As per the current market research conducted by the CMI Team, the global Renewable Energy Certificate Market size is expected to record a CAGR of 26.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 17.5 Billion. By 2033, the valuation is anticipated to reach USD 132.2 Billion.
Renewable Energy Certificate Market: Overview
According to industry experts at CMI, the property rights to the environmental, social, and other non-power characteristics of renewable electricity generation are represented by a Renewable Energy Certificate (REC), sometimes called a Green Certificate or Renewable Energy Credit.
The renewable energy certificate market is mainly driven by several components, including the increasing adoption of renewable energy across the globe, rising government initiatives to adopt green energy, rising investment, a growing number of volunteers, increasing emphasis on sustainability, and many others. However, the limited access in developing regions might be a major restraining factor for the renewable energy certificate industry over the projected period.
Renewable Energy Certificate Market: Growth Factors and Dynamics
Decentralized energy generation
Decentralized energy generation incorporates many renewable energy sources, including solar, wind, hydropower, and biomass. This diversification expands the types of RECs accessible, appealing to a broader range of clients.
Decentralized generating expands the overall supply of renewable energy credits. When more consumers and small businesses invest in renewable energy projects and obtain RECs that may be sold on the market, the pool of accessible certificates grows.
The localized generating and energy storage technology combination enables a continuous renewable energy supply. This integration can potentially increase the supply of renewable energy certificates by ensuring consistent energy generation.
Rising partnership to support voluntary RECs
The increasing collaboration is expected to offer a potential opportunity for growth in the renewable energy certificate sector. For instance, in January 2024, Bursa Carbon Exchange (BCX) announced a strategic collaboration with the Malaysian Photovoltaic Industry Association (MPIA), marking a significant step in the enhancement of Malaysia’s voluntary renewable energy certificates (RECs) market.
The complexity of the verification process
Verification can be labor and resource expensive, requiring significant time, personnel, and money. Small renewable energy projects might face challenges owing to their complexity, discouraging potential competitors. Accurate data gathering on renewable energy generation is also very challenging, particularly for distributed energy resources like rooftop solar panels. Therefore, verifying the environmental aspects of energy generation may become difficult.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 17.5 Billion |
| Projected Market Size in 2033 | USD 132.2 Billion |
| Market Size in 2023 | USD 12.6 Billion |
| CAGR Growth Rate | 26.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Energy Type, Capacity, End Use and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your research requirements. |
Renewable Energy Certificate Market: New Launches and Acquisitions
- In September 2024, Shizen Energy Inc. partnered with Zeroboard Inc. This collaboration is intended to offer decarbonization management support services.
List of the prominent players in the Renewable Energy Certificate Market:
- Central Electricity Regulatory Commission
- Defense Logistics Agency Energy
- Environmental Tracking Network of North America
- General Services Administration
- Green-e Energy
- S. Environment Protection Agency
- Western Area Power Administration
- Ecohz
- The Green Certificate Company
- Statkraft
- STX Group
- Others
The Renewable Energy Certificate Market is segmented as follows:
By Energy Type
- Solar Energy
- Wind Power
- Hydro-electric Power
- Gas Power
By Capacity
- 0-1,000KWH
- 1,100-5,000KWH
- More than 5,000KWH
By End Use
- Voluntary
- Compliance
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America