The Business Network for Offshore Wind releases its U.S. Offshore Wind Quarterly Market Report in April, July, and October. Each builds off our annual U.S. Offshore Wind Annual Market Report and provides key analysis of both federal and state government activities impacting the U.S. offshore wind industry. Quarterly Reports ensure companies are informed on offshore wind industry developments affecting their business.
The inaugural U.S. Offshore Wind Quarterly Market Report, published in October 2022, covers the third quarter of 2022 (July-September), which was among the most consequential periods for the U.S. offshore wind industry. The U.S. market is quickly growing into a market with the tools it needs to compete in and source to a global industry.
The report details three important developments that made the third quarter among the most consequential for the American offshore wind industry, including:
- The passage of the Inflation Reduction Act (IRA), which appropriated $369 billion in new, clean energy funding, including billions in tax credits for critical offshore wind manufacturing;
- Federal support to stand up a floating wind turbine industry in the United States, with the Biden Administration announcing a Floating Offshore Wind Shot initiative and a goal to deploy 15 gigawatts (GW) of offshore wind power by 2035;
- Ambitious new targets set by coastal states including California, which announced its planning goal to deploy 25 GW of floating offshore wind generation by 2045, and New Jersey, which increased its target from 7.5 GW by 2035 to 11 GW by 2040.