Techno-economic assessment of global and regional wave energy resource potentials and profiles in hourly resolution

Abstract

Climate change is driving the adoption of sustainable energy, with low-cost solar photovoltaics and wind power at the forefront. However, land-constrained regions and islands have a limited onshore renewable energy potential. Wave power may prove useful for such regions, supported by growing literature in the field. This study delves into wave power's techno-economic potential, addressing a gap in previous assessments focused solely on theoretical or technical prospects. Utilising hourly wave data and a wave energy converter manufacturer's power matrix, global wave electricity yield is estimated. Considering projected costs, levelised cost of electricity is used to gauge economic viability. Although wave power is currently expensive, the results suggest that it could become cost-competitive with offshore wind power in the 2030s, with levelised cost of electricity below 70 €/MWh by 2035 in areas with good wave energy resources. Finally, the paper contributes openly accessible, hourly capacity factor data of global wave power generation, empowering further energy system modelling research. This study paves the way for informed decision-making on wave power's role in a diversified, sustainable energy future.