A Review of Offshore Wind and Wave Installations in Some Areas with an Eye towards Generating Economic Benefits and Offering Commercial Inspiration

Abstract

Wind and wave energy have gained significant attention in recent years as high-quality renewable energy sources. Commercial applications of these technologies are still in their infancy and do not offer significant benefits to the general public due to their low economic efficiency. The main objective of this paper is to contribute to the commercialization of wind and wave energy. The first step toward achieving this goal is to review equation models related to the economic benefits of wind and wave energy. A case study approach is then used to examine several successful offshore wind and wave energy conversion devices. As a result of this examination, we identify limitations and difficulties in commercializing and developing wind and wave energy. Finally, we propose various measures to address these challenges, including technological innovation, policy support, and market regulation. Research and decision-makers interested in the promotion of renewable energy sources will gain valuable insights from this study, which will ultimately lead to the adoption of sustainable energy practices for the benefit of society and the environment.