The global offshore wind energy market size is expected to reach USD 135.23 billion by 2028 (Reports and Data, 2021). At present the US produces almost no electricity from offshore wind, but this is set to change.
Earlier this year, the Biden administration announced plans to hold the largest sale of offshore wind leases in US history to accelerate the transition to renewable energy sources. They have set a goal to reach 30GW of offshore wind capacity by 2030, with individual states setting even more ambitious goals.
Many projects driven by state leaders have entered the permitting and construction phases, creating thousands of manufacturing and maritime jobs. Among these projects is South Fork Wind, off the coast of Montauk, following the issuance of the final sale notice for the New York Bight. Once completed at the end of 2023, the 130MW offshore wind farm is projected to generate enough electricity to power 70,000 homes.
In addition, The US Department of Energy is launching a Building a Better Grid Initiative which will see billions of dollars from the $1T infrastructure law being invested in new lines and grid updates.
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