Underwater Turbine Market is Expected to grow at a robust CAGR of 4.96% through 2030F
Underwater Turbine Market is increasing due to the growing
demand for sustainable energy and the untapped potential of tidal and ocean
currents during the forecast period 2026-2030F.
According to TechSci Research report, “Underwater Turbine Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2020-2030F”, TThe Global Underwater Turbine Market was valued at USD 598.76 million in 2024 and is expected to reach USD 807.77 million by 2030 with a CAGR of 4.96% during the forecast period.
The emphasis on environmental sustainability and
minimal ecological disruption is a major driver for the Underwater Turbine
Market, as these systems offer a cleaner alternative to fossil fuels and
traditional hydropower. Unlike dams, underwater turbines do not require
large-scale river diversions, preserving aquatic ecosystems and reducing
impacts on fish populations. Their submerged design minimizes visual pollution
and land use, making them suitable for environmentally sensitive areas.
Advanced materials and coatings reduce biofouling, further lowering
maintenance-related environmental disturbances.
These turbines produce no greenhouse gas emissions
during operation, supporting global efforts to achieve net-zero targets.
Additionally, they can be integrated with artificial reef structures, promoting
marine biodiversity. Coastal nations, facing pressure to balance energy
development with environmental protection, view underwater turbines as a
sustainable solution. Their ability to harness predictable tidal and current
energy ensures reliable power without the carbon footprint of fossil fuels,
aligning with international climate commitments. As public and regulatory focus
on sustainability intensifies, underwater turbines are increasingly favoured
for their low-impact, high-efficiency energy generation, driving market
expansion.
In 2022, underwater turbines globally reduced carbon
emissions by 100,000 tons, equivalent to removing 20,000 cars from the road,
per the International Energy Agency. Europe’s tidal projects, with 60 megawatts
of capacity, generated 120 gigawatt-hours, powering 30,000 homes with zero
emissions. In Scotland, the MeyGen project’s four turbines saved 8,000 tons of
CO2 annually, while artificial reef integration increased local marine biomass
by 15%, supporting biodiversity.
Despite the consistent and predictable nature of tidal
and ocean current energy sources, integrating electricity generated from
underwater turbines into existing grid infrastructure presents considerable
logistical and technical challenges. Unlike onshore renewable energy sources
that benefit from close proximity to transmission networks, underwater turbine
projects are often located in remote marine regions or coastal zones with
underdeveloped grid connectivity.
This geographical isolation necessitates the
deployment of robust subsea cabling and transformers, capable of withstanding
harsh underwater environments while efficiently transmitting electricity over
long distances. The installation and maintenance of such subsea transmission
systems are not only capital-intensive but also technologically complex, often
requiring specialized vessels, deep-sea diving operations, and redundant power
conversion systems to minimize transmission losses.
Additionally, underwater energy systems must adhere to
strict maritime safety, insulation, and grounding standards, which can vary
significantly across countries and jurisdictions. Moreover, tidal energy
generation is subject to cyclical fluctuations aligned with lunar phases and
ocean current speeds, which, although predictable, may not align seamlessly
with peak electricity demand times. This intermittent production pattern poses
further challenges for grid balancing and dispatch reliability, necessitating
investments in grid-scale energy storage solutions or hybrid integration with
other renewable sources.
From a policy and infrastructure development
perspective, grid readiness remains a significant bottleneck in realizing the
full potential of underwater turbines. Without coordinated efforts to modernize
and extend grid infrastructure in coastal and marine-adjacent regions, the
integration of underwater energy into the national or regional power mix will
remain suboptimal.
This disconnect between offshore energy generation and
onshore electricity consumption centers continues to restrict the scalability
of the underwater turbine market. In conclusion, inadequate grid connectivity,
high transmission costs, and synchronization challenges collectively constitute
a critical barrier that must be addressed to facilitate broader adoption of
underwater turbine technologies worldwide.
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Based on End-User, the utility segment
emerged as the dominant segment in the global underwater turbine market by
end-user and is expected to maintain its dominance during the forecast period.
This leadership can be attributed to the large-scale energy demands that utility
companies cater to, which align well with the capacity and scale offered by
underwater turbine installations. Utilities have increasingly focused on
diversifying their renewable energy portfolios to meet stringent emission
reduction targets and national decarbonization goals. Underwater turbines offer
a reliable and predictable source of energy due to consistent tidal and ocean
current patterns, making them particularly attractive for utilities aiming to
stabilize grid supply and reduce dependence on fossil fuels.
Furthermore, many government-backed
incentive schemes and favorable regulatory frameworks are specifically designed
to support utility-scale renewable energy projects, including those involving
underwater turbines. Utilities are also better positioned financially and
logistically to invest in the development, deployment, and maintenance of these
advanced technologies, which require significant capital expenditure and
technical expertise. In addition, several demonstration and pilot projects,
especially in regions such as the United Kingdom, Canada, and parts of Asia
Pacific, have shown the technical feasibility and commercial viability of
utility-scale underwater turbine deployments, prompting further investments.
These projects often receive strong
government backing and public-private partnerships, ensuring long-term
operational and financial sustainability. Moreover, utilities play a crucial
role in integrating tidal power into national energy grids, which requires
advanced grid infrastructure, robust energy storage solutions, and strategic
planning—capabilities more common within the utility segment compared to
commercial or industrial users. As countries continue to push for net-zero
energy targets and enhance the share of clean energy in their mix, utilities
are expected to remain the primary drivers of underwater turbine adoption,
ensuring their continued dominance in this segment throughout the forecast
period.
North America is recognized as the
fastest growing region in the global underwater turbine market, driven by a
combination of supportive regulatory policies, robust investment in renewable
energy infrastructure, and active participation from both public and private
sectors. Countries such as the United States and Canada have made significant
strides in adopting tidal and ocean current technologies as part of their
broader strategies to reduce carbon emissions and enhance energy security. In
the United States, various federal initiatives, including funding from the U.S.
Department of Energy, have accelerated research, demonstration, and
commercialization of underwater turbine technologies.
These initiatives are often aligned with
national goals for clean energy transition and involve collaborations with
universities, energy agencies, and marine engineering firms. Similarly, Canada,
particularly through provinces such as Nova Scotia, has emerged as a leader in
marine renewable energy with projects in the Bay of Fundy—an area known for its
high tidal range and strong marine currents—receiving global attention. Both
countries offer favorable regulatory frameworks, including feed-in tariffs, tax
incentives, and grant programs to facilitate the deployment of tidal and ocean
current turbines.
The presence of advanced marine
engineering capabilities established grid infrastructure, and access to
suitable water bodies with high kinetic energy potential further contribute to
the region's attractiveness. Moreover, North America is home to several key
industry players and start-ups that are actively investing in pilot-scale and
commercial-scale underwater turbine projects. This competitive landscape
fosters innovation and accelerates the timeline from research to market entry.
Additionally, growing awareness among policymakers and energy companies about the
environmental benefits of predictable marine energy is increasing the pace of
project approvals and funding disbursements. With ongoing strategic
partnerships, large-scale demonstration projects, and increasing investor
interest, North America is well-positioned to continue its leadership as the
fastest growing region in the underwater turbine market throughout the forecast
period.Top of Form
Key market players in the Global Underwater
Turbine Market are: -
- Verdant Power, Inc.
- Ocean Renewable Power Company (ORPC)
- SIMEC Atlantis Energy Ltd
- Voith Hydro GmbH & Co. KG
- Andritz Hydro GmbH
- Tocardo International BV
- Nova Innovation Ltd.
- Sabella SAS
- Minesto AB
- HydroQuest
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“The underwater turbine market is
expected to grow significantly in the future due to increasing demand for clean
and reliable renewable energy sources. Advancements in turbine technology,
supportive government policies, and growing investments in marine energy
infrastructure are accelerating market expansion. Predictable tidal and ocean
currents offer consistent power generation, making underwater turbines a viable
alternative to traditional energy sources. Additionally, environmental concerns
and international commitments to reduce carbon emissions are driving adoption.
Emerging markets and coastal nations are also exploring underwater turbine
projects, further boosting global deployment. Collectively, these factors will
contribute to sustained growth in the coming years.” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based Global management
consulting firm.
“Underwater Turbine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Horizontal Axis Turbine, Vertical Axis Turbine), By Capacity (Less than 100 Kilowatt, 100–500 Kilowatt, Above 500 Kilowatt), By End-User (Commercial, Industrial, Utility), By Region & Competition 2020-2030F”, has evaluated the future
growth potential of Global Underwater Turbine Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Underwater Turbine Market.
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