In 2022, increased legislation focused on renewable energy has led to a growth in the wind sector. Based on the United States Department of Energy’s 2023 wind market reports1, wind power continues to be one of the fastest growing renewable energy sources in the United States.
Overall, based on the data collected in 2023 it is evident that the wind sector has begun to see growth at an accelerated rate.
As the transition to wind energy continues to increase there have been a myriad of challenges within the United States renewable energy marketplace. Economically, there is a backlog of production and price differentiation as wind turbine manufacturers are unable fulfill orders that were placed two years ago. Additionally, utilities are facing increased competition from oil and gas companies who have outbid them in wind auctions. Although these obstacles impact the creation of wind turbines, a new MIT study2 found that the health benefits associated with wind power are an impactful reason to continue the development of offshore wind technologies at an accelerated rate.
In 2023, based on data collected, there is great need for innovation in the wind sector. Given the ever-changing nature of the wind industry, businesses who provide the logistics to create this technology will see growth. Additionally, there will be a need for experts who can maintain and fix wind turbines. States such as New York continue to fill these gaps and lead offshore development. Currently, New York is on pace to meet its goals set in the CLCPA3 and provide 9,000 megawatts of offshore wind energy by 2025.