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Analysis of Global Renewable Energy Certificates Market: Trends, Size, and Share Insights
Renewable Energy Certificates Global Market Report 2024
According to The Business Research Company's, The renewable energy certificates market size has grown exponentially in recent years. It will grow from $13.71 billion in 2023 to $17.54 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to government policies and regulations, voluntary renewable energy goals, renewable energy incentives, public awareness, and environmental concerns.
The renewable energy certificates market size is expected to see exponent growth in the next few years. It will grow to $43.06 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to the emergence of green hydrogen, shifts in electricity market structures, expansion of renewable energy markets, resilience and climate adaptation investments. Major trends in the forecast period include rise of blockchain technology, integration of renewable energy credits into carbon markets, innovation in REC financing mechanisms, enhanced standardization and certification.
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Market Drivers and Trends:
The increasing consumption of renewable energy sources is expected to propel the growth of the renewable energy certificate market going forward. Renewable energy refers to energy sources that are naturally replenished and come from resources that are constantly available, such as sunlight, wind, water, and organic matter. Renewable energy certificates are used for renewable energy sources to facilitate market transactions, ensure compliance with renewable energy targets, and enable environmental claims related to renewable energy usage. For instance, in August 2022, according to reports published by Oilprice.com, a UK-based energy news website, global renewable energy consumption experienced exponential growth, with an average annual increase of 12.6%. Notably, from 2020 to 2021, global renewable energy consumption surged by an impressive 15%. Therefore, the increasing consumption of renewable energy sources is driving the growth of the renewable energy certificate market.
Major companies operating in the renewable energy certificate market are concentrating on the development of innovative advancement solutions, such as renewable energy certificate services, to address the growing demand for renewable energy and to support companies in their decarbonization efforts. This certificate service provides certificates that represent the environmental attributes of renewable electricity generation and are used by individuals and organizations to claim the environmental benefits of renewable electricity. For instance, in February 2023, Shizen Energy Inc., a Japan-based energy development company, launched a renewable energy certificate (REC) service that provides renewable energy certificates, including non-fossil energy certificates with tracking, in adherence to major international sustainability standards such as RE100 and CDP. Additionally, these services are a low-cost and easy-to-obtain solution for companies to demonstrate that their electricity is generated from renewable sources and aim to provide an effective and affordable way for companies to initiate decarbonization efforts.
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Major Key Players of the Market:
NextEra Energy Resources LLC, Statkraft AS, U.S. Environment Protection Agency, EDF Renewables Inc., Western Area Power Administration, Green Mountain Energy Company, Carbon Clear, 3Degrees Group Inc., BloombergNEF, Central Electricity Regulatory Commission, Clean Power Research, Element Markets LLC, Renewable Choice Energy Inc., Community Energy Inc., Innovative Solar Systems, The CarbonNeutral Company, Green-e Energy, General Services Administration, Sterling Planet Inc., Sustainable Energy Advantage LLC, 3 Phases Renewables, NeXtWind Management GmbH, Environmental Tracking Network of North America, Defense Logistics Agency Energy, RECS International
Renewable Energy Certificates Market 2024 Key Insights:
• The renewable energy certificates market size is expected to grow to $43.06 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%.
• Role Of Renewable Energy Certificates In Facilitating Renewable Energy Consumption
• Shizen Energy Inc. Introduces Renewable Energy Certificate Service To Support Decarbonization Efforts
• North America was the largest region in the renewable energy certificates market in 2023
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