Offshore Wind Market Report | 2024

Overview 

The American Clean Power Association (ACP)’s 2024 Offshore Wind Energy Market Report details the landscape of new offshore wind projects, across 37 leases in the U.S. that total more than 58 GW of expected capacity. If all projects in development as of June 2024 came online, the additional generation capacity would provide enough electricity to power the equivalent of 22 million homes. The U.S. continues to lag behind other countries in operating offshore wind capacity, but following the successful launch of offshore wind projects this year, the U.S. is ramping up the sector to play a crucial role in an energy system powered by clean power.  

Offshore wind project development, construction, and operations are expected to support up to 56,000 jobs by 2030, with the industry set up to invest $65 billion.   

The 2024 Offshore Wind Market Report underscores the important role that states are playing in driving U.S. offshore wind development. State solicitations could award procurement contracts for an additional 8,800 – 12,200 MW of offshore wind projects in the second half of 2024, all located off the Northeast coast. States with ongoing or upcoming solicitations include New Jersey, New York, Massachusetts, Rhode Island, and Connecticut.  

The new report also highlights the economic impact of offshore wind on domestic U.S. shipbuilding, port infrastructure, and other supply chain activities. There are more than 40 new vessels currently on order or under construction to support the industry. The industry committed a record $3 billion of supply chain investment in 2023 alone, with total infrastructure investment announcements now exceeding $9 billion.

For more information, read our Press Release “Offshore Wind Momentum Grows with Sector to Invest $65 Billion and Create 56,000 U.S. Jobs by 2030.”