Abstract Within the scope of a changing energy market, wave energy has yet to reach a level of commercial viability that enables it to become competitive with alternative energy sources, both renewable and non-renewable. Despite the well-known advantages inherent to the resource, there are several challenges that must be overcome before wave energy gains a relevant share of the global energy market. While near-commercial stages of development are still outside the reach of most wave energy converters, it is important to find new perspectives that facilitate the development process and improve the chances of a successful deployment and operation. In this paper, a review of synergetic technologies with the potential for hybridization and/or co-location with wave energy converters is presented. Potential applications of wave energy conversion devices, within the context of nearshore and offshore niche markets that minimize/eliminate, respectively, mainland grid connection and inherent costs are also discussed. It is found that mutual gains can be attained from this complementary approach, namely in terms of infrastructure sharing, critical component protection, introduction of a beneficial shielding effect, energy storage upgrading, coastal erosion mitigation and electricity supply to various marine mobile platforms for different offshore and nearshore activities, amongst others.