Company insight
US offshore wind industry eager for new supply chain partners
The US offshore wind industry, despite facing challenges, has made significant progress with the passage of the Inflation Reduction Act and federal initiatives, reaching record levels of state demand at the end of 2022. The Oceantic Network, formerly known as the Business Network for Offshore Wind, is dedicated to advancing the offshore wind sector and calls for international support for a fully formed supply chain.
T
he US offshore wind industry is at a critical juncture. In the past year it has seen new opportunities and made remarkable progress, but also faces serious challenges in the near future. It needs strong support not only from local and federal government and businesses, but also the international offshore wind community. It’s easy to be caught up in the US market troubles around inflation and supply chain crunches – yet this risks missing the groundwork being laid and real achievements coming to fruition. Despite challenges, states and the federal government continue to reaffirm their commitments to offshore wind through new leasing rounds and supply chain initiatives, including announcements made for new vessels, ports and manufacturing facilities. The industry is ripe with opportunities for global companies in all related sectors, and everyone must be encouraged to address the supply chain shortages.
The US offshore wind industry entered 2023 on the heels of the passage of the Inflation Reduction Act (IRA) and the concentrated federal action to advance the sector and other renewable energy industries, along with the market reaching 77.4GW of state demand and 17.6GW under contract.
The IRA is the most significant piece of climate legislation in US history and provides major production and investment tax credits for offshore wind projects. Along with the Biden-Harris administration’s Hydrogen Shot, which aims to reduce the cost of hydrogen fuel production, and the 2021 bipartisan
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manufacturing capacity necessary for a full build-out of offshore wind.
A coordinated effort
US offshore wind is said to be at a critical juncture, making progress despite wider challenges.
Infrastructure Law, which allocated massive funding for energy projects, the IRA has helped the federal government strengthen the market and open new possibilities for offshore wind in green hydrogen production.
By the end of Q3 2023, state demand for offshore wind projects reached 86.9GW. The first turbines were completed at the Vineyard Wind project, and the South Fork Wind project announced it had successfully installed all 12 of its foundations and its US-made offshore substation.
Amid this monumental progress, the US offshore wind industry’s supply chain is yet to be fully formed. The nation needs new partners to achieve the
For the past decade, the Oceantic Network, formerly known as the Business Network for Offshore Wind, has worked tirelessly to advance the US offshore wind industry and its supply chain. Now in 2023, the industry’s first commercial-scale projects are coming online. In addition to this historic milestone, several more projects have been approved for construction, states have made new efforts to coordinate on offshore wind development and the supply chain has seen new investments and stronger performance among participants. The offshore wind market isn’t perfect, but there’s never been a better time to make an entrance. The Oceantic Network is committed to growing the supply chain, which includes providing the latest industry information, education and connections to help a wide variety of companies participate in this booming industry. The organisation invites all to join in building a network that will usher the US and the world into an offshore wind future. ●
The network annually hosts the International Partnering Forum (IPF), the largest offshore wind conference in the Americas, taking place 22–25 April 2024 in New Orleans, Louisiana. For those who want to take advantage of new opportunities and help build an offshore wind future, learn more at
2024ipf.com.
www.oceantic.org World Wind Technology /
www.worldwind-technology.com
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