Offshore Wind Market Report: 2022 Edition

Abstract

The Offshore Wind Market Report: 2024 Edition provides detailed information on the U.S. and global offshore wind energy industries to inform policymakers, researchers, and analysts about technology, economic, and market trends. The report provides the status of more than 322 operating offshore wind energy projects in the global fleet through Dec. 31, 2023, as well as the broader global pipeline of projects in various development stages. To provide current information and discussion on the emerging offshore wind industry in the United States, this report tracks significant U.S. domestic progress and events from Jan. 1, 2023, to May 31, 2024. Maps of the U.S. pipeline activity and Call Areas are shown in Figure ES-1. U.S. Offshore Wind Energy MarketThe first commercial-scale 1 offshore wind power plant in the United States, the 132megawatt (MW) South Fork Wind Farm off Rhode Island, began delivering power to New York in November 2023 and was fully commissioned on March 14, 2024. Another commercial-scale offshore wind power plant, the 806-MW Vineyard Wind 1 project, also achieved first power in January 2024 with the installation of several operating turbines and remained under construction through the publication of this report (August 2024). 2 As of May 31, 2024, there were 174 MW of offshore wind power in operation. The U.S. offshore wind energy pipeline had 4,097 MW under construction as of May 31, 2024. Three projects contribute to this total: Vineyard Wind 1 (806 MW), Revolution Wind (704 MW), and Coastal Virginia Offshore Wind (2,587 MW). This is an increase of more than 300% from the 938 MW under construction reported in the Offshore Wind Market Report: 2023 Edition (Musial et al. 2023). By May 31, 2024, the U.S. offshore wind energy project development and operational pipeline reached a potential generating capacity of 80,523 MW. The U.S. offshore wind energy pipeline grew 53% (27,836 MW) from the previous edition of this report. Notable additions include the following: Eight proposed lease areas in the Gulf of Maine provided 15,702 MW of pipeline growth, two proposed lease areas in the mid-Atlantic provided 4,499 MW, two proposed lease areas off the coast of Oregon provided 3,156 MW, and four proposed lease areas in the Gulf of Mexico added 6,638 MW. Finally, one research lease area in the Gulf of Maine contributed 144 MW in potential capacity to the U.S. offshore wind industry pipeline. 3 October 2024. On April 24, 2024, U.S. Secretary of the Interior Deb Haaland announced the new BOEM leasing plan through 2028 (U.S. Department of the Interior 2024), with 7 of the 12 new proposed offshore wind energy auctions in deep water suited for floating offshore wind technology.On March 22, 2024, the Internal Revenue Service issued guidance that updated the eligibility criteria for offshore wind projects seeking the Energy Communities Bonus Credit 5 passed under the Inflation Reduction Act. Offshore wind projects with multiple points of interconnection may benefit from bonus credits if they locate any power condition...

Wind Turbine Technology Trends

“…It is a way to increase the power output of the wind turbine on the same platform without making changes to the blade design. Increasing the output of the generator can produce more power and improve efficiency, but increased material fatigue due to increased loading and reduced life must be carefully considered [53].…”

“…With a rotor diameter of 236 m, this wind turbine will have a larger wind-swept area than any other turbine in operation. Series production is planned for 2024 [53].…”

“…Of the 3,688 MW floating offshore wind turbines that will be installed by 2026, most will be located in South Korea (2300 MW), Saudi Arabia (500 MW), Spain (365 MW), and France (132 MW). Other wind farms will be evenly distributed in Europe, some of which are still in the planning phase [53]. Wind turbine floating structures must withstand harsh conditions.…”

“…This includes remote monitoring, which allows early detection of problems and preventive maintenance. Subsea equipment has also been developed for inspection and repair of components that are difficult to access [53].…”

“…It is estimated that the need for offshore cables in Europe will be about 2000 km per year. In addition, there are efforts to install cables with a voltage of 66 kV, compared to the current 33 kV [53].…”