Reducing the Barriers to Wave Energy Harvesting: Review

Abstract

This study reviews the main barriers affecting wave energy harvesting globally by practitioners and developers and identified ways to circumnavigate the limitations experienced, in particular to Small Island Developing States (SIDS). Potential avenues for developers to exploit the available technology and allow them to evade barriers preventing advancement were identified. The results of the study indicated that combining wave energy technologies with other functional systems in society such as coastal protection and eco-tourism initiatives can lead to increased value proposition of projects and reduced costs. They primarily include the ministries and agencies of a government responsible for public health, infrastructural development, energy, trade, industrial development, tourism, education and agriculture in SIDS. Wave energy harvesting devices should be engineered as part of established industries and supply chain to incrementally advance technology development. When choosing an energy stream to be utilised, project developers, policymakers and stakeholders use the Levelised Cost of Energy (LCOE) as their critical metric. To determine the applicability of the system, the LCOE is compared to the societal benefits. The societal benefits can be quantified by combining the avoided costs with the economic benefits. Additionally, standards, regulations for ownership and maintenance and installation procedures should be developed for increased chance of technology development.