Offshore Wind Report Identifies $100 Billion Market Opportunity for North Carolina

by Think Currituck, on 3/4/21 10:35 AM

offshore wind north carolina

A new report predicts that the offshore wind industry will create a $100 billion market opportunity and North Carolina has a serious chance to make itself a vital link in that supply chain.

Building North Carolina's Offshore Wind Supply Chain provides a roadmap for leveraging North Carolina's manufacturing and infrastructure advantages.

The report from BVG Associates (BVGA) forecasts that the total offshore installed capacity of the U.S. east coast will exceed 40 gigawatts (GW) by 2035. 

Managing that kind of energy capacity will require a manufacturing ecosystem that can supply component parts for at least two dozen utility-scale wind farms.

Currently most of the major components and smaller pieces are manufactured overseas. That means the industry will have to invest big to establish and build out its supply chain, install equipment, and operate the wind facilities. 

offshore wind report north carolina

The report goes into incredible detail about all of the OSW components, the assembly process and the specific operating and infrastructure needs. You'll find everything you ever needed to know about turbines, blades, nacelles, monopiles and towers.

The really great news is that BVGA forecasts North Carolina manufacturers can address and supply equipment for the entire east coast market, not just for projects directly off the state’s coast. But the key to success is acting fast to secure contracts and help "anchor" companies and suppliers to North Carolina.

The North Carolina Office of Science, Technology, & Innovation, an operating unit of the Commerce Department, led the study project for the state and commissioned the report. The BVGA team included experts from Lloyds Register Energy AmericasTimmons Group, and North Carolina State University and its NC Clean Energy Technology Center.

The BVGA report is definitely not light reading. It clocks in at over 130 pages, with deep market analysis and an inventory of the businesses, organizations, and physical infrastructure best positioned to promote offshore wind (OSW) development in North Carolina.

RELATED READ: Offshore Wind: Economic Opportunities for Currituck County

It presents one of the most comprehensive and compelling cases for how and why offshore wind could be a game-changer for the state. 

In a press release, North Carolina Commerce Secretary Machelle Sanders said, “Wind energy means new jobs for North Carolinians. Just like biotechnology was for us many years ago, today clean energy represents an industry of the future and North Carolina always embraces the future.”

Northeast North Carolina is especially suited for the industry, considering that the Kitty Hawk Wind Energy Area (WEA), located 24 nautical miles from Corolla, is projected to be able to support 2,500 megawatts of electricity generation, which would be enough to power approximately 700,000 homes.

The NC Department of Commerce stated that "the publication of today’s report sends an important signal to OSW developers and original equipment manufacturers (OEMs) that North Carolina is committed to the industry, both as a location for wind energy projects as well as an ideal manufacturing location for projects along the entire eastern seaboard."




New call-to-action

Topics:North CarolinaManufacturingEconomic DevelopmentJobsOffshore Wind

Currituck County News 

Keep up with business news and events happening in Currituck County, North Carolina and the Hampton Roads region.