Oceantic Network Publishes Q3 Offshore Wind Market Report

Oceantic Network has released its US Offshore Wind Quarterly Market Report in April, July, October, and January. Each quarterly report builds on the network’s US Offshore Wind Annual Market Report and provides a key analysis of federal and state government activities impacting the US offshore wind industry. Quarterly Reports ensure companies are informed on developments affecting their business.

The reports provide project development updates, including information about the Coastal Virginia Offshore Wind Project and Revolution Wind, which are undergoing installation activities on the East Coast. Additionally, in Q3, work began on the $300 million Salem Offshore Wind Terminal in Massachusetts, converting a former oil- and coal-fired power plant into what will become the region’s largest offshore wind port. Just south, Foss Offshore Wind completed the deepwater berth at the New Bedford Foss Marine Terminal, enabling docking for large capital vessels.

The report details important developments that affected the US offshore wind industry in the third quarter of 2024, including:

  • Including an approval for Atlantic Shores South and US Wind’s Maryland Offshore Wind Project, BOEM has now approved ten offshore wind projects totaling 15 GW.
  • Massachusetts and Rhode Island awarded provisional offtake agreements for 2,878 MW of capacity across three projects.
  • California and Delaware approved their first offshore wind procurement targets, setting the stage for future state-driven offtake rounds.
  • Four new crew transfer vessels (CTVs) for the offshore wind industry were launched in Q3 of 2024, marking ten newbuild CTVs launched for the offshore wind industry in 2024.
  • Between July and September, $2.1 billion was invested in the US offshore wind market across transmission, port, and supply chain development, as well as research and vessels.
latest issue

From groundbreaking marine instrumentation to metocean data visualization and lab-to-market efforts carried out by research-industry partnerships, the ongoing expansion of…

Search