Press release
Renewable Energy Certificate (REC) Market Report on the Untapped Growth Opportunities in the Industry
According to the latest research by InsightAce Analytic, the Renewable Energy Certificate (REC) Market Size is valued at USD 25.3 Bn in 2024 and is predicted to reach USD 69.1 Bn by the year 2034 at a 10.8% CAGR during the forecast period for 2025 to 2034.
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Renewable Energy Certificates (RECs), also known as green tags, tradable renewable certificates, or renewable energy credits, are marketable, intangible instruments that validate the generation of one megawatt-hour of electricity from an eligible renewable energy source in the United States. Solar Renewable Energy Certificates (SRECs) specifically certify electricity produced from solar power installations.
The rising global demand for electricity has prompted governments to introduce regulations mandating that organizations meet renewable energy targets. Increased deployment of micro wind turbines, small-scale hydroelectric systems, and rooftop solar installations is fueling growth in the renewable energy sector. Additionally, supportive government policies designed to encourage the adoption of affordable and sustainable energy sources are significantly driving expansion in 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 global Renewable Energy Certificates (REC) market is being driven by increasing demand for sustainable energy solutions, fueled by growing public awareness of the environmental impacts associated with conventional energy sources such as fossil fuels. Consumers and organizations are progressively seeking cleaner, renewable energy alternatives to reduce carbon emissions and address climate change. Rising environmental consciousness has also encouraged stakeholders to prefer products and services offered by companies demonstrating strong sustainability practices.
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Challenges:
A key challenge constraining the REC market is the lack of regional standardization. Variations in definitions, regulatory frameworks, and compliance requirements across countries create inefficiencies and impede market expansion. For instance, while some authorities recognize biomass, hydroelectric, and even nuclear energy as renewable, others limit recognition to solar and wind power. Differences in Renewable Portfolio Standards (RPS) and other compliance frameworks further fragment the market.
Regional Trends:
North America is expected to capture a significant revenue share of the REC market, supported by well-established regulatory frameworks, robust corporate sustainability initiatives, rapid expansion of renewable energy capacity, supportive government incentives, and advanced trading infrastructure.
The implementation of stringent renewable portfolio standards and policies promoting large-scale renewable energy procurement has strengthened regional REC demand. Meanwhile, the Asia-Pacific region is projected to register the highest growth rate during the forecast period, driven by rising renewable energy demand, the presence of numerous high-tech companies with substantial energy requirements, and government initiatives facilitating REC development and adoption.
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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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