchiarola. “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 underscores the significant economic impact of offshore wind on U.S. shipbuilding, port infrastructure, and other supply chain activities. Over 40 new vessels are currently on order or under construction to support the industry. These investments include 28 Crew Transfer Vessels (CTV), seven Service Operation Vessels (SOV), two types of installation vessels, and two tugs and two barges for offshore wind operations and maintenance. In 2023 alone, the industry committed a record $3 billion to supply chain investment, with total infrastructure investment announcements now surpassing $9 billion.
