Floating Tidal Power Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Tidal Energy Converters (Horizontal Axis Turbine, Vertical Axis Turbine, and Other Tidal Energy Converters), By Region, By Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 454.57 Million
CAGR (2026-2031)	9.01%
Fastest Growing Segment	Horizontal Axis Turbine
Largest Market	Europe
Market Size (2031)	USD 762.78 Million

Market Overview

The Global Floating Tidal Power Market will grow from USD 454.57 Million in 2025 to USD 762.78 Million by 2031 at a 9.01% CAGR. Floating tidal power utilizes turbines mounted on buoyant structures, such as barges or semi-submersibles, which are anchored to the seabed to extract kinetic energy from tidal currents. This technology enables energy generation in deep-water environments where fixed-bottom foundations are impractical, providing a crucial advantage for accessing high-velocity marine resources. The market is primarily propelled by the global transition toward decarbonization and the distinct benefit of tidal predictability, which offers a stable baseload unlike intermittent wind or solar energy. According to Ocean Energy Europe, in 2024, cumulative electricity production from ocean energy in Europe reached 106 GWh, confirming the operational reliability of tidal stream technologies. This demonstrated performance is fostering increased institutional confidence and driving strategic integration into renewable energy portfolios.

Despite these advancements, the industry encounters a significant impediment regarding the high Levelized Cost of Energy (LCOE) relative to mature renewable sources. Engineering floating platforms capable of withstanding extreme marine forces necessitates substantial upfront capital and expensive maintenance operations. Consequently, the sector faces difficulties in securing private financing without sustained government revenue support, as the technology requires further scaling to achieve cost competitiveness and mitigate the financial risks associated with deployment in harsh offshore environments.

Key Market Drivers

Supportive government policies and renewable energy subsidies serve as the primary catalyst for the Global Floating Tidal Power Market, directly addressing the barrier of high initial capital expenditures. Revenue support mechanisms, such as ring-fenced Contracts for Difference (CfD) and Feed-in Tariffs, provide the long-term price certainty required to de-risk projects and attract private investment into utility-scale deployments. This financial stability is essential for developers to move beyond prototype stages and secure the necessary supply chain commitments. According to the Marine Energy Council, in September 2024, the United Kingdom’s Allocation Round 6 successfully awarded contracts for 28 MW of new tidal stream capacity, confirming the effectiveness of ring-fenced budget allocations in stimulating market activity.

Advancements in floating turbine and mooring technologies are simultaneously driving market expansion by significantly reducing the Levelized Cost of Energy (LCOE) through modularity and simplified maintenance. Innovations such as tow-to-port maintenance strategies eliminate the need for expensive heavy-lift vessels, while scalable floating platforms allow for rapid deployment in deep-water sites with high energy density. This technical maturation is fostering industrial growth and robust project pipelines globally. According to Ocean Energy Europe, in 2025, the sector reported a confirmed pipeline of 165 MW of publicly funded projects scheduled for deployment over the next five years. Furthermore, reflecting continued investor confidence in these technological improvements, according to TechFundingNews, in December 2025, Orbital Marine Power secured a £7 million investment to manufacture six additional floating turbines for its commercial expansion.

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Key Market Challenges

The primary obstacle impeding the growth of the Global Floating Tidal Power Market is the high Levelized Cost of Energy (LCOE) relative to established renewable technologies. Developing and deploying floating platforms requires immense upfront capital, while the harsh marine environment necessitates costly maintenance operations that drive up operating expenses. This financial burden makes the technology less attractive to private investors, who typically favor lower-risk options with proven returns like wind and solar. Consequently, the sector remains heavily reliant on government subsidies to bridge the viability gap, restricting commercial expansion effectively to regions with strong legislative support mechanisms.

This cost disparity is illustrated by recent industry data. According to the Marine Energy Council, in 2024, tidal stream projects in the United Kingdom secured contracts at a strike price of approximately £172 per megawatt-hour. This price point remains significantly above current market rates for mature offshore wind, highlighting the steep economic challenge. Without a drastic reduction in these costs through scaling, the industry struggles to attract the sustained independent private capital necessary to transition from government-funded pilots to widespread commercial adoption.

Key Market Trends

The Integration with Green Hydrogen Production Facilities is transforming the Global Floating Tidal Power Market by offering a viable solution to grid congestion and energy storage challenges. By coupling floating tidal platforms with electrolyzers, developers can convert excess kinetic energy into a storable fuel, bypassing immediate grid export limitations and creating new revenue streams for decarbonizing heavy industries. This synergy is proving technically feasible in real-world environments, validating the capability of tidal streams to power continuous industrial processes. According to International Boat Industry, December 2025, the European Marine Energy Centre (EMEC) successfully completed a world-first test combining tidal power, battery storage, and green hydrogen production, effectively smoothing out cyclic generation to prevent system shut-downs.

Simultaneously, the Emergence of Hybrid Floating Wind-Tidal Platforms is gaining traction as developers seek to optimize marine space and significantly reduce infrastructure costs. These hybrid systems utilize shared mooring lines and subsea cabling to co-locate generation assets, thereby increasing energy yield per unit of sea area and mitigating the intermittency of wind with predictable tidal cycles. This approach is advancing from conceptual designs to execution, aiming to deliver a more stable baseload profile to utility grids. According to Observer News Online, December 2025, Orbital Marine Power is spearheading the EURO-TIDES project, which targets the development of a 9.6 MW array integrating floating tidal turbines with wind generation to demonstrate commercially viable hybrid operation.

Segmental Insights

The Horizontal Axis Turbine segment represents the fastest-growing category in the Global Floating Tidal Power Market, primarily due to its technological maturity and structural alignment with the wind energy sector. By adapting proven rotor designs for underwater environments, developers benefit from established supply chains and reduced engineering risks. These turbines offer higher energy conversion efficiency and scalability than vertical axis alternatives, making them highly attractive for utility-scale deployments. Furthermore, their compatibility with modular floating platforms facilitates easier maintenance and installation in varying water depths, solidifying their status as the preferred technology for expanding tidal stream capacity.

Regional Insights

Europe maintains a commanding position in the global floating tidal power market, driven by robust regulatory frameworks and substantial public investment. The region benefits significantly from initiatives led by the European Commission, such as the Innovation Fund, which provide essential capital for pre-commercial demonstration projects. Additionally, the availability of world-class testing infrastructure, exemplified by the European Marine Energy Centre, allows companies to validate technology performance in real-sea conditions. This cohesive ecosystem of funding and technical support accelerates development and cements Europe’s status as the primary hub for tidal energy expansion.

Recent Developments

• In November 2024, Orbital Marine Power announced that the EURO-TIDES project was moving forward to establish a 9.6 MW pilot tidal array in Orkney, Scotland. Supported by the European Union's Horizon Europe programme, the initiative focuses on accelerating the commercial deployment of the company's floating tidal stream technology. The project involves the manufacturing and installation of four operational turbines at the European Marine Energy Centre. The consortium aims to reduce the levelized cost of energy and demonstrate manufacturing solutions compatible with series production to boost the industrialization of the global floating tidal market.
• In October 2024, ORPC Ireland successfully deployed and commenced testing of a next-generation marine hydrokinetic turbine at the Strangford Lough Tidal Test Site in Northern Ireland. This event marked the company's first generation of electricity from one of its turbines outside of North America. The project, part of the X-Flow initiative, utilizes the same patented cross-flow technology found in the company's commercial floating power systems to harness tidal currents. The deployment aims to collect vital performance data in a real-world environment to validate numerical models and assess the impact of turbulent flow conditions on blade loading and control strategies.
• In March 2024, Magallanes Renovables announced that it would construct the world's first floating tidal energy park off the coast of Wales, United Kingdom. The company secured the necessary support from the UK government to proceed with the project, which involves deploying its proprietary floating platform technology. This development followed the successful award of a long-term contract under the UK's renewable energy auction scheme, ensuring a fixed price for the electricity generated. The project aims to utilize the company's ATIR platform, which has undergone extensive testing, to deliver predictable clean power to the local grid. The Chief Executive Officer of the company stated that this initiative represents a significant step toward the commercial industrialization of floating tidal energy.
• In March 2024, Orbital Marine Power was confirmed as the technology partner for a proposed tidal energy project in Washington State, United States. The collaboration with the Orcas Power & Light Cooperative involves the planned deployment of the company's O2 floating tidal turbine in the Rosario Strait to provide a local renewable power supply. This milestone followed the selection of the initiative by the U.S. Department of Energy to receive $6 million in funding for the development of a research and demonstration pilot site. The Chief Executive Officer of Orbital Marine Power noted that the partnership underscores the growing global demand for pioneering floating tidal stream technology.

Key Market Players

• Andritz AG
• Nova Innovation Ltd
• Orbital Marine Power Ltd
• MAKO Turbines Pty Ltd
• SIMEC Atlantis Energy Ltd
• Hydroquest SAS
• Sustainable Marine Energy Ltd
• Lockheed Martin Corporation

By Region

North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Floating Tidal Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Floating Tidal Power Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE