Abstract

Creating a Techno-Economic Tool to Add Structure to the Wave Energy Innovation Process

Author(s): Anne Ellis

Initiatives now underway to develop wave energy assumes that existing designs can succeed via constant learning and cost-based improvement. However, It's possible that this isn't the case and that promising innovations have been passed over. The situation creative tool given in this study offers an organised approach for the first design phases in the growth of technology. The scenario development tool's primary purpose is to produce and rank the user on the locations by providing scenarios of probable Wave Energy Converter (WEC) characteristics that are most likely to lead to commercial success in the parameter space. This technologically based gadget employs a structured innovation method with a scoring system based on the cost and performance of each scenario to find commercially appealing and technically feasible possibilities. To do this, thresholds are defined by using performance and cost data from cuttingedge wave energy converters while also establishing theoretical upper bounds. In the conclusion, a list of scored options is produced based on the resource level, form, size, material, degree of freedom for power extraction, and efficiency of the wave energy converter hull. This scenario-creation tool can help technology developers and academics find new opportunities for innovation as well as private and public investors to advise a strategy for future funding requests.