BloombergNEF has revised its forecast for US offshore wind capacity, projecting it to reach only 13.1GW by 2030. This downgrade reflects slower project timelines than initially expected, as noted in its 1H 2024 Offshore Wind Market Outlook report. The consultancy highlighted that achieving the ambitious target of 30GW by 2030, set by President Joe Biden’s administration in 2021, seemed unattainable from the outset. This marks the third consecutive year BNEF has reduced its forecast for US offshore wind capacity, underscoring the challenges in scaling up projects within the projected timeframe. Despite this setback, BloombergNEF predicts that by 2040, the US will become the world’s second-largest offshore wind market, demonstrating long-term growth potential in renewable energy initiatives.
BloombergNEF’s latest forecast adjustment for US offshore wind capacity, now projected at 13.1GW by 2030, highlights the intricate dynamics and challenges facing the sector’s development. The downward revision underscores the complexities and slower-than-expected progress in project timelines, which have hindered the ambitious goal of achieving 30GW by 2030 set by the Biden administration. This recurring adjustment over three consecutive years signals the difficulty in scaling up offshore wind projects within anticipated timeframes.
Looking ahead, despite these setbacks, BloombergNEF remains optimistic about the long-term prospects of the US offshore wind market. Predictions indicate that by 2040, the US will emerge as the world’s second-largest offshore wind market, underscoring substantial growth potential in renewable energy initiatives. This outlook suggests that while short-term projections may face challenges, strategic planning, technological advancements, and sustained investment could pave the way for significant expansion and achievement of renewable energy goals in the coming decades.
