The present scenario of energy market is highly volatile due to large oscillation in the fossil fuel prices. During these periods, the high energy demand for the industries is being partially met through non-conventional energy sources such as wind and solar power. The large untapped energy potential in the Ocean is yet to be exploited due to many technological constraints. The recent decades have shown positive developments worldwide towards the ocean wave energy converters. In the present study, an improved wave energy potential estimate has been made. Based on various parameters such as physical site characteristics, environmental conditions and socio-economic regional state, the selection criteria have been suggested. This would form the basis for energy device selection for the decision makers.