The beginning of the idea to use tidal wave to generate energy was dated back to 1799 when the first known patent was filed. In 1910, Bochaux-Praceique had realized the idea to use wave energy to light and power his house at Royan, France. A renewed interest in wave energy was motivated again by the oil crisis in 1973. But until today, no commercial scale wave power operations exist yet.
So, what slows the development of tidal wave power down?
Operating in the ocean is far more difficult than on land. Saltwater is a hostile environment for devices causing them to corrode much faster, and the waves themselves offer a challenge for energy harvesting as they not only roll past a device but also bob up and down or converge from all sides in confused seas. Even though this provides enticing opportunities for energy capture, but at the same time a challenge for optimum design. Also, roaring ocean costs a lot more to send crews to do installation and repairing.
The other reason of lagging in wave power development is that it has never been high in R&D priority. Most of the resources have been put in wind and solar.
In spite of the challenges inherent, wave power is progressing, albeit slowly. Until the cost disadvantages can't be overcome, it simply won't make sense to build wave farms in most places when more wind or solar capacity could be built for less.