Wave energy converters (WECs) are a promising technology to contribute to the mix of renewable energies in
the pursuit of a cleaner energy future. However, the demanding environment in which WECs operate presents
a challenge from reliability and economic perspectives. There is a high likelihood of fault occurrence on WEC
components, especially in offshore locations. While the control technology field can enhance energy extraction
from WECs, any fault compromises the performance of the system and, in the worst case, can halt energy
production, directly impacting revenue generation. Dealing with unexpected faults leads to more frequent
maintenance operations, resulting in higher operational expenses. Similarly, strengthening WEC components
to withstand harsh conditions comes with increased capital costs. Thus, fault management becomes crucial,
whether it involves avoiding operation and maintenance (O&M) entirely or transitioning O&M to planned
activities through a fault management mechanism (condition monitoring, fault-tolerant control, etc.), whereby
the WEC maintains a certain level of system performance (or prevents emergency shutdown), eliminating
the necessity for immediate intervention while still generating energy. In this regard, this study explores
WEC components that are most likely to fail, also comprehensively covering WEC fault diagnosis, prognosis,
condition monitoring and fault-tolerant control methods covered in the literature. Additionally, unexplored
possibilities are pointed out, and future directions are suggested
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