The U.S. is currently seeing unprecedented and exciting growth of the offshore wind industry, currently standing at 16,970 MW, which represents a subset of the total potential generation capacity. In the recent months, offshore wind farms totaling 1.6 GW of capacity are contracted to provide electricity in Massachusetts (800 MW), Connecticut (300 MW), New York (130 MW), Maryland (368 MW) and Virginia (12 MW). Additional offshore wind power contracts are expected to be signed in 2019, including in Rhode Island (400 MW), New Jersey (up to 1,100 MW) and New York (up to 800 MW), bringing to seven the total number of states to which offshore wind power will soon be providing electricity.

These figures are projected to significantly rise to generate 18.6 GW of power in seven East Coast states by 2030, as states have committed to sign approximately 17 GW of additional projected between 2020 and 2030. This presents a nearly $70 billion CAPEX revenue opportunity to businesses in the U.S. offshore wind supply chain, according to a white paper by the Special Initiative on Offshore Wind (SIOW).

The report includes a first-of-its-kind analysis of the key industry components required to achieve nearly $70 billion utility-scale build-out of America’s offshore wind power capacity by 2030 include:

• More than 1,700 offshore wind turbines and towers ($29.6 billion)
• More than 1,750 offshore wind turbine and substation foundations ($16.2 billion)
• More than 5,000 miles of power export, upland, and array cables ($10.3 billion)
• More than 60 onshore and offshore substations ($6.8 billion)
• Marine support, insurance, and project management ($5.3 billion)

Total of $68.2 billion by 2030

It also provided forecasts of the following state offshore wind procurements through 2030, citing “market visibility to rising state commitments” in generating economies of scale and maintaining a sustained industry momentum.

• New Jersey – 3,500 MW
• New York – (9,000 MW by 2035) 7,730 MW
• Massachusetts – 3,200 MW
• Connecticut – 2,000 MW
• Rhode Island – 1,000 MW
• Maryland – 1,000 MW
• Virginia – 12 MW

Total of 18,642 MW by 2030

“America’s offshore wind industry is taking off, and what people see now is just the tip of the iceberg,” according to the study’s author and SIOW director, Stephanie McClellan.