This report presents an overview of some of the main developments in wave energy since the DTI’s earlier review in 1992. It concentrates on devices for which new data have been produced since the earlier review. However, the limited time and effort available for this review precluded independent verification of some of these data. The DTI’s earlier review of wave energy found that the optimistic expectations for the original wave energy devices were unfounded. Nevertheless, the same review methodology now indicates that wave energy could become a useful source of energy. The first commercial OWC schemes are expected to be deployed in the next few years, along with demonstration schemes for other technologies. However, the more promising offshore devices are still at the assessment stage.