New SIOW report details $70bn opportunity for supply chain businesses in US offshore wind market

The Special Initiative on Offshore Wind (SIOW), in conjunction with the Renewables Consulting Group (RCG) has announced the publication of a new report detailing the opportunities businesses in the U.S. offshore wind supply chain, which SIOW and RCG predict will yield approximately US$70bn in revenue opportunities.

The United States’ offshore wind is projected to generate nearly 20 GW of clean, cost-competitive power in seven East Coast states by 2030. The anlysis offers a roadmap for public and private sector organisations, quantifying the timing and pace of approximately $70bn in supply chain contracting prospects to install 18.6 GW of offshore wind procurements forecast for clean-energy consumers on the Atlantic Seaboard by 2030.

A breakdown of the projects outlined includes: Over 1,700 offshore wind turbines and towers ($29.6bn); over 1,750 offshore wind turbine and substation foundations ($16.2bn); over 5,000 miles of power export, upland and array cables ($10.3bn); more than 60 onshore and offshore substations ($6.8bn); and a wide range of marine support, insurance and project management activities ($5.3bn).

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"America's offshore wind industry is taking off and what people see now is just the tip of the iceberg," said Stephanie McClellan, study author and Director of SIOW, at the University of Delaware's College of Earth, Ocean and Environment. "States and industry suppliers are leading the way and eager for clarity on the path ahead. Our analysis illuminates the market's supply chain needs, timing and pace, and $70bn in CAPEX for businesses to translate GWs into growth opportunities and build this extraordinary enterprise."

"This report provides a roadmap for companies that will create new jobs and generate competition, which means better prices for producers and better electricity rates for consumers in the future," said Randall Luthi, President of the National Ocean Industries Association. "NOIA has long advocated for all-of-the-above energy and new offshore energy growth in America. Our members look forward to participating in the massive opportunity presented by offshore wind. The report identifies significant opportunities for the supply chain that will build, supply and support the U.S. offshore wind sector."