Abstract
Ocean waves are a huge, untapped source with a higher energy density than solar and wind energy. Over the years, numerous designs for ocean wave energy converter systems (OWECS) have been proposed. This paper provides a comprehensive review and assessment of currently available OWECS using technology readiness levels (TRLs) scale developed by the US Department of Energy. TRLs are used by numerous industries to assess technical maturity and functional readiness of new technologies. The study finds that there are 20 OWECS which are at various stages of technological development. Out of these, 14, five and two OWECS are intended for deployment at near-shore, off-shore and on-shore locations, respectively. The study shows that OWECS technology is diverse and relatively immature compared to solar and wind energy technology. Finally, the study reveals a lack of convergence towards a single OWECS that is capable of energy extraction from on-shore, near-shore and off-shore locations.