Although state and federal policy has been supportive of the offshore wind industry in recent years, the U.S. currently lags the global market in terms of installed capacity. China and the U.K. lead the market with over 31,400 MW and 13,900 MW, respectively. Meanwhile, the U.S. only has two pilot projects in operation, with a total of 42 MW of capacity. However, key market indicators such as commercial leasing, state energy planning targets, procurement policies, offtake agreements, and federal support for U.S. jobs and supply chain development signal sustained growth in the near future. On the other hand, inflation and supply chain issues have created large hurdles for the first generation of projects, which may stunt the industry’s growth in the coming years.