Globally, offshore wind energy development has seen
explosive growth. By the end of 2022, total global offshore wind
capacity in operation had reached 64.3GW. The US offshore wind
market has been developing at a more measured pace.
Such global growth is predicted to continue over the next
decade, with 380GW of offshore wind capacity to be added across 32
markets.1 The US offshore wind market has been
developing at a more measured pace and has experienced recent highs
that have greatly incentivised/ helped and lows that have
negatively impacted the market. In this article, we explore these
recent US offshore wind highs and lows, as well as outlooks, for
leasing and permitting, interconnection, tax, offtake solicitations
and actions, mergers and acquisitions (M&A) activity, and the
supply chain.
