Renewable Energy Certificate Market Size, Trends and Insights By Energy Type (Solar power energy , Wind power energy, Hydro-electric power energy, Gas power energy), By Capacity (0-1,000 KWH, 1,100-5000 KWH, 5000+ KW), By End-Use (Compliance, Voluntary), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Central Electricity Regulatory Commission
- Environmental Tracking Network of North America
- Western Area Power Administration
- Others
Reports Description
According to Custom Market Insights (CMI), The Global Renewable Energy Certificate Market was valued at USD 13.62 Billion in 2021 and is expected to reach USD 24.43 Billion in 2022 and expected to reach USD 110.94 Billion during the forecast period from 2022-2030, expected to grow at a CAGR of 27.2% during the forecast period.
- The marketable, intangible commodities that demonstrate that energy is derived from renewable sources are known as renewable energy certificates. One such element is the use of solar energy for the creation of electricity. The best example is the United States, where renewable energy sources produced 1MWH of electricity. As a result, the solar energy certificate certifies that solar energy is used to generate power.
- The physical form and foundation of the origin of the power that is drawn from the utility grid are typically unknown. Yet, a renewable energy certificate monitors and records both the sources and amounts of electricity used.
- To retain the current market position and subsequent usage of renewable energy sources, the government worked in conjunction with the private sector or power plant businesses. The installation of wind turbines in outlying locations and hydropower plants along water streams increased the market for renewable energy certificates potential growth.
Growth Factors
The key factor driving the market growth is the rise in associated environmental worries and the growing knowledge of employing renewable energy sources for electricity generation. Due to their steady depletion, the use of non-renewable resources for power generation has been stopped globally since the decade. The ideal non-stop source from which power can be generated utilizing efficient processes and procedures is renewable energy, such as sunshine or wind. This could be a driver of market growth for renewable energy certificates. Consequently, the key driver of the market for green energy certificates is the rising demand for knowledge of and use of renewable energy as a source of power generation.
The market for renewable energy certificates is growing significantly thanks to the quick development and regulation of green data centers. In many locations, the government has put into action a number of measures like power plant projects. Rooftop solar panels, micro-hydropower plants, and micro-wind turbines are rapidly being installed in various locations, accounting for a sizeable market share in the market for renewable energy certificates.
Different regions frequently have water bodies, which helps the market for hydropower plants to expand. The usage of land in rural areas also supports the installation of solar and wind energy systems. All three work together to fuel the growth of the market for renewable energy certificates.
Renewable energy certificate market segmentation
The global market for renewable energy certificates is segmented on their type, Capacity, end-use, and distribution across different areas or regions.
- Market Segmentation by Energy
The solar energy, hydroelectric power, wind power, and gas power segments of the global market for renewable energy certificates fall under these four broad categories. Based on revenue, solar power topped the market in 2021 and is predicted to keep expanding over the next five years. This is due to the need that large-scale power projects to fall within the RECs.
Solar energy panels employ either a photovoltaic system or indirect concentrated solar power to produce electricity from the endless renewable energy source, sunshine. The large growth during the anticipated period is due to the electricity produced by solar photovoltaic systems.
Transportation systems using solar energy include trains, buses, and even roads. Also, they are utilised to recharge devices like thermostats, sun dryers, chargers, and others. Other than them, solar-powered streetlights are the most effective solar energy uses. Solar water heaters and space heaters are also excellent for keeping the house warm in the winter.
- Market Segmentation by Capacity
The renewable energy certificate market is divided into three segments based on capacity: 1–1,000 KWH, 1,100–5,000 KWH, and more than 5,000 kWh. By 2021, the global renewable energy certificate market was dominated by the power energy sector which can produce more than 5000 KWH, and this segment is anticipated to hold a sizable market share during the projection period. This can be due to the rise in interest in using renewable energy sources and the spread of power plants like solar and wind farms throughout various locations.
The government was able to develop policies and support the power plant generation companies that use their cutting-edge technology to generate power from non-renewable sources as a result of the depletion of non-renewable energy sources like fossil fuels and the increase in global warming caused by pollutants. The government has supported several power plant firms for electricity generation due to the pressing demand for a sustainable energy source. Global demand for renewable energy certificates has increased as a result of the construction of numerous power plants and the exchange of energy between suppliers and consumers.
- Market Segmentation by End-Use
Depending on the end user, the market for renewable energy certificates is divided into compliance and voluntary markets. The compliance market currently dominates the market for renewable energy in terms of revenue, and this trend is anticipated to continue during the projected period. This may be because the main manufacturing sectors have invested in renewable energy to control GHG emissions.
The regulation gave rise to the compliance market segment, which is currently used in 29 US states. The in. Government initiatives, strict regulations, and numerous company investments all contributed to this segment’s market growth.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 13.62 Billion |
| Projected Market Size in 2030 | USD 110.94 Billion |
| CAGR Growth Rate | 27.2% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Central Electricity Regulatory Commission, Green-e Energy, Environmental Tracking Network of North America, Western Area Power Administration, General Services Administration, U.S. EnviroU.S.t Protection Agency, Defence Logistics Agency Energy, and Others |
| 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 fulfill your requirements for research. |
Regional Insights
The market for renewable energy certificates is divided into four regions based on geography: North America, Asia-Pacific, Europe, and Latin America. In 2021, North America controlled one-third of the REC market and dominated the global market. This is due to the rise in demand for quick industrialization and the use of renewable energy sources, as well as government measures to build power plants and control the trade in renewable energy sources.
Many industries are established up based on the renewable energy certificate in nations like the US and Canada. In addition, several energy-related sectors have been established throughout regions, which promote market expansion, in response to the growing demand for renewable energy and increased knowledge of its benefits.
Key Players
The rapid increase in the demand for renewable energy sources for power extraction has led major vital companies to invest and expand their power generation capacity to meet the recent market-based standards. Additional growth attributes such as business strategies, acquisition, and implementation also helped the key manufacturers to attain certain positions in the renewable energy certificate market. The significant companies positioned in the renewable energy certificate market are:
- Central Electricity Regulatory Commission
- Green-e Energy
- Environmental Tracking Network of North America
- Western Area Power Administration
- General Services Administration
- U.S. Environment Protection Agency
- Defense Logistics Agency Energy
- Others
Covid-19 Scenario
During the pandemic, the partial or total shutdown of the automotive, electrical, and other energy-related businesses had a detrimental effect on the market for renewable energy certificates. The reduction in demand for non-essential goods slowed market expansion during COVID. Mobility restrictions also caused disruptions in the raw material supply chain, which eventually had an impact on how energy-generating businesses operated.
Recent Development
- A 35-ton-per-day green hydrogen generation plant for the global green hydrogen economy was planned to be built at the Port of Antwerp-Bridges in Europe on June 8, 2022, by Plug Power Inc., a leading provider of turnkey hydrogen solutions. Moreover, a 30-year contract was agreed upon to build Europe’s second-largest power plant at the Belgian port.
- The Indian government has set a goal to install 100 GW of solar energy across the country by December 2022. Whereas 48.71 GW was anticipated to be in the pipeline by the end of June, 57.71 GW had already been put into service.
- Due to rising commodities and fair pricing, the solar PV and wind sectors are anticipated to have rapid expansion.
Segments covered in the report
By Energy Type
- Solar power energy
- Wind power energy
- Hydro-electric power energy
- Gas power energy
By Capacity
- 0-1,000 KWH
- 1,100-5000 KWH
- 5000+ KWH
By End-Use
- Compliance
- Voluntary
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Renewable Energy Certificate Market, (2022 – 2030) (USD Billion)
- 2.2 Global Renewable Energy Certificate Market : snapshot
- Chapter 3. Global Renewable Energy Certificate Market – Industry Analysis
- 3.1 Renewable Energy Certificate Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increased Awareness Of Using Renewable Energy Sources
- 3.2.2 Environmental Concerns
- 3.2.3 Demand For The Awareness And Usage Of Renewable Energy
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Energy Type
- 3.7.2 Market attractiveness analysis By Capacity
- 3.7.3 Market attractiveness analysis By End-Use
- Chapter 4. Global Renewable Energy Certificate Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Renewable Energy Certificate Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Renewable Energy Certificate Market – Energy Type Analysis
- 5.1 Global Renewable Energy Certificate Market overview: By Energy Type
- 5.1.1 Global Renewable Energy Certificate Market share, By Energy Type, 2021 and 2030
- 5.2 Solar power energy
- 5.2.1 Global Renewable Energy Certificate Market by Solar power energy, 2022 – 2030 (USD Billion)
- 5.3 Wind power energy
- 5.3.1 Global Renewable Energy Certificate Market by Wind power energy, 2022 – 2030 (USD Billion)
- 5.4 Hydro-electric power energy
- 5.4.1 Global Renewable Energy Certificate Market by Hydro-electric power energy, 2022 – 2030 (USD Billion)
- 5.5 Gas power energy
- 5.5.1 Global Renewable Energy Certificate Market by Gas power energy, 2022 – 2030 (USD Billion)
- 5.1 Global Renewable Energy Certificate Market overview: By Energy Type
- Chapter 6. Global Renewable Energy Certificate Market – Capacity Analysis
- 6.1 Global Renewable Energy Certificate Market overview: By Capacity
- 6.1.1 Global Renewable Energy Certificate Market share, By Capacity, 2021 and 2030
- 6.2 0-1,000 KWH
- 6.2.1 Global Renewable Energy Certificate Market by 0-1,000 KWH, 2022 – 2030 (USD Billion)
- 6.3 1,100-5000 KWH
- 6.3.1 Global Renewable Energy Certificate Market by 1,100-5000 KWH, 2022 – 2030 (USD Billion)
- 6.4 5000+ KW
- 6.4.1 Global Renewable Energy Certificate Market by 5000+ KW, 2022 – 2030 (USD Billion)
- 6.1 Global Renewable Energy Certificate Market overview: By Capacity
- Chapter 7. Global Renewable Energy Certificate Market – End-Use Analysis
- 7.1 Global Renewable Energy Certificate Market overview: By End-Use
- 7.1.1 Global Renewable Energy Certificate Market share, By End-Use, 2021 and 2030
- 7.2 Compliance
- 7.2.1 Global Renewable Energy Certificate Market by Compliance, 2022 – 2030 (USD Billion)
- 7.3 Voluntary
- 7.3.1 Global Renewable Energy Certificate Market by Voluntary, 2022 – 2030 (USD Billion)
- 7.1 Global Renewable Energy Certificate Market overview: By End-Use
- Chapter 8. Renewable Energy Certificate Market – Regional Analysis
- 8.1 Global Renewable Energy Certificate Market Regional Overview
- 8.2 Global Renewable Energy Certificate Market Share, by Region, 2021 & 2030 (USD Billion)
- 8.3. North America
- 8.3.1 North America Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.3.1.1 North America Renewable Energy Certificate Market, by Country, 2022 – 2030 (USD Billion)
- 8.3.1 North America Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.4 North America Renewable Energy Certificate Market, by Energy Type, 2022 – 2030
- 8.4.1 North America Renewable Energy Certificate Market, by Energy Type, 2022 – 2030 (USD Billion)
- 8.5 North America Renewable Energy Certificate Market, by Capacity, 2022 – 2030
- 8.5.1 North America Renewable Energy Certificate Market, by Capacity, 2022 – 2030 (USD Billion)
- 8.6 North America Renewable Energy Certificate Market, by End-Use, 2022 – 2030
- 8.6.1 North America Renewable Energy Certificate Market, by End-Use, 2022 – 2030 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.7.1.1 Europe Renewable Energy Certificate Market, by Country, 2022 – 2030 (USD Billion)
- 8.7.1 Europe Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.8 Europe Renewable Energy Certificate Market, by Energy Type, 2022 – 2030
- 8.8.1 Europe Renewable Energy Certificate Market, by Energy Type, 2022 – 2030 (USD Billion)
- 8.9 Europe Renewable Energy Certificate Market, by Capacity, 2022 – 2030
- 8.9.1 Europe Renewable Energy Certificate Market, by Capacity, 2022 – 2030 (USD Billion)
- 8.10 Europe Renewable Energy Certificate Market, by End-Use, 2022 – 2030
- 8.10.1 Europe Renewable Energy Certificate Market, by End-Use, 2022 – 2030 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.11.1.1 Asia Pacific Renewable Energy Certificate Market, by Country, 2022 – 2030 (USD Billion)
- 8.11.1 Asia Pacific Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.12 Asia Pacific Renewable Energy Certificate Market, by Energy Type, 2022 – 2030
- 8.12.1 Asia Pacific Renewable Energy Certificate Market, by Energy Type, 2022 – 2030 (USD Billion)
- 8.13 Asia Pacific Renewable Energy Certificate Market, by Capacity, 2022 – 2030
- 8.13.1 Asia Pacific Renewable Energy Certificate Market, by Capacity, 2022 – 2030 (USD Billion)
- 8.14 Asia Pacific Renewable Energy Certificate Market, by End-Use, 2022 – 2030
- 8.14.1 Asia Pacific Renewable Energy Certificate Market, by End-Use, 2022 – 2030 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.15.1.1 Latin America Renewable Energy Certificate Market, by Country, 2022 – 2030 (USD Billion)
- 8.15.1 Latin America Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.16 Latin America Renewable Energy Certificate Market, by Energy Type, 2022 – 2030
- 8.16.1 Latin America Renewable Energy Certificate Market, by Energy Type, 2022 – 2030 (USD Billion)
- 8.17 Latin America Renewable Energy Certificate Market, by Capacity, 2022 – 2030
- 8.17.1 Latin America Renewable Energy Certificate Market, by Capacity, 2022 – 2030 (USD Billion)
- 8.18 Latin America Renewable Energy Certificate Market, by End-Use, 2022 – 2030
- 8.18.1 Latin America Renewable Energy Certificate Market, by End-Use, 2022 – 2030 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Renewable Energy Certificate Market, by Country, 2022 – 2030 (USD Billion)
- 8.19.1 The Middle-East and Africa Renewable Energy Certificate Market, 2022 – 2030 (USD Billion)
- 8.20 The Middle-East and Africa Renewable Energy Certificate Market, by Energy Type, 2022 – 2030
- 8.20.1 The Middle-East and Africa Renewable Energy Certificate Market, by Energy Type, 2022 – 2030 (USD Billion)
- 8.21 The Middle-East and Africa Renewable Energy Certificate Market, by Capacity, 2022 – 2030
- 8.21.1 The Middle-East and Africa Renewable Energy Certificate Market, by Capacity, 2022 – 2030 (USD Billion)
- 8.22 The Middle-East and Africa Renewable Energy Certificate Market, by End-Use, 2022 – 2030
- 8.22.1 The Middle-East and Africa Renewable Energy Certificate Market, by End-Use, 2022 – 2030 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Playerscentral Electricity Regulatory Commission
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Green-E Energy
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Environmental Tracking Network Of North America
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Western Area Power Administration
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 General Services Administration
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 U.S. Envirou.S.T Protection Agency
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Defence Logistics Agency Energy
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.1 Playerscentral Electricity Regulatory Commission
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Key Players
- Central Electricity Regulatory Commission
- Green-e Energy
- Environmental Tracking Network of North America
- Western Area Power Administration
- General Services Administration
- S. Environment Protection Agency
- Defense Logistics Agency Energy
- Others
FAQs
“North America” region will lead the global Renewable Energy Certificate market during the forecast period 2022 to 2030.
The rise of related environmental concerns and the increased awareness of using renewable energy sources for power generation is the primary cause that drives the market growth
The key players operating in the Renewable Energy Certificate market are Central Electricity Regulatory Commission, Green-e Energy, Environmental Tracking Network of North America, Western Area Power Administration, General Services Administration, U.S. Environment Protection Agency, Defence Logistics Agency Energy.
The global Renewable Energy Certificate market is expanding growth with a CAGR of approximately 27.2% during the forecast period (2022 to 2030).
The global Renewable Energy Certificate market size was valued at USD 13.62 Billion in 2021 and it is projected to reach around USD 110.94 Billion by 2030.