Demand for offshore wind in the United States nearly doubled in 2022 and investments in the market tripled, according to a new report.
The Business Network for Offshore Wind’s latest US Offshore Wind Market Report found that offshore wind-related contracts grew by 36% in 2022 with the majority awarded to US companies.
Over the year, 664 new organizations registered with the Network’s Supply Chain Connect registry, representing a 27% increase.
Long-term state offshore wind targets increased 79% last year, as California called for 25GW of offshore wind generation, and Louisiana, New Jersey, and Rhode Island announced new state goals.
The US offshore wind market saw $9.8bn in new investments in 2022, more than triple the year prior.
While this growth was primarily driven by lease auction fees, over $4.4bn was directed to port infrastructure, supply chain development, and transmission.
The Network has identified $17bn in new investments driven by offshore wind activity in the United States since 2014.
“From surging investments to cutting-edge floating turbine technology on the West Coast, passage of the landmark Inflation Reduction Act, and federal regulatory efforts that bring more certainty to permitting, 2022 kicked the American offshore wind industry into full throttle,” said Liz Burdock, President and CEO of Business Network for Offshore Wind.