According to the latest research by InsightAce Analytic, the Renewable Energy Certificate (REC) Market is valued at USD 25.3 Bn in 2024 , and it is expected to reach USD 69.1 Bn by the year 2034, with a CAGR of 10.8% during the forecast period of 2025-2034.
Global Renewable Energy Certificate Market 2025-2034 full Research Repot latest version is now available.
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Green tags, renewable energy credits, and tradable renewable certificates are alternative terms for renewable energy certificates, which are intangible, tradable energy commodities that verify the production of one megawatt-hour of electricity from an eligible renewable energy source in the United States.
Renewable energy certificates (RECs) produced only by solar energy are known as solar renewable energy certificates. Global power consumption is rising, and governments are enforcing laws that require businesses to meet renewable energy targets.
Micro wind turbines, micro hydro power plants, and rooftop solar panels are increasing their market share in the renewable energy sector, which is propelling the industry’s expansion. Additionally, the market is expanding due to government policies that support the development of these sustainable and reasonably priced resources.
List of Prominent Players in the Renewable Energy Certificate (REC) Market:
AFS Energy B.V.
Climate Impact Partners Limited
3Degrees, Inc.
Ecohz AS
REDEX Pte. Ltd.
Shell Energy North America (US), L.P.
ENGIE S.A.
Evolugen by Brookfield Renewable
EDF Trading Limited
Grid Controller of India Limited (GRID-INDIA)
Enel S.p.A.
Statkraft AS
Sterling Planet, Inc.
South Pole Holding AG
STX Commodities B.V
Other Market Players
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Market Dynamics:
Drivers-
The demand for sustainable energy alternatives is rising as a result of public awareness of the negative environmental effects of conventional energy sources like fossil fuels. To cut carbon emissions and fight climate change, consumers are looking for greener and renewable energy sources more and more.
Customers are giving more weight to goods and services from businesses that exhibit environmental responsibility as public awareness of sustainability issues rises. In order to satisfy their corporate sustainability objectives and conform to consumer demands, many businesses subsequently embrace renewable energy sources and acquire renewable energy certificates. Thus, the market for renewable energy certification is significantly influenced by this aspect.
Challenges:
The lack of regional consistency in the global Renewable Energy Certificate (REC) market is a problem. This problem creates inefficiencies, limits market growth, and poses difficulties for businesses and investors in many marketplaces. RECs and renewable energy generating requirements are defined differently in different nations and regions.
For instance, whereas biomass, hydro, and even nuclear energy are regarded as renewable by some authorities, only solar and wind energy are acceptable by others. Furthermore, nations develop different rules and goals for Renewable Portfolio Standards (RPS) and other compliance procedures, which leads to fragmented marketplaces. While compulsory compliance markets are the only option in certain regions, others offer voluntary REC markets.
Regional Trends:
North America Renewable Energy Certificate (REC) market is anticipated to register a major market share in terms of revenue due to its well-established legislative frameworks, strong corporate sustainability commitments, rapid growth in renewable energy capacity, supportive government subsidies, and advanced trade infrastructure. The region’s adoption of stringent renewable portfolio standards and other laws that promote utility-scale purchases of renewable energy has generated a substantial market for RECs.
Besides, over the projection period, Asia Pacific is expected to increase at the fastest rate. The increasing demand for green or renewable power has further propelled the market boom in the region. The area is renowned for its many high-tech companies, many of which have substantial energy requirements that support the expansion of renewable energy sources. Additionally, the development of this region has been greatly aided by government programs to support the expansion of renewable energy certificates.
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Recent Development:
February 2024: Statkraft and Air Liquide signed the Virtual Power Purchase Agreement. The deal calls for Air Liquide to buy RECs from recently constructed wind farms in Poland. It is anticipated that this agreement will result in an annual reduction of 38,000 tonnes of carbon dioxide (CO2) emissions from Air Liquide.
Segmentation of Renewable Energy Certificate (REC) Market-
By Capacity-
Up TO 1,000 KWH
1,001-5,000 KWH
Above 5,000 KWH
By Energy Type-
Solar power
Wind power
Hydropower
Biomass
Others
By End-use-
Compliance
Voluntary
By Region-
North America-
The US
Canada
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Mexico
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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