Marine Current Turbine Market Size, Growth & Forecast to 2035
Meticulous Research®—a leading global market research company, published a research report titled Marine Current Turbine Market Size, Share, Forecast & Trends by Technology (Horizontal Axis, Vertical Axis, Oscillating Hydrofoil), Application (Utilities, Commercial, Industrial), and End-Use Industry - Global Forecast to 2035
According to this latest publication from Meticulous Research®, The marine current turbine market was worth USD 2.43 billion in 2024. The market is estimated to be valued at USD 2.78 billion in 2025 and is projected to reach USD 8.94 billion by 2035, at a CAGR of 12.4% from 2025 to 2035.
The Ocean's Hidden Power: How Underwater Turbines Are Quietly Revolutionizing Clean Energy
While solar panels and wind farms grab headlines, something fascinating is happening beneath the waves. Marine current turbines—essentially underwater windmills—are turning ocean currents into electricity, and this technology is finally hitting its stride.
Why We're Suddenly Paying Attention
Here's what makes ocean energy special: it's incredibly reliable. Solar panels go dark at night. Wind turbines sit idle on calm days. But ocean currents? They just keep flowing, day and night, with rhythm you can set your watch to. That consistency means these underwater turbines can generate power 40-50% of the time, which puts them neck-and-neck with offshore wind and way ahead of solar.
Think about it this way: the world's accessible tidal streams could generate 400 terawatt-hours of electricity every year. That's enough to power tens of millions of homes. Now that more than 70 countries have committed to hitting net-zero emissions by 2050, coastal nations are finally waking up to what's been flowing past their shores all along.
Show Me the Money
Countries are starting to place serious bets on this technology. The UK has earmarked £20 million just for tidal projects. France is going bigger with €2.5 billion for marine energy. But South Korea is really going for it—they want to install enough capacity to power millions of homes by 2030.
And it's working. Take Scotland's MeyGen project. Their turbines are already churning out electricity with 98% uptime, which is the kind of reliability that makes energy executives smile. When something works 98 out of 100 days, you've got a real business.
The Tech Is Growing Up Fast
The engineering behind these turbines has come a long way. New blade designs are squeezing more power out of every current. Better yet, manufacturers have figured out how to ditch the gearboxes that used to break down constantly. Throw in some artificial intelligence to predict when maintenance is needed, and you've cut operating costs by nearly a third.
Right now, horizontal axis turbines—the ones that look like underwater wind turbines—run the show with about 60% of the market. They've benefited from decades of wind energy development, so the technology is proven. You can build them small for powering a remote island community or massive for feeding into the main power grid.
The newest innovation? Floating platforms that let you install turbines in deeper water where the currents are stronger. It's like unlocking a whole new level of ocean real estate.
Who's Actually Using These Things?
Power companies love them. About three-quarters of all marine turbines get installed by utilities trying to meet renewable energy targets. The financial incentives help—the UK guarantees around £178 per megawatt-hour for tidal electricity, while France pays even more.
These aren't small-scale experiments anymore. Some projects are planning arrays that'll generate as much power as a small conventional power plant.
The Global Picture
This market is expected to grow about 12% every year through 2035. South Korea is leading the pack with nearly 17% annual growth, thanks to government backing and excellent tidal conditions. The UK isn't far behind at almost 16%, capitalizing on some of the world's best tidal resources around Scotland.
France, China, Canada, Japan, and the US are all in the game too. Each brings something different to the table—Canada has the famously powerful Bay of Fundy, Japan needs energy solutions for its islands, and China has manufacturing muscle.
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