Renewable energy policies and initiatives: Governments around the world are promoting the use of renewable energy sources, including wave energy, to reduce dependence on fossil fuels and lower carbon emissions. This has led to increased investment in the development and deployment of WECs.

Technological advancements: Advances in materials science, control systems, and power electronics have improved the efficiency and reliability of WECs, making them more cost-effective and attractive to investors.

Increasing demand for clean energy: The global demand for clean energy is increasing, driven by concerns over climate change and air pollution. WECs are a promising source of clean energy that can be harnessed from the ocean, which covers more than 70% of the Earth's surface.

Potential for remote power generation: WECs can be deployed in remote locations such as offshore islands, where the cost of electricity generation is high due to the high cost of importing fossil fuels. WECs can provide a reliable and cost-effective source of electricity in these areas.

Favorable ocean conditions: WECs require consistent and strong ocean waves to generate electricity. Areas with favorable ocean conditions, such as the west coast of Scotland and the Pacific Northwest in the US, are ideal for WEC deployment and have seen significant investment in recent years.