Renewable Energy Certificate (REC) Market Report on the Untapped Growth Opportunities in the Industry

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " 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)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Renewable Energy Certificate (REC) Market is valued at US$ XX Bn in 2024, and it is expected to reach US$ XX Bn by 2034, with a CAGR of xx% during the forecast period of 2025-2034.

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Renewable energy certificates (RECs), also referred to as green tags, tradable renewable certificates, or renewable energy credits, are intangible, marketable instruments that certify the generation of one megawatt-hour of electricity from a qualifying renewable energy source in the United States. Solar renewable energy certificates (SRECs) specifically verify electricity produced from solar power.

The global demand for electricity continues to rise, prompting governments to implement regulations requiring organizations to meet renewable energy targets. The increasing adoption of micro wind turbines, micro hydroelectric systems, and rooftop solar installations is driving growth in the renewable energy sector. Furthermore, supportive government policies aimed at promoting affordable and sustainable energy sources are contributing significantly to the expansion of the REC market.

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

Market Dynamics:
Drivers-
The growing demand for sustainable energy solutions is driven by increasing public awareness of the environmental impacts associated with conventional energy sources, such as fossil fuels. Consumers are progressively seeking cleaner, renewable energy options to reduce carbon emissions and mitigate climate change. Rising environmental consciousness has also prompted customers to favor products and services from companies demonstrating strong sustainability practices.

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Challenges:
A key challenge in the global REC market is the lack of regional standardization. Variations in definitions, regulations, and compliance requirements across countries and regions create inefficiencies and limit market expansion. For example, while some authorities classify biomass, hydro, and even nuclear energy as renewable, others recognize only solar and wind power. Differences in Renewable Portfolio Standards (RPS) and other compliance frameworks further fragment the market. Additionally, some regions operate solely under mandatory compliance schemes, whereas others allow voluntary REC markets, complicating global adoption and investment.

Regional Trends:
North America is projected to hold a significant share of the REC market in terms of revenue, driven by established regulatory frameworks, robust corporate sustainability initiatives, rapid growth in renewable energy capacity, supportive government incentives, and advanced trading infrastructure. The region's implementation of stringent renewable portfolio standards and policies encouraging large-scale renewable energy purchases has strengthened REC demand.

Meanwhile, the Asia Pacific region is expected to exhibit the highest growth rate over the forecast period. Rising demand for renewable energy, the presence of numerous high-tech companies with substantial energy needs, and government initiatives supporting REC development are key factors driving market expansion in the region.

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.

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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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This release was published on openPR.