Offshore wind capacity in the US could hit 20GW by 2030 with annual investment of $15bn by the mid-2020s, according to analysis by independent research outfit Rystad Energy.
Such a trajectory means capital expenditure in US offshore wind could exceed those in US offshore oil and gas within the next five years, the researcher said.
Rystad Energy expects annual expenditure on US offshore oil and gas projects to average $14.8bn between 2020 and 2025.
Rystad Energy head of consulting New York Tim Bjerkelund said: “There are currently 6GW of offshore wind projects in the US that have been sanctioned for development, requiring collective investments of more than $20bn over the next five years.
“Assuming continued support from the regulators, many more projects will be sanctioned in the coming years and we expect to see yearly investments in the sector exceed $15bn by the middle of the decade.
“That would certainly signal an energy revolution and offshore suppliers should take note.”
Rystad said projects, such as Vineyard Wind, are expected to see costs close to the levels of European projects.
“This bodes well for an industry that is still in its infancy,” it said.
Bjerkelund added: “The emergence of offshore wind as an industry in the US is truly exciting.
“The energy transition is taking place now – not through small test projects, but through utility scale projects that each require billions of dollars in investment.
“US suppliers should take note – this new industry could outgrow offshore oil and gas in only a few years’ time, providing lots of new opportunities.”