Installed offshore wind capacity in U.S. waters could reach 20GW by 2030, according to research by Rystad Energy.
The research writes that the annual investments in the U.S. offshore wind sector could surpass USD 15 billion by the mid-2020s.
Such a trajectory means capital expenditure in U.S. offshore wind will likely exceed those in the local offshore oil and gas sector within the next five years.
According to Rystad Energy, projects such as Vineyard Wind are expected to see costs close to the levels of European projects, which bodes well for an industry that is still in its infancy.
The research states that if the U.S. offshore wind potential of 7,200TWh is realized, it would equal hundreds of projects similar to the ones already sanctioned, with each requiring investments of around USD 3 billion on average.
“There are currently 6 GW of offshore wind projects in the US that have been sanctioned for development, requiring collective investments of more than $20 billion over the next five years,” said Tim Bjerkelund , Head of Consulting New York at Rystad Energy.
“Assuming continued support from the regulators, many more projects will be sanctioned in the coming years and we expect to see yearly investments in the sector exceed $15 billion by the middle of the decade. That would certainly signal an energy revolution and offshore suppliers should take note.”