New Report Reveals U.S. Saw 60 Percent Growth in Offshore Wind Long-Term Targets in Q3

Landmark federal policy, record investments, and new state-level actions drove the U.S. offshore wind industry forward in the third quarter of 2022, with coastal states increasing their long-term targets by 58 percent, a new record for quarterly growth. The Business Network for Offshore Wind, the leading non-profit working to accelerate offshore wind development and build a robust U.S. supply chain, today released its inaugural U.S. Offshore Wind Quarterly Market Report, which examines the factors contributing to this historic expansion and provides insight on key market trends, supply chain and technology advancements, and the key challenges.

The report details three important developments that made the third quarter among the most consequential for the American offshore wind industry, including:

• The passage of the Inflation Reduction Act (IRA), which appropriated $369 billion in new, clean energy funding, including billions in tax credits for critical offshore wind manufacturing;

• Federal support to stand up a floating wind turbine industry in the United States, with the Biden Administration announcing a Floating Offshore Wind Shot initiative and a goal to deploy 15 gigawatts (GW) of offshore wind power by 2035; and

• Ambitious new targets set by coastal states including California, which announced its planning goal to deploy 25 GW of floating offshore wind generation by 2045, and New Jersey, which increased its target from 7.5 GW by 2035 to 11 GW by 2040.

“Our inaugural quarterly report could not come at a more exciting time for offshore wind,” said Liz Burdock, President and CEO of the Business Network for Offshore Wind. “With historic federal funding, new support for floating wind turbine technology, and increasingly ambitious state-level goals, the longstanding aspirations of the American offshore wind industry are poised to become reality. Despite this tremendous growth, the industry still must overcome challenges to upgrade our grid and transmission system, localize a robust supply chain, and train a skilled workforce. Capitalizing on this momentum requires continued coordinated action from our state and federal government to deploy a comprehensive national offshore wind industrial strategy that includes critical investments in our infrastructure, ports, and manufacturers.