The United States is poised to invest $65 billion in offshore wind projects by 2030, a move expected to generate approximately 56,000 domestic jobs, according to the American Clean Power Association's (ACP) 2024 Offshore Wind Market Report.
The report underscores significant growth in the sector, with 12GW of projects already secured by active offtake agreements, including major developments like Vineyard Wind, Revolution Wind, and Coastal Virginia Offshore Wind, accounting for 4GW currently under construction.
Across 37 leases nationwide, the U.S. is advancing towards 56GW of capacity under development, sufficient to power about 22 million homes.
Market analysts anticipate substantial deployment milestones, with projections of 14GW of offshore wind operational by 2030, expanding to 30GW by 2033 and 40GW by 2035. These forecasts build on the foundation of 7.6GW of projects expected to be operational by the end of 2027.
Frank Macchiarola, ACP's chief policy officer, emphasized the sector's momentum: “Offshore wind is gaining traction with three projects underway and thirty-seven more in various stages of development.” He highlighted the broader benefits, including economic stimulation, job creation, pollution reduction, and enhanced energy security through grid reliability and independence.
The report also highlights the offshore wind industry's economic impact on U.S. shipbuilding, port infrastructure, and supply chain activities, with over 40 new vessels planned or under construction to support industry operations.
In 2023 alone, the industry committed $3 billion in supply chain investments, with total infrastructure commitments exceeding $9 billion.
States such as New Jersey, New York, Massachusetts, Rhode Island, and Connecticut are pivotal in driving offshore wind development, with ongoing solicitations expected to award procurement contracts for an additional 8,800MW to 12,200MW of projects off the Northeast coast in the latter half of 2024. New Jersey leads with 5,252MW of offshore wind capacity already under contract, while Virginia leads in construction activity, with 2,587MW in progress.
