Northeast
[Image: Block Island], Offshore Wind

US offshore wind 'worth $70bn'

New study bases revenue projections on nearly 20GW of installed capacity by 2030

The US offshore wind industry represents a capital expenditure (CapEx) revenue opportunity of nearly $70bn, a new whitepaper by the Special Initiative on Offshore Wind (SIOW) estimates.

SIOW’s study, which uses analysis supplied by the Renewables Consulting Group, quantifies the timing and pace of $68.2bn in supply chain contracting prospects to install 18.6GW.

According to SIOW key industry components required for the projected utility-scale build-out of offshore wind include more than 1700 turbines and towers, worth $29.6bn, and over 1750 turbine and substation foundations, worth $16.2bn.

Other components calculated in the study include over 8000km of power export, upland and array cables, worth $10.3bn, 60 onshore and offshore substations, worth $6.8bn, plus marine support, insurance and project management activities, worth $5.3bn.

The study also details rising state commitments and forecast power procurements through 2030, amounting to more than 18GW. They include New York, which has targeted 9GW by 2035, while New Jersey has a target of 3.5GW by 2030.

Massachusetts has set a target of 3.2GW, Connecticut, 2GW, Maryland, 1.2GW, Rhode Island, 1GW, and Virginia, 12MW.

SIOW director and study author Stephanie McClellan said: “America's offshore wind industry is taking off and what people see now is just the tip of the iceberg.

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