Press release
Marine Current Turbine Market to Reach $8.94 Billion by 2035
The global marine current turbine market is experiencing substantial growth as countries expand renewable energy portfolios beyond traditional wind and solar sources. Valued at USD 2.43 billion in 2024, the market is estimated to reach USD 2.78 billion in 2025 and projected to grow at a compound annual growth rate of 12.4% from 2025 to 2035, reaching USD 8.94 billion by 2035.
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Marine current turbines are gaining traction thanks to predictable and consistent power generation capabilities. With capacity factors of 40 to 50%, they outperform solar energy and match offshore wind performance. Global assessments indicate that accessible tidal streams alone could generate approximately 400 TWh of electricity annually, underscoring substantial long-term potential.
Marine Current Turbine Market - Key Highlights
Horizontal axis turbines command 55 to 60% of market share, while oscillating hydrofoil systems emerge as the fastest-growing technology with 16.2% CAGR. Utilities dominate applications with 70 to 75% share, while grid-scale power generation represents 65 to 70% of end-use demand. Asia-Pacific is positioned for fastest expansion at 14.8% CAGR, with South Korea leading global growth at 17.2%. The top five players account for 35 to 45% of global revenue.
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Market Growth Supported by Renewable Energy Policies and Energy Security Goals
The market is expanding rapidly as more than 70 countries pursue carbon-neutral targets by 2050, prompting coastal nations to invest heavily in marine renewable energy. Several national initiatives are accelerating deployment across key markets.
The United Kingdom has allocated over £20 million for tidal stream projects, while France committed €2.5 billion to marine renewable energy development. South Korea's K-Tidal Program targets 8.2 GW of tidal energy capacity by 2030, demonstrating the scale of government commitment.
Carbon pricing mechanisms further improve market economics. The EU Emissions Trading System, with carbon prices ranging from €80 to 100 per tonne of CO2, is making marine energy increasingly competitive with fossil fuel-based generation.
Technological Advancements Enhance Efficiency and Reduce Costs
Technological innovation drives market growth. Advanced blade designs utilizing computational fluid dynamics achieve energy conversion efficiencies of 45 to 50%, while modular turbine architectures simplify installation and maintenance.
Digital technologies are reshaping operations. AI-enabled predictive maintenance, digital twin modeling, and IoT-based condition monitoring reduce operational costs by 20 to 30% while improving turbine availability. Floating platform systems expand deployment opportunities into deeper waters, enabling access to stronger marine currents while minimizing environmental and visual impact.
Horizontal Axis Turbines Dominate Technology Segment
Horizontal axis turbines account for 55 to 60% of market share, supported by proven reliability, high efficiency, and scalability. Drawing on decades of wind turbine engineering expertise, these systems achieve blade tip speed ratios of 4 to 6 and operate effectively in current speeds of 2 to 4 meters per second.
Scotland's MeyGen tidal project demonstrates commercial viability, where 1.5 MW turbines generate over 21 GWh annually. Ongoing innovations including variable pitch blades, direct-drive generators, and corrosion-resistant materials continue reinforcing market leadership.
Utilities Segment Leads Applications with 70-75% Share
The utilities segment dominates the market, representing 70 to 75% of total demand. Utility-scale projects typically deploy multi-turbine arrays with capacities ranging from 10 MW to over 100 MW to satisfy renewable portfolio standards.
Government incentives play a crucial role. The UK's Contracts for Difference scheme guarantees prices of £178 per MWh for tidal stream energy, while France offers tariffs of approximately €240 per MWh. Utilities demand high system availability, extended operational lifespans, and robust grid integration, driving demand for industrial-grade turbine solutions and advanced subsea transmission systems.
Regional Outlook: Asia-Pacific Emerges as Fastest-Growing Market
Asia-Pacific is expected to record the fastest growth, with a projected CAGR of 14.8% through 2035. South Korea leads global expansion at 17.2% CAGR, supported by substantial government funding, advanced shipbuilding capabilities, and strategic tidal sites such as Uldolmok Strait.
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Other notable regional trends include the United Kingdom achieving 15.8% CAGR driven by established tidal resources and supportive policy frameworks, France recording 14.6% CAGR backed by large-scale marine energy investments, and China posting 13.9% CAGR supported by coastal industrialization and renewable energy diversification. Canada and Japan continue demonstrating steady growth driven by energy security priorities and clean energy initiatives.
Competitive Landscape
The market features a dynamic mix of technology developers, project operators, and vertically integrated renewable energy companies. Key players focus on improving turbine efficiency, reliability, and cost competitiveness while expanding global deployment through strategic partnerships.
Leading companies include Simec Atlantis Energy, Nova Innovation, Orbital Marine Power, Verdant Power, Ocean Renewable Power Company, Sabella, Tocardo, and Minesto. Market strategies increasingly emphasize standardized turbine platforms, service-based business models, and comprehensive operations and maintenance agreements to reduce customer risk.
Recent Developments
Simec Atlantis Energy completed Phase 1C of the MeyGen project in Q1 2025, increasing installed capacity to 8.5 MW while achieving 98.5% system availability. In 2025, Orbital Marine Power secured €15 million in Series B funding to accelerate deployment of its 2 MW O2 turbine and develop next-generation 3 MW floating systems.
Marine Current Turbine Market Report Highlights
The comprehensive analysis shows the market valued at USD 2.78 billion in 2025, with projections reaching USD 8.94 billion by 2035 at 12.4% CAGR. Key technologies include horizontal axis, vertical axis, and oscillating hydrofoil systems, with applications spanning utilities, commercial operations, industrial facilities, and remote communities. Regional coverage encompasses North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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