 Wave energy. Chapter 9 in Energy Innovation for the Twenty-First Century, 2019, pp 240-281 from Edward Elgar Publishing Abstract: Wave power technology has been developed internationally since the twentieth century, led primarily by the United Kingdom. Despite $2.5 billion of public funds invested into marine energy research, development and demonstration, wave power is not yet commercially viable. Focusing on the United Kingdom we identify critical strategic weaknesses that have slowed wave power’s progress, including: a premature emphasis on commercialisation; poorly coordinated research, development and demonstration funding; few incentives for knowledge exchange; and a lack of mid- technology-readiness-level test facilities. However, policy learning resulted in a reconfiguration of support that has remedied many weaknesses. The case teaches us that technology innovation systems do not necessarily follow a linear path of structural accumulation but undergo phases of disintegration, reconfiguration and stagnation. It also highlights how a technology’s characteristics shape its development path and how technologies simultaneously influence one another’s development. Finally, niche markets and policy experimentation are identified as critical to innovation and the multi-level governance of innovation policy presents advantages and disadvantages. Keywords: Economics and Finance; Environment; Innovations and Technology (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:17968_9 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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