Marine Current Turbine Market to Reach USD 8.94 Billion by 2035, Driven by Renewable Energy Targets

The global marine current turbine market was valued at USD 2.43 billion in 2024 and is expected to grow from USD 2.78 billion in 2025 to USD 8.94 billion by 2035, registering a strong CAGR of 12.4% during the forecast period (2025-2035). Rising investments in renewable energy, increasing energy security concerns, and advancements in marine energy technologies are key factors driving market growth.

Market Overview

Marine current turbines harness predictable ocean and tidal currents to generate electricity, offering capacity factors of 40-50%, significantly higher than solar and comparable to offshore wind. With global estimates suggesting over 400 TWh of annual power generation potential from accessible tidal streams, marine current energy is emerging as a reliable and scalable clean energy source.

Growing commitments toward net-zero emissions, with more than 70 countries targeting carbon neutrality by 2050, are accelerating adoption. Coastal nations are increasingly prioritizing marine renewable energy as part of long-term energy diversification and sustainability strategies.

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Key Growth Drivers

The marine current turbine market is being driven by multiple converging factors supporting renewable energy transition. Government renewable energy mandates and carbon-neutrality targets are providing strong policy support and incentive frameworks for marine energy development. The high predictability and reliability of marine current power generation, with capacity factors of 40-50%, make tidal energy a dependable baseload renewable source compared to intermittent solar and wind. Technological advancements are continuously improving turbine efficiency while reducing installation and operational costs, making projects increasingly economically viable. Additionally, energy security initiatives aimed at reducing dependence on fossil fuel imports are motivating coastal nations to invest in domestic marine renewable resources. Countries such as the UK, France, and South Korea are making substantial investments in tidal energy, with South Korea's K-Tidal program targeting 8.2 GW capacity by 2030, representing one of the most aggressive marine energy initiatives globally.

Technology and Application Insights

Horizontal axis turbines dominate the market, accounting for 55-60% share, due to their high efficiency, proven reliability, and scalability for utility-scale projects. These turbines achieve 45-50% energy conversion efficiency and are widely deployed in commercial tidal projects such as Scotland's MeyGen project. By application, the utilities segment leads the market with 70-75% share in 2025, driven by renewable portfolio standards, feed-in tariffs, and large-scale grid integration requirements. Utility-scale tidal arrays producing 10-100 MW are becoming increasingly common in regions with strong tidal resources.

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Regional Outlook

Asia-Pacific is the fastest-growing region, registering a 14.8% CAGR, supported by government funding and extensive coastlines. South Korea leads globally with 17.2% CAGR, backed by strong policy support and infrastructure investment. Europe, led by the UK and France, continues to dominate deployments due to favorable regulations and established marine energy ecosystems.

Competitive Landscape

The marine current turbine market is moderately consolidated, with the top five players holding 35-45% market share. Leading companies such as Simec Atlantis Energy, Nova Innovation, Orbital Marine Power, Verdant Power, and Ocean Renewable Power Company are focusing on technology innovation, strategic partnerships, and large-scale commercial deployments.

Recent developments include the expansion of the MeyGen tidal project in the UK and funding rounds supporting next-generation floating turbine systems, reflecting rising investor confidence in marine energy commercialization.

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Outlook

With continued innovation in AI-driven monitoring, digital twin technology, and floating turbine platforms, marine current turbines are expected to play a critical role in the future global renewable energy mix. Supportive government policies, improving economics, and predictable energy output position the market for sustained growth through 2035.

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