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Market Research Reports
|Q4 2024
|Report ID: BR05307
|No. of Pages: 102
About this Report
Supportive federal and state-level policy commitments and mandates, declining LCOE, federal lease sales, offtake agreements, inherent benefits of offshore wind such as higher capacity factors and greater capacity value, and a buildout of the offshore wind supply chain are some of the factors driving offshore wind power investment in the United States.
The Biden-Harris Administration announced a federal target to install offshore wind energy of 30 gigawatts (GW) of capacity by 2031. Furthermore, the current administration wants to expedite project approvals, including environmental reviews, and provide USD 3 billion in government funding for offshore wind projects through the Department of Energy.
Additionally, the 30% investment tax credit (ITC) extension enacted in June 2021 will significantly boost offshore wind power projects that start construction by the end of 2025 and come online as late as 2035.
The offshore wind energy pipeline in the United States increased by 24% to 35,324 MW in 2020, up from 28,521 MW in 2019. To integrate the upcoming offshore wind projects, there is a growing need to build offshore transmission to deliver all power from the sea to the onshore grid to support the burgeoning wind power industry.
Blackridge Research's United States (US) offshore wind power transmission Market report provides insights into the demand scenario and its outlook.
The study offers a detailed analysis of various factors instrumental in affecting the offshore wind power transmission market's growth. The study also comprehensively analyses the market by segmenting it based on components - export cables, substations, and offshore structures.
The study also addresses the present and future market opportunities, impact of geopolitics, important commercial developments, regions poised for the fastest growth, plans of various industry stakeholders, funding mechanisms, key projects, competitive landscape, amongst others.
Further, offshore wind power transmission market size, demand forecast, growth rates, and will also be provided in the report.
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