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Industry News / Market Forecast

April 25, 2019

U.S. Offshore Wind Generation Represents $68.2 Billion Opportunity by 2030

U.S. offshore wind generation could reach 18.6 gigawatts (GW) by 2030, according to new report from Special Initiative on Offshore Wind (SIOW) at the University of Delaware, and that represents a $68.2 billion opportunity for suppliers and vendors.

The report Supply Chain Contracting Forecast for U.S. Offshore Wind Power attempts to quantify the supply chain business opportunities in the U.S. offshore wind sector, breaking it down by industry component, by state and by year through 2030.

According to SIOW, the industry is likely to install:

  • 1,700 offshore wind turbines and towers (worth $29.6 billion)
  • 1,750 offshore wind turbine and substation foundations ($16.2 billion)
  • 5,000 miles of power export, upland, and array cables ($10.3 billion)
  • 60 onshore and offshore substations ($6.8 billion)

In addition, the market is likely to see $5.3 billion invested in marine support, insurance and project management activities.

Seven east coast states have mandates for offshore wind generation by 2030:

  • New York—9 GW
  • New Jersey—3.5 GW
  • Massachusetts—3.2 GW
  • Connecticut—2 GW
  • Maryland—1.2 GW
  • Rhode Island—1 GW
  • Virginia—12 MW

To read the report, click here.

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April 25, 2019



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