Analyst Insight: Offshore Wind Development in North America

Offshore wind development in North America has historically trailed Europe and Asia Pacific. However, recent developments in the US offshore wind market point to significant increases in offshore wind capacity over the coming decade. The US has only completed two offshore wind projects, with a total capacity of 42 MW. The Biden administration has set a target of installing 30 GW of offshore capacity by 2030, and eight states have individually set offshore wind targets that collectively aim for 39 GW of offshore capacity by 2040. To achieve these targets, the US offshore wind market needs to scale up rapidly. Increased investment in domestic manufacturing and Jones Act-compliant wind turbine installation vessels will likely be a key component that supports offshore wind growth.

This Guidehouse Insights report seeks to highlight current and future offshore wind development in North America. Guidehouse Insights’ Global Wind Database focuses on tracking and compiling key market data for 5 global regions and 36 countries, including historical, annual, and cumulative installed megawatts and 10-year forecasts. Segmentation includes onshore, offshore, and distributed wind and wind plant CAPEX forecasts.