The US offshore wind project pipeline has enough capacity to meet President Joe Biden's target to have 30 GW of offshore wind energy powering the country by 2030, thanks in large part to ambitious plans by European energy companies seeking to capture lucrative tax credits enacted in 2022.

S&P Global Market Intelligence data shows a total project pipeline of 43,229 MW of planned wind farms off US shores this decade and beyond. The figures are based on project awards by US states as well as federal leasing records and announcements made by developers. Another two wind projects totaling 576 MW of capacity are planned in Canada, according to the data.

The offshore wind boom should be visible on the Eastern Seaboard by 2025, when developers will have installed nearly 2 GW of capacity. By 2026, there could be up to 11 GW of offshore wind farms powering the US, the data show. By decade's end, the US will have just over 30 GW installed offshore wind capacity, with an additional 13.2 GW of projects planned for the 2030s.

RELATED: Visualizing Europe's sprawling offshore wind pipeline

Most of the projects are in the early stages as regulators attempt to speed up approvals after four years of bureaucratic delays under the administration of former President Donald Trump. So far, the Bureau of Ocean Energy Management has opened 11 reviews of offshore wind projects. The agency, part of the US Interior Department, said it plans to review at least 16 construction and operations plans of commercial offshore wind projects totaling more than 27 GW by 2025.

European energy companies for years have been hungry to capture a slice of the untapped North American market and have brought with them the experience in constructing massive offshore wind farms in European waters that their peers in the US lack. Denmark's Ørsted A/S, the company with the largest installed capacity of offshore wind projects globally, leads the US market with over 7 GW of proposed capacity. Iberdrola SA of Spain has a pipeline of roughly 5.6 GW, while British energy giant Shell PLC has more than 3 GW of planned projects in the US, the data shows.

So far, the Biden administration has approved three offshore wind projects, most recently Ørsted A/S subsidiary Ørsted North America Inc.'s 1,100-MW Ocean Offshore Wind Farm off New Jersey's shores. Construction is underway on Iberdrola SA subsidiary Avangrid Inc.'s 800-MW Vineyard Offshore Wind Project on the coast of Massachusetts and Ørsted's 132-MW South Fork Offshore Wind Project in New York. The Vineyard Wind project, the first approved commercial-scale wind farm in the nation, is expected to start producing power before the end of 2023.

The majority of the projects are in the early stages. Of the total US and Canadian 43.2-GW project pipeline, roughly 13 GW has been announced, 17.8 GW is in early development, 11.4 GW is in advanced development and nearly 1 GW is under construction.

Market Intelligence considers a project to be under construction when building activity has begun; site preparation does not qualify. Projects in advanced development must meet two of five criteria: financing is in place; power purchase agreements are signed; equipment is secured; required permits are approved; or a contractor has signed on to the project. A project is in early development after permitting begins. An announced project must have a listing in an interconnection queue with an accompanying public announcement or permitting action.

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