In this paper, a regionally disaggregated global energy system model treating the electricity supply sector in detail is used to examine the competitiveness of wave energy technologies for each of 48 world regions over the period to 2050 under a constraint of halving global energy-related CO2 emissions in 2050 compared to the 2000 level. It is first found that wave energy continues to be uncompetitive until 2050 due to (1) its high cost and (2) the large seasonal variability of wave power. Even if the reference wave electricity generation costs are assumed to be reduced by 90%, the latter factor severely limits the market penetration of wave energy technologies. It is then found that the UK and Ireland, Australia and New Zealand, Japan, South Africa, the western US, Latin America, Canada, and Spain and Portugal are the regions promising for wave energy deployment. Not only low-cost and abundant wave energy resources, but also the peak electric load in winter, the relatively small seasonal variability of wave power, and/or the low competitiveness of power sources substitutable by wave energy are the reasons for this.