Offshore Wind Market Report: 2024 Edition
The annual Offshore Wind Market Report provides detailed information on the U.S. and global offshore wind energy industries to inform policymakers, researchers, and analysts about technology, economic, and market trends.
The report covers global operating offshore wind energy projects and assesses the current state of the offshore wind sector and future outlook of the industry.
The 2024 edition of the report provides the status of more than 322 operating offshore wind energy projects in the global fleet through Dec. 31, 2023, as well as the broader global pipeline of projects in various development stages. To provide current information and discussion on the emerging offshore wind industry in the United States, this report tracks significant U.S. domestic progress and events from Jan. 1, 2023, through May 31, 2024.
Offshore Wind Energy Projects
The U.S. offshore wind project development and operational pipeline grew 53% from the previous edition of the report, reaching a potential generating capacity of 80,523 megawatts (MW). This is due in large part to notable additions from eight proposed leasing areas in the Gulf of Maine providing 15,702 MW of pipeline growth, two proposed leasing areas in the Mid-Atlantic with 4,499 MW, and two proposed leasing areas off the coast of Oregon with 3,156 MW.
Offshore Wind Scales Up in the United States
The U.S. wind energy pipeline as of May 31, 2024, includes three fully operational projects. The first commercial-scale offshore wind power plant in the United States—the 132-megawatt (MW) South Fork Wind Farm—began delivering power to New York in November 2023 and was fully commissioned on March 14, 2024. There are several large projects under construction.
Investment in U.S. Supply Chain Grows
As offshore wind continues to develop in the United States, significant investment in the domestic supply chain is critical to achieving U.S. clean energy goals. The recent year indicates significant investor confidence, as $2.1 billion was invested since 2023 for port development, vessel orders, workforce development, research, and other supply chain investments.
As U.S. offshore wind continues to develop, the global outlook in the offshore wind industry continues to grow in installations and capacity. Global offshore wind installations in 2023 represented the fourth largest annual installed capacity ever, with 6,326 MW new capacity. This brought total installed capacity globally to 68,258 MW across 319 operating projects and more than 13,096 operating offshore wind turbines. This growth in cumulative operating capacity represents an 10.2% increase compared to 2022. By the end of 2023 the global generating capacity for all offshore wind projects reached 453, 600 MW.
Learn More
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Three reports highlight industry development, expansion, and the policies and incentives driving wind energy forward. -
Learn more about efforts to develop America's vast offshore wind resources. -
An initiative to drive U.S. leadership in floating offshore wind design, development, and manufacturing. -
DOE seeks to build on the expertise, capabilities, and resources across a range of its offices to promote offshore wind energy. This strategy identifies the many opportunities for DOE action, including the many offices that might engage in these efforts. -
New animation shows how a wind turbine turns wind energy into electricity using the aerodynamic force from the rotor blades. -
Through history, the use of wind power has waxed and waned,from the use of windmills in centuries past to high tech wind turbines on wind farms tod... -
The U.S. Department of Energy's Wind Energy Technologies Office funds research nationwide to develop and deploy offshore wind technologies. -
Learn more about the wind industry here, from how a wind turbine works, to the new and exciting research in the field of wind energy.
