The process has not been exempt of setbacks, though (Pelamis, Oyster, etc.); fortunately, the knowledge gained through these failings has not been lost, and new concepts are under development with lessons learnt from the experiences of the industry taken into account in their design. The resurgence of activity, fundamental research and new innovation in the wave energy sector is apparent.
Wave Energy Scotland has stepped in to provide funding streams to develop innovation as well as focus on cross-cutting technology, such as power take-off and electrical systems, while the NREL in the USA recently ran a competition for low TRL wave energy solutions.
The main challenges in developing wave energy include resolving reliability and survivability at reasonable cost, with research currently focused on reducing costs while maintaining performance through innovative use of materials and design solutions.
There are also investigations taking place into other benefits of wave energy conversion; for instance, by extracting energy from the marine environment, wave farms can be part of a coastal defence scheme to mitigate coastal erosion. These dual wave farms, with the dual function of renewable energy generation and coastal protection, can be included into coastal management plans and strategies.