Market Research Report
Global Underwater Turbines Market
PublishedSeptember 2026
UpdatedSeptember 2026
IndustryMachinery
PDF
Historical Range2020-2024
Regions Covered
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
$595M
2025 Market Size
$827M
2033 Forecast
4.8%
CAGR
200
Report Pages
Market Overview
The global underwater turbines market is gaining attention as countries and energy companies look for cleaner and more reliable ways to meet growing electricity demand. Underwater turbines generate electricity by capturing the natural movement of water, including tidal flows, ocean currents, and other marine water movements. This technology offers an opportunity to utilize the large energy potential of oceans and waterways while supporting the global shift toward renewable power generation. The market is being supported by the increasing need to reduce carbon emissions and lower dependence on conventional fossil-fuel-based electricity generation. Tidal and marine currents are particularly attractive because their movement is relatively predictable, allowing underwater turbines to provide a more consistent source of renewable power compared with some intermittent energy sources. This characteristic is increasing interest in underwater turbines as a potential complement to solar and wind energy.
Market Scope
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Global Underwater Turbines Market |
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Years Considered |
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Historical Period |
2020 - 2024 |
Market Size (2025) |
USD 595.3 Million |
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Base Year |
2025 |
Market Size (2033) |
USD 826.54 Million |
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Forecast Period |
2026 - 2033 |
CAGR (2026 – 2033) |
4.8% |
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Segments Covered |
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By Turbine Configuration |
· Horizontal-Axis Turbines · Vertical-Axis Turbines · Cross-Flow Turbines · Ducted & Enclosed-Rotor Turbines · Tethered or Kite-Based Turbine Systems |
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By Water Resource |
· Tidal Stream & Tidal Current · Ocean Current · River & In-Stream Hydrokinetic · Estuary & Channel Current |
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By Rated Turbine Capacity |
· Below 100 kW · 100–500 kW · 500 kW–1 MW · Above 1 MW |
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By Installation & Support Architecture |
· Seabed-Fixed Turbines · Gravity-Base Mounted Turbines · Floating Platform-Mounted Turbines · Tethered Subsea Turbines · Bridge, Pier & Existing-Infrastructure Mounted Systems |
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By Project & Customer Class |
· Utility-Scale Tidal Arrays · Commercial & Industrial Captive Power · Island & Remote Community Power · River & Community Hydrokinetic Projects · Pilot, Demonstration & Research Projects |
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Countries Catered |
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North America |
· United States · Canada · Mexico |
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Europe |
· United Kingdom · Germany · France · Spain · Italy · Rest of Europe |
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Asia Pacific |
· China · India · Japan · Australia · South Korea · Rest of Asia Pacific |
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Latin America |
· Brazil · Argentina · Rest of Latin America |
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Middle East & Africa |
· Saudi Arabia · South Africa · Rest of MEA |
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Key Companies |
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· Orbital Marine Power Ltd. · Proteus Marine Renewables · Nova Innovation Ltd. · HydroQuest SAS · Minesto AB · Verdant Power, Inc. · Magallanes Renovables S.L. · Tocardo B.V. · Sustainable Marine Energy Ltd. · SAE Renewables – MeyGen · SCHOTTEL Marine Technologies · ANDRITZ Hydro |
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Market Dynamics
DRIVERS
Impact
Level
Level
- Supportive government policies & decarbonization mandates High impact
- Predictability enhancing grid stability & energy security High impact
RESTRAINTS
Impact
Level
Level
- High initial costs & complex installation Medium impact
OPPORTUNITIES
Impact
Level
Level
- Floating platform technologies for deep-water deployment High impact
- Hybridization with storage & other renewables Medium impact
CHALLENGES
Impact
Level
Level
- Uncertain ecological impacts at scale Medium impact
Source: Secondary Research, Interviews with Experts, Foreclaro Analysis
Drivers
Countries aiming for carbon neutrality are implementing favorable policies, feed-in tariffs, and funding programs for marine energy. The EU Green Deal and UK Net Zero Strategy allocate significant resources to tidal and marine current projects, providing revenue certainty and accelerating commercial deployment. Unlike solar and wind, underwater currents are highly predictable, allowing grid operators to forecast generation with precision. This reliability makes underwater turbines attractive for baseload renewable power, complementing intermittent sources and reducing dependence on imported fossil fuels.
Restraints
Underwater turbines require expensive materials, specialized marine construction vessels, and complex subsea installation. Tidal energy generation costs range from €0.15 to €0.20 per kWh, significantly higher than onshore wind, limiting adoption without sustained subsidies.
Opportunities
Floating platforms enable installations in depths of 50–200 meters, unlocking access to stronger, more reliable deep-water currents. This expands the addressable resource base far beyond shallow nearshore sites and reduces visual and navigational conflicts with coastal activities. Integrating underwater turbines with energy storage systems and other renewable sources creates stable, dispatchable power solutions. Island nations and remote coastal regions with limited land availability are particularly well-suited for such hybrid deployments.
Challenges
The noise, vibration, and physical presence of turbines may disrupt marine mammal behavior and alter local ecosystems. While single installations show limited effects, deploying thousands of units could cause unpredictable, cascading environmental consequences that require extensive study.
Market Regional Analysis
The Global Underwater Turbines Market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Demand for underwater turbines varies across regions depending on the availability of suitable tidal and marine current resources, renewable energy policies, infrastructure development, investment in marine energy projects, grid connectivity, and technological capabilities. Europe holds a strong position in the market due to its favorable tidal resources, established marine energy research capabilities, supportive renewable energy policies, and ongoing development of tidal-stream projects. North America is also an important market, supported by growing interest in marine renewable energy, technological innovation, and investments in tidal and hydrokinetic power projects, particularly in coastal areas and remote communities.
Asia-Pacific is expected to emerge as a promising and rapidly developing market as countries increase investments in renewable energy, offshore infrastructure, and marine power technologies. Growing electricity demand, expanding coastal infrastructure, and the availability of significant marine and tidal resources across countries such as China, Japan, South Korea, Australia, and India are creating new opportunities for underwater turbine deployment. Latin America is gradually exploring marine and hydrokinetic energy solutions, particularly for remote and coastal communities where decentralized renewable power generation can improve energy access. The Middle East & Africa market is at an earlier stage of development but offers potential opportunities in coastal regions and island communities as governments increasingly focus on renewable energy diversification, energy security, and reducing dependence on conventional power generation.
Market Key Players
· Orbital Marine Power Ltd.
· Proteus Marine Renewables
· Nova Innovation Ltd.
· HydroQuest SAS
· Minesto AB
· Verdant Power, Inc.
· Magallanes Renovables S.L.
· Tocardo B.V.
· Sustainable Marine Energy Ltd.
· SAE Renewables – MeyGen
· SCHOTTEL Marine Technologies
· ANDRITZ Hydro
Recent Developments
In February 2026, Orbital Marine Power Orbital Marine Power announced that it had secured an additional UK Contract for Difference (CfD), increasing its UK CfD project portfolio to 17 MW. The company also highlighted power purchase agreements in Nova Scotia covering an additional six turbines, approximately 15 MW, bringing its combined UK and Canadian orderbook to 32 MW across 13 turbines.
In June 2025, Proteus Marine Renewables Proteus Marine Renewables announced that its 1.1 MW AR1100 tidal turbine had received certification from Japan's Ministry of Economy, Trade and Industry (METI).
Table of Contents
Chapter 1 — Introduction
1.1. Report Description
1.2. Key Market Segments
1.3. Regulatory Scenario
1.4. Executive Summary
Chapter 2 — Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Secondary Analyst Tools and Models
Chapter 3 — Market Dynamics
3.1. Market driver analysis
3.1.1. Growing global efforts to shift toward renewable energy are increasing interest in underwater turbines as an alternative source of clean electricity.
3.1.2. The predictable movement of tidal and marine currents makes underwater turbines attractive for regions seeking a more stable renewable power source.
3.2. Market restraint analysis
3.2.1. High upfront costs associated with turbine equipment, underwater installation, subsea cables, foundations, and supporting infrastructure can limit the development of large-scale projects.
3.2.2. Operating in seawater exposes turbines to corrosion, marine growth, strong currents, and other demanding conditions, which can increase maintenance needs and operating expenses.
3.3. Market Opportunity
3.3.1. Growing development of floating and tethered turbine technologies is creating opportunities to access deeper waters and locations that may be unsuitable for conventional seabed-mounted systems.
3.4. Market Challenges
3.4.1. High initial investment remains a major challenge for the underwater turbines market, as projects require specialized turbines, subsea foundations, underwater cables, installation vessels, and supporting electrical infrastructure.
Chapter 4 — Market Variables and Outlook
4.1. SWOT Analysis
4.1.1. Strengths
4.1.2. Weaknesses
4.1.3. Opportunities
4.1.4. Threats
4.2. PESTEL Analysis
4.2.1. Political Landscape
4.2.2. Economic Landscape
4.2.3. Social Landscape
4.2.4. Technological Landscape
4.2.5. Environmental Landscape
4.2.6. Legal Landscape
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of Substitute
4.3.4. Threat of New Entrant
4.3.5. Competitive Rivalry
4.4. Value Chain Analysis
Chapter 5 — Global Underwater Turbines Market: Turbine Configuration Est...
5.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
5.2. Incremental Growth Analysis and Infographic Presentation
5.3. Horizontal-Axis Turbines
5.4. Vertical-Axis Turbines
5.5. Cross-Flow Turbines
5.6. Ducted & Enclosed-Rotor Turbines
5.7. Tethered or Kite-Based Turbine Systems
Chapter 6 — Global Underwater Turbines Market: Water Resource Estimates...
6.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
6.2. Incremental Growth Analysis and Infographic Presentation
6.3. Tidal Stream & Tidal Current
6.4. Ocean Current
6.5. River & In-Stream Hydrokinetic
6.6. Estuary & Channel Current
Chapter 7 — Global Underwater Turbines Market: Rated Turbine Capacity Es...
7.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
7.2. Incremental Growth Analysis and Infographic Presentation
7.3. Below 100 kW
7.4. 100–500 kW
7.5. 500 kW–1 MW
7.6. Above 1 MW
Chapter 8 — Global Underwater Turbines Market: Installation & Support Ar...
8.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
8.2. Incremental Growth Analysis and Infographic Presentation
8.3. Seabed-Fixed Turbines
8.4. Gravity-Base Mounted Turbines
8.5. Floating Platform-Mounted Turbines
8.6. Tethered Subsea Turbines
8.7. Bridge, Pier & Existing-Infrastructure Mounted Systems
Chapter 9 — Global Underwater Turbines Market: Project & Customer Class...
9.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
9.2. Incremental Growth Analysis and Infographic Presentation
9.3. Utility-Scale Tidal Arrays
9.4. Commercial & Industrial Captive Power
9.5. Island & Remote Community Power
9.6. River & Community Hydrokinetic Projects
9.7. Pilot, Demonstration & Research Projects
Chapter 10 — Global Underwater Turbines Market: Regional Estimates & Tren...
10.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
10.2. Incremental Growth Analysis and Infographic Presentation
10.3. North America
10.4. Europe
10.5. Asia Pacific
10.6. Latin America
10.7. MEA
Chapter 11 — Global Underwater Turbines Market: Country Estimates & Trend...
11.1. Global Underwater Turbines Market value share and forecast, (2020 to 2033)
11.2. Incremental Growth Analysis and Infographic Presentation
11.3. United States
11.4. Canada
11.5. Mexico
11.6. United Kingdom
11.7. France
11.8. Germany
11.9. Italy
11.10. Spain
11.11. China
11.12. India
11.13. Japan
11.14. South Korea
11.15. Australia
11.16. Brazil
11.17. Argentina
11.18. Saudi Arabia
11.19. South Africa
Chapter 12 — Competitive Landscape
12.1. Company Market Share Analysis
12.2. Vendor Landscape
12.3. Competition Dashboard
Chapter 13 — Company Profiles
13.1. Orbital Marine Power Ltd.
13.1.1. Company Overview
13.1.2. Financial Details
13.1.3. Product Analysis
13.1.4. Recent Developments
13.2. Proteus Marine Renewables
13.2.1. Company Overview
13.2.2. Financial Details
13.2.3. Product Analysis
13.2.4. Recent Developments
13.3. Nova Innovation Ltd.
13.3.1. Company Overview
13.3.2. Financial Details
13.3.3. Product Analysis
13.3.4. Recent Developments
13.4. HydroQuest SAS
13.4.1. Company Overview
13.4.2. Financial Details
13.4.3. Product Analysis
13.4.4. Recent Developments
13.5. Minesto AB
13.5.1. Company Overview
13.5.2. Financial Details
13.5.3. Product Analysis
13.5.4. Recent Developments
13.6. Verdant Power, Inc.
13.6.1. Company Overview
13.6.2. Financial Details
13.6.3. Product Analysis
13.6.4. Recent Developments
13.7. Magallanes Renovables S.L.
13.7.1. Company Overview
13.7.2. Financial Details
13.7.3. Product Analysis
13.7.4. Recent Developments
13.8. Tocardo B.V.
13.8.1. Company Overview
13.8.2. Financial Details
13.8.3. Product Analysis
13.8.4. Recent Developments
13.9. Sustainable Marine Energy Ltd.
13.9.1. Company Overview
13.9.2. Financial Details
13.9.3. Product Analysis
13.9.4. Recent Developments
13.10. SAE Renewables – MeyGen
13.10.1. Company Overview
13.10.2. Financial Details
13.10.3. Product Analysis
13.10.4. Recent Developments
13.11. SCHOTTEL Marine Technologies
13.11.1. Company Overview
13.11.2. Financial Details
13.11.3. Product Analysis
13.11.4. Recent Developments
13.12. ANDRITZ Hydro
13.12.1. Company Overview
13.12.2. Financial Details
13.12.3. Product Analysis
13.12.4. Recent Developments
Market Segment Analysis
The Global Underwater Turbines Market is segmented by turbine configuration, water resource, rated turbine capacity, installation and support architecture, and project and customer class.
By turbine configuration, the market includes horizontal-axis turbines, vertical-axis turbines, cross-flow turbines, ducted and enclosed-rotor turbines, and tethered or kite-based turbine systems. Horizontal-axis turbines account for a significant share of the market as their design is well suited for capturing energy from strong and consistent tidal and marine currents and has benefited from continued technological development. Vertical-axis turbines are gaining attention because they can capture water flow from multiple directions and may offer advantages in certain site conditions. Cross-flow turbines are being explored for applications where flexible flow handling and compact designs are required. Ducted and enclosed-rotor turbines are attracting interest because their structures can help improve water flow through the rotor and enhance energy capture in selected applications. Meanwhile, tethered or kite-based turbine systems are emerging as an alternative approach that can operate in deeper or faster-moving waters while potentially reducing seabed infrastructure requirements.
By water resource, the market includes tidal stream and tidal current, ocean current, river and in-stream hydrokinetic, and estuary and channel current applications. Tidal stream and tidal current applications represent a major segment due to the predictable nature of tidal flows and growing investment in tidal energy projects. Ocean current systems are gaining interest as countries and energy developers explore the large untapped energy potential of continuously moving marine waters. River and in-stream hydrokinetic turbines are being considered for decentralized electricity generation in areas with suitable river flows, particularly for remote and community-based applications. Estuary and channel current systems are also attracting attention because naturally accelerated water flows in narrow channels and estuaries can provide favorable conditions for energy generation.
By rated turbine capacity, the market is categorized into below 100 kW, 100–500 kW, 500 kW–1 MW, and above 1 MW. Below 100 kW turbines are mainly suitable for small-scale, community, remote-area, and demonstration applications where electricity requirements are relatively limited. 100–500 kW systems are gaining adoption for commercial, community, and small-scale marine energy projects that require higher generation capacity. 500 kW–1 MW turbines are increasingly being developed for larger demonstration projects and commercial installations, offering a balance between power output and project scalability. Above 1 MW turbines are expected to gain importance in utility-scale tidal arrays and large marine energy projects as developers focus on increasing power generation while reducing the number of individual turbines required for a project.
By installation and support architecture, the market includes seabed-fixed turbines, gravity-base mounted turbines, floating platform-mounted turbines, tethered subsea turbines, and bridge, pier, and existing-infrastructure mounted systems. Seabed-fixed turbines represent an important segment because they provide stable positioning in areas with suitable seabed conditions and strong water currents. Gravity-base mounted turbines are gaining interest where drilling or extensive seabed anchoring may be difficult, as their weight provides stability during operation. Floating platform-mounted turbines are emerging as a flexible solution for deeper waters and locations where conventional fixed foundations may be less practical. Tethered subsea turbines offer potential advantages in terms of deployment flexibility and access to stronger water flows at different depths. Meanwhile, bridge, pier, and existing-infrastructure mounted systems can provide opportunities for smaller-scale projects by utilizing existing structures and potentially reducing installation and infrastructure costs.
By project and customer class, the market includes utility-scale tidal arrays, commercial and industrial captive power, island and remote community power, river and community hydrokinetic projects, and pilot, demonstration, and research projects. Utility-scale tidal arrays represent a major long-term opportunity as governments and energy companies seek to develop marine energy as part of larger renewable power portfolios. Commercial and industrial captive power applications are gaining attention among facilities located near suitable water resources that seek to generate electricity locally and reduce dependence on conventional grid power. Island and remote community power systems offer significant potential where access to reliable electricity is limited and marine resources can provide a locally available renewable energy source. River and community hydrokinetic projects are particularly relevant for smaller-scale decentralized generation in areas with suitable river conditions. Meanwhile, pilot, demonstration, and research projects remain important for testing new turbine technologies, improving performance, reducing operating costs, and supporting the transition of emerging underwater turbine systems toward wider commercial deployment.
Segmentation
- Turbine Configuration
- Water Resource
- Rated Turbine Capacity
- Installation & Support Architecture
- Project & Customer Class
- Regional
Published by
Foreclaro Global Research
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Turbine Configuration
Horizontal-Axis Turbines
Vertical-Axis Turbines
Cross-Flow Turbines
Ducted & Enclosed-Rotor Turbines
Tethered or Kite-Based Turbine Systems
Water Resource
Tidal Stream & Tidal Current
Ocean Current
River & In-Stream Hydrokinetic
Estuary & Channel Current
Rated Turbine Capacity
Below 100 kW
100–500 kW
500 kW–1 MW
Above 1 MW
Installation & Support Architecture
Seabed-Fixed Turbines
Gravity-Base Mounted Turbines
Floating Platform-Mounted Turbines
Tethered Subsea Turbines
Bridge, Pier & Existing-Infrastructure Mounted Systems
Project & Customer Class
Utility-Scale Tidal Arrays
Commercial & Industrial Captive Power
Island & Remote Community Power
River & Community Hydrokinetic Projects
Pilot, Demonstration & Research Projects
Regional
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Methodology
Review our research methodology and quality standards for details about source selection, validation, forecasting, and review.
Primary interviews may be conducted during report customization or final validation, depending on the agreed study scope.
At Foreclaro Global Research, our research methodology is built to deliver clear, data-backed intelligence that supports confident decision-making. By combining rigorous secondary research, primary validations, and advanced forecasting models, we produce insights that are not only reliable but also strategically relevant for our clients.
1. Defining the Research Framework
Every study begins with a clear understanding of our client’s goals. We establish the market scope, define critical variables, and build a research framework tailored to the specific project. This upfront clarity ensures that our findings are sharply aligned with the strategic questions being addressed.
2. Robust Data Collection
Our analysts extract high-integrity data from a broad mix of credible sources including government databases, annual reports, regulatory filings, trade publications, scientific journals, and trusted industry portals. This secondary research is then supported with targeted primary inputs through interviews with key industry stakeholders—such as executives, subject matter experts, and channel partners—to capture real-world insights and contextual depth.
3. Advanced Forecasting and Modeling
To estimate market size and growth, we employ a hybrid of top-down and bottom-up modeling techniques. Our analysts apply proven forecasting models using historical data trends, economic indicators, technology adoption rates, and demand patterns. Sensitivity analysis and scenario modeling (base, optimistic, conservative) are incorporated to account for market volatility and uncertainty.
4. Data Triangulation and Validation
Accuracy is non-negotiable. We cross-validate every data point by triangulating it across three dimensions: source credibility, numerical consistency, and contextual alignment. This ensures our insights are not just statistically correct but strategically dependable. Discrepancies are resolved using subject expertise and multi-perspective reviews to deliver a balanced, unbiased analysis.
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Support Questions
What is the current market size of the underwater turbines market?
The current market size of the underwater turbines market is estimated at USD 595.3 million for the year 2025.
What is the projected market size for underwater turbines by 2033?
What is the expected compound annual growth rate (CAGR) for the underwater turbines market from 2026 to 2033?
What are the main types of underwater turbine configurations in the market?
Which regions are leading the underwater turbines market?
What are the primary drivers for growth in the underwater turbines market?
What are significant challenges facing the underwater turbines market?
What are the different rated turbine capacity categories in the underwater turbines market?
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