Thailand Renewable Energy Certificate (REC) Market to Reach US$ 25.58 Million by 2032 Driven by ESG Commitments, Renewable Energy Expansion, Supportive Policies, and Key Market Participants

Thailand's Renewable Energy Certificate (REC) Market was valued at US$ 11.51 million in 2024 and is projected to reach US$ 25.58 million by 2032, growing at a CAGR of 9.7% during the forecast period 2025-2032.

Growth is driven by Thailand's increasing commitment to renewable energy adoption, carbon neutrality goals, and corporate sustainability initiatives. Rising participation from industrial, commercial, and multinational companies seeking to meet ESG targets and renewable energy procurement requirements is boosting REC demand. Supportive government policies, expansion of solar and wind power capacity, and growing awareness of scope-2 emissions reduction are further accelerating market growth. Additionally, increasing involvement from utilities and energy developers in REC issuance and trading is strengthening the development of Thailand's REC market.

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✦ Thailand Renewable Energy Certificate Market: Competitive Intelligence
The key players in the market include Electricity Generating Authority of Thailand (EGAT), Statkraft, APX, REDEX Pte. Ltd., Saxon Renewables Pte. Ltd., and the I-REC Standard, among others.

The Thailand Renewable Energy Certificate (REC) market is being shaped by utilities, international certificate registries, and trading platforms such as EGAT, I-REC Standard, REDEX, and APX, which enable transparent tracking, issuance, and trading of renewable energy attributes. Their systems support corporate sustainability goals, regulatory compliance, and voluntary renewable electricity procurement across commercial and industrial sectors.

These players' complementary strengths including EGAT's role in Thailand's power sector, I-REC Standard's global credibility, and APX and REDEX's digital registry and trading expertise are strengthening market confidence and liquidity. Growing corporate demand for scope 2 emissions reduction, cross-border REC trading, and renewable energy adoption, along with supportive clean energy policies, is driving steady growth of the REC ecosystem in Thailand.

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✦ New Product Launches / Market Initiatives
Electricity Generating Authority of Thailand (EGAT)
EGAT continued expansion of its REC issuance and tracking mechanisms aligned with Thailand's clean energy targets. The program supports corporates and utilities in verifying renewable electricity consumption and meeting sustainability commitments.

Thailand Greenhouse Gas Management Organization (TGO)
TGO advanced Thailand's national REC framework through enhancements to its registry and certification processes. These initiatives improve transparency and support voluntary renewable electricity procurement by businesses.

✦ R&D / System Developments
Provincial Electricity Authority (PEA)
PEA enhanced digital systems for renewable energy data monitoring and verification, supporting REC issuance and grid integration. The upgrades aim to improve accuracy and trust in renewable electricity tracking across regional networks.

Metropolitan Electricity Authority (MEA)
MEA continued system-level developments to integrate distributed renewable energy generation with REC accounting mechanisms. The focus is on enabling corporate renewable energy claims in urban electricity networks.
Technological Advancements

Digital REC Registries & Tracking
Thailand's REC market is advancing through digital registry platforms that ensure traceability, reduce double counting, and improve transaction efficiency. These systems support compliance and voluntary renewable energy markets.

Corporate Renewable Procurement Mechanisms
Technological and regulatory progress is enabling corporate power purchase agreements (PPAs) and bundled REC transactions. This advancement supports multinational companies operating in Thailand to meet RE100 and ESG targets.

✦ M&A / Strategic Developments
Gulf Energy Development
Gulf Energy continued strategic investments and partnerships in renewable energy projects, indirectly supporting REC supply growth in Thailand. The company's renewable expansion strengthens certificate availability for corporate buyers.

Energy Absolute
Energy Absolute expanded its renewable energy portfolio through project development and partnerships, increasing solar and wind generation capacity. These projects contribute to the domestic REC market and sustainability driven electricity sourcing.

✦ Segment Covered in the Thailand Renewable Energy Certificate Market :
By Type
The market is segmented into I-REC 75% and TIGR 25%, with I-RECs dominating due to their international recognition, strong credibility, and wide acceptance among multinational corporations operating in Thailand. I-RECs are widely used to meet sustainability targets, carbon neutrality goals, and RE100 commitments. TIGRs are primarily adopted by domestic entities and utilities, supported by Thailand's national renewable energy tracking framework.

By Energy Source
The market is segmented into Solar RECs 50%, Biomass RECs 20%, Wind RECs 15%, Hydro RECs 10%, and Geothermal RECs 5%, with solar RECs leading due to Thailand's high solar irradiation, rapid expansion of solar PV installations, and supportive government policies. Biomass RECs hold a significant share driven by Thailand's strong agricultural base and widespread use of biomass power plants. Wind and hydro RECs are growing steadily, while geothermal remains limited due to resource constraints.

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