Renewable Energy Certificate (REC) Market to Hit US$ 66.3 Billion by 2030: Strong 25.2% CAGR and North America Leading with 41% Share

The global Renewable Energy Certificate (REC) Market was valued at US$ 17.3 billion in 2024 and is projected to reach US$ 66.3 billion by 2030, expanding at a strong CAGR of 25.2% during the forecast period. Growth is being driven by rising corporate sustainability targets, stricter clean-energy regulations, and the rapid expansion of REC trading frameworks across major economies.

Momentum is further supported by the increasing deployment of solar and wind power, strong demand in both compliance and voluntary markets, and the adoption of advanced tracking technologies such as blockchain that enhance transparency and certificate authenticity. As global organizations intensify renewable-energy commitments, the REC market continues to strengthen its position as a key enabler of clean-energy adoption and carbon-reduction goals.

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Renewable Energy Certificate (REC) Market refers to the system where tradable certificates represent proof that one megawatt-hour of electricity was generated from renewable sources, enabling organizations to meet sustainability and clean-energy compliance goals.

Key Developments

United States

✅ October 2025: U.S. regulators accelerated updates to REC verification standards to improve transparency and reduce double-counting in voluntary green power purchases.

✅ September 2025: Major renewable energy operators expanded solar and wind capacity additions across Texas and California, increasing REC supply for corporate buyers.

✅ July 2025: Leading U.S. utilities launched upgraded digital trading platforms enabling real-time REC tracking and automated compliance reporting.

Japan

✅ September 2025: Japan expanded its Non-Fossil Certificate (NFC) framework, aligning it more closely with global REC standards to support corporate decarbonization goals.

✅ August 2025: Large Japanese energy retailers integrated blockchain-based REC authentication for improved traceability.

✅ June 2025: Japanese industrial buyers increased procurement of internationally recognized RECs to meet Scope 2 reduction targets.

Mergers & Acquisitions

United States

✅ August 2025: A major U.S. renewable asset developer acquired a regional REC aggregator to strengthen its position in voluntary REC trading across North America.

✅ June 2025: A U.S.-based clean energy fintech firm merged with a leading REC marketplace operator to expand automated REC issuance and settlement services.

Japan

✅ July 2025: A top Japanese utility acquired a domestic clean-energy trading startup to enhance its digital REC trading capabilities.

✅ May 2025: A Japanese renewable developer formed a strategic partnership with a U.S. green-energy certification firm to co-develop cross-border REC trading mechanisms.

Mergers and Acquisitions

United States

✅ July 2025: A U.S.-based industrial automation company acquired a cloud-robotics software startup to expand its capabilities in real-time robot scheduling and data analytics for manufacturing plants.

✅ June 2025: A major cloud services provider invested in a robotics integration firm to accelerate adoption of cloud-native robotic automation across U.S. factories.

Japan

✅ May 2025: A Japanese robotics manufacturer formed a strategic acquisition of a domestic software developer specializing in cloud-based robot simulation tools to enhance digital-twin capabilities.

✅ August 2025: A Japan-based automation group entered a joint acquisition partnership with a technology firm to expand cloud-robotics solutions for smart manufacturing ecosystems.

Key Players:

ECOHZ | Green-e Energy | APX Inc. | ENGIE | I-REC Standard | RECS International | Statkraft | The Green Certificate Company Limited | Eneco Energy Trade | Shell Energy | Climate Bridge (Shanghai) Ltd. | Tata Power Renewable Energy Ltd. | Adani Green Energy | Indian Energy Exchange Limited | National Renewable Energy Certification (T-REC) Center

Key Highlights:

• Statkraft - Holds 12.4% share of the global renewable energy certificate (REC) market, driven by extensive hydropower-backed RECs and large-scale green energy trading operations.

• ENGIE - Accounts for 10.9% market share, supported by diversified renewable assets and strong REC issuance across wind, solar, and hydro portfolios.

• Shell Energy - Maintains 9.7% share with its large green-power trading platform, supplying RECs to corporate buyers and large sustainability programs.

• ECOHZ - Holds 7.8% share, recognized for international renewable energy certification services and corporate sustainability solutions.

• Green-e Energy - Commands 6.5% share by certifying global renewable electricity products and providing high-integrity REC verification programs.

• APX Inc. - Holds 5.9% share through its digital REC registries and global energy attribute tracking platforms.

• Eneco Energy Trade - Accounts for 4.3% share driven by expanding renewable generation and active green certificate trading.

• Adani Green Energy - Holds 3.8% share supported by large-scale solar and wind capacity contributing to REC volumes.

• Tata Power Renewable Energy Ltd. - Maintains 3.1% share with its rapidly growing renewable project portfolio driving green certificate issuance.

• Indian Energy Exchange Limited (IEX) - Contributes 2.6% share through REC trading services across India's renewable energy market.

• I-REC Standard - Holds 2.4% share by enabling international REC issuance and facilitating cross-border renewable energy tracking.

• RECS International - Accounts for 1.9% share with global standardization and REC market development activities.

• The Green Certificate Company Limited - Maintains 1.6% share through green electricity verification and certificate trading programs.

• Climate Bridge (Shanghai) Ltd. - Holds 1.2% share via renewable energy project participation and REC facilitation in Asian markets.

• National Renewable Energy Certification (T-REC) Center - Contributes 0.9% share through tracking and issuance of renewable certificates.

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Market Drivers

• Growing corporate sustainability commitments are accelerating REC purchases as companies work toward carbon-neutral and 100% renewable electricity targets.

• Expansion of renewable energy capacity across solar, wind, hydro, and biomass is increasing REC generation and trading activity worldwide.

• Strengthened environmental regulations and national renewable portfolio standards are driving utilities and industries to secure certified green electricity.

• Rising demand from energy-intensive sectors such as data centers, manufacturing, and industrial clusters is boosting REC procurement for compliance and voluntary reporting.

• Increased transparency initiatives and digital REC tracking platforms are improving market accessibility and credibility, supporting global adoption.

Industry Developments

• Expansion of REC trading platforms and digital registries is improving transaction efficiency and cross-border certification in compliance and voluntary markets.

• Growth in corporate power purchase agreements is creating higher demand for bundled and unbundled RECs sourced from new renewable projects.

• Utilities are integrating long-term renewable procurement strategies that increase REC issuance tied to wind and solar farm expansions.

• Standardization initiatives across regional REC systems are strengthening verification mechanisms and reducing barriers for multinational companies.

• Governments and private sector partners are increasingly promoting renewable parks and green industrial zones that elevate REC volumes.

Regional Insights

North America

North America represents US$ 9.2 billion and 41% of the global REC market. Growth is driven by strong corporate procurement programs, large-scale renewable projects, and compliance obligations under renewable portfolio standards. The region benefits from widespread adoption of certified green electricity, expanding wind and solar capacity, and high participation from technology, retail, and manufacturing sectors seeking verifiable renewable energy sourcing.

Europe

Europe accounts for US$ 7.8 billion and 35% of the market, supported by stringent decarbonization policies, expansion of Guarantees of Origin, and strong participation from countries committed to climate neutrality. Companies across Europe increasingly use RECs to meet sustainability reporting requirements, while ongoing investments in offshore wind, solar, and hydropower provide substantial REC supply.

Asia-Pacific

Asia-Pacific represents US$ 5.0 billion and 22% share, driven by rapid growth in renewable installations, especially in China, India, Japan, and South Korea. The region's expansion is supported by rising industrial electricity consumption, adoption of certified green power in manufacturing, and government incentives for renewable project development. Demand increases as global corporations operating in APAC secure RECs to align with worldwide sustainability mandates.

Middle East & Africa

The Middle East and Africa hold US$ 0.4 billion and 2% share, with growth driven by emerging renewable deployment and industrial decarbonization programs. Expansion is supported by large-scale solar parks, national sustainability roadmaps, and REC purchases from petrochemical, metals, and heavy manufacturing sectors. Countries developing green industrial zones and renewable megaprojects are accelerating REC issuance, though market penetration remains early.

Key Segments

By Type

Compliance RECs dominate as organizations must meet regulatory renewable energy obligations across various regions. Voluntary RECs continue to grow as companies pursue sustainability goals, carbon neutrality commitments, and corporate renewable procurement strategies.

By Certificate

I-REC holds a strong position due to its global acceptance and standardized tracking in countries without existing REC frameworks. TIGR certificates are expanding as markets seek transparent, traceable renewable energy validation. GEC certificates support regional renewable tracking and are used by enterprises focused on local energy sourcing and sustainability commitments.

By Energy Source

Solar RECs lead the market driven by large-scale solar installations and growing adoption of clean energy globally. Wind RECs remain a major contributor due to high output and widespread wind project deployment. Hydro RECs are stable and serve regions relying on long-established hydropower. Other sources include biomass and geothermal, supporting diversified renewable generation portfolios.

By End-User

Industrial users hold the largest share as manufacturing and heavy industries adopt RECs to meet emission reduction and sustainability targets. Commercial users continue to grow with increased renewable procurement among corporate offices, retail chains, and data centers. Residential demand rises steadily as households seek cleaner electricity options. Governmental users rely on RECs to achieve public-sector renewable mandates and environmental policy goals.

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