North Carolina could potentially attract a $100bn market opportunity from the growing offshore wind energy industry, according to a report released by the North Carolina Department of Commerce.
The report, produced by BVG Associates, forecasts the US east coast will see a total offshore installed capacity exceeding 40GW by 2035.
Reaching this level of capacity will require a manufacturing ecosystem to supply component parts for at least two dozen utility-scale offshore wind farms.
To reach the capacity targets for wind projects already publicly announced by states and site developers, BVGA expects the industry will invest $140bn by 2035 to establish and build out its supply chain, install equipment, and operate the wind facilities.
BVGA forecasts North Carolina manufacturers can address and supply equipment for the entire east coast market, not just for projects directly off the state’s coast.
The report found North Carolina has multiple port and water-front properties well-suited to support the industry developing off the US east coast.
The state also has a fully integrated, up-to-date high-capacity intermodal transport system consisting of rail, road, inland waterways, and coastal waterways that connects well to North Carolina’s coastline and adjoining states.
“Wind energy means new jobs for North Carolinians,” said Machelle Sanders, North Carolina’s commerce secretary.
“Just like biotechnology was for us many years ago, today clean energy represents an industry of the future and North Carolina always embraces the future.”
The North Carolina Office of Science, Technology, & Innovation, an operating unit of the Commerce Department, led the study project for the state and commissioned the report.
The BVGA lead team included experts from Lloyds Register Energy Americas, Timmons Group, and North Carolina State University and its NC Clean Energy Technology Center.
North Carolina already features one approved Wind Energy Area (WEA) under lease for development.
The Kitty Hawk WEA, located 24 nautical miles from Corolla, is projected to be able to support 2500MW of electricity generation.