Renewable energy sources such as solar, wind, geothermal, biomass, wave and tidal energy are defined as energy that comes from resources that are naturally replenished. Wave energy has the most important renewable energy sources with many advantages compared to other types of renewable energies. The objective of this study is to provide an up-to-date investigation of the wave energy harvesting technology with emphasis to the main barriers and drivers of the wave energy converters development and utilization. The goal is to locate the best spot for wave energy converter (WEC) in the Red Sea by identifying the most suitable converter system to harvest wave energy. The outcome of this study is to identify the most suitable converter system to harvest wave energy in the Red Sea based on the most important criteria including wave depth, amplitude, wavelength, and frequency of the waves. These parameters along with environmental factors, sustainability development goals (SDG#14), and site constraints have been assessed to develop a WEC device site-specific screening. Technical and social impacts were found to be deciding factors for the viability of wave energy exploitation.