Renewable Energy Certificate Market By Energy Type (Solar, Wind, Biomass), By Issuance Type (Tradable Certificates, Non-tradable Certificates), By End-User (Corporates & Industries, Utilities, Government Institutions), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Renewable Energy Certificate Market was valued at USD 14.9 billion in 2023 and will surpass USD 71.4 billion by 2030; growing at a CAGR of 25.1% during 2024 - 2030.

Renewable Energy Certificate Market Size

Corporates & Industries Segment is Expected to Witness the Fastest Growth

Corporates & industries, particularly those in energy-intensive industries like manufacturing, mining, and chemicals, are increasingly adopting renewable energy certificates to meet their sustainability goals. Many global corporations are under pressure to reduce their carbon footprints due to regulatory mandates and consumer demand for greener products. As a result, they are purchasing RECs as a cost-effective way to offset their carbon emissions and contribute to the global energy transition. These certificates enable companies to claim the use of renewable energy, even if their direct energy consumption is still tied to traditional power sources. The growing focus on ESG (Environmental, Social, and Governance) criteria is pushing more industries to seek out renewable energy certificates as a key strategy for sustainability.

Additionally, the industrial sector is driven by the need to comply with increasingly stringent governmental regulations. Many governments, particularly in developed economies, are imposing stricter environmental regulations and offering incentives for businesses that adopt renewable energy solutions. By leveraging RECs, industrial users can enhance their compliance with these regulations without overhauling their existing energy infrastructure. This flexibility, combined with the pressure to improve sustainability metrics, has led to a significant increase in demand for renewable energy certificates within the industrial sector.

Renewable Energy Certificate market - by end user

North America Holds the Largest Market Share in Renewable Energy Certificate Market

North America holds largest share in the Renewable Energy Certificate market, driven by its advanced regulatory frameworks and well-developed renewable energy infrastructure. The US and Canada, in particular, have been frontrunners in adopting REC systems, with various federal and state-level policies encouraging the growth of renewable energy markets. The US, through initiatives such as the Renewable Portfolio Standards (RPS), has created a strong demand for renewable energy certificates. This policy mandates that a specific percentage of the energy used by utilities must come from renewable sources, which has fueled the growth of the REC market in North America. In Canada, various provincial policies, such as Ontario’s Green Energy Act, have bolstered the use of RECs to support a growing renewable energy sector.

Furthermore, North America’s extensive investment in renewable energy projects such as wind, solar, and hydropower also plays a significant role in its dominance in the REC market. The region benefits from a well-established infrastructure that supports the generation and tracking of renewable energy, making it easier for businesses and utilities to participate in the REC market. The availability of various voluntary and compliance markets for renewable energy certificates also enhances the region’s growth potential, as corporations increasingly seek to meet their renewable energy goals through certificate purchases.

Renewable Energy Certificate market - share by regionThe report focuses on estimating the current market potential in terms of the total addressable market for all the segments, sub-segments, and regions. In the process, all the high-growth and upcoming technologies were identified and analyzed to measure their impact on the current and future market. The report also identifies the key stakeholders, their business gaps, and their purchasing behavior. This information is essential for developing effective marketing strategies and creating products or services that meet the needs of the target market. The report also covers a detailed analysis of the competitive landscape which includes major players, their recent developments, growth strategies, product benchmarking, and manufacturing operations among others. Also, brief insights on start-up ecosystem and emerging companies is also included as part of this report.

Report Objectives:

The report will help you answer some of the most critical questions in the Renewable Energy Certificate Market. A few of them are as follows:

  1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
  2. What are the prevailing technology trends in the Renewable Energy Certificate Market?
  3. What is the size of the Renewable Energy Certificate Market based on segments, sub-segments, and regions?
  4. What is the size of different market segments across key regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa?
  5. What are the market opportunities for stakeholders after analyzing key market trends?
  6. Who are the leading market players and what are their market share and core competencies?
  7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
  8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope:

Report Features

Description

Market Size (2023)

USD 14.9 billion

Forecasted Value (2030)

USD 71.4 billion

CAGR (2024 – 2030)

25.1%

Base Year for Estimation

2023

Historic Year

2022

Forecast Period

2024 – 2030

Report Coverage

Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments

Segments Covered

Renewable Energy Certificate Market By Energy Type (Solar, Wind, Biomass), By Issuance Type (Tradable Certificates, Non-tradable Certificates), and By End-User (Corporates & Industries, Utilities, Government Institutions)

Regional Analysis

North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)

Customization Scope

Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements

1. Introduction

   1.1. Market Definition

   1.2. Scope of the Study

   1.3. Research Assumptions

   1.4. Study Limitations

2. Research Methodology

   2.1. Research Approach

      2.1.1. Top-Down Method

      2.1.2. Bottom-Up Method

      2.1.3. Factor Impact Analysis

  2.2. Insights & Data Collection Process

      2.2.1. Secondary Research

      2.2.2. Primary Research

   2.3. Data Mining Process

      2.3.1. Data Analysis

      2.3.2. Data Validation and Revalidation

      2.3.3. Data Triangulation

3. Executive Summary

   3.1. Major Markets & Segments

   3.2. Highest Growing Regions and Respective Countries

   3.3. Impact of Growth Drivers & Inhibitors

   3.4. Regulatory Overview by Country

4. Renewable Energy Certificate Market, by Energy Type (Market Size & Forecast: USD Million, 2022 – 2030)

   4.1. Solar

   4.2. Wind

   4.3. Biomass

   4.4. Others

5. Renewable Energy Certificate Market, by Issuance Type (Market Size & Forecast: USD Million, 2022 – 2030)

   5.1. Tradable Certificates

   5.2. Non-tradable Certificates

6. Renewable Energy Certificate Market, by End-User (Market Size & Forecast: USD Million, 2022 – 2030)

   6.1. Corporates & Industries

   6.2. Utilities

   6.3. Government Institutions

   6.4. Others

7. Regional Analysis (Market Size & Forecast: USD Million, 2022 – 2030)

   7.1. Regional Overview

   7.2. North America

      7.2.1. Regional Trends & Growth Drivers

      7.2.2. Barriers & Challenges

      7.2.3. Opportunities

      7.2.4. Factor Impact Analysis

      7.2.5. Technology Trends

      7.2.6. North America Renewable Energy Certificate Market, by Energy Type

      7.2.7. North America Renewable Energy Certificate Market, by Issuance Type

      7.2.8. North America Renewable Energy Certificate Market, by End-User

      7.2.9. By Country

         7.2.9.1. US

               7.2.9.1.1. US Renewable Energy Certificate Market, by Energy Type

               7.2.9.1.2. US Renewable Energy Certificate Market, by Issuance Type

               7.2.9.1.3. US Renewable Energy Certificate Market, by End-User

         7.2.9.2. Canada

         7.2.9.3. Mexico

         *Similar segmentation will be provided for each region and country

   7.3. Europe

   7.4. Asia-Pacific

   7.5. Latin America

   7.6. Middle East & Africa

8. Competitive Landscape

   8.1. Overview of the Key Players

   8.2. Competitive Ecosystem

      8.2.1. Level of Fragmentation

      8.2.2. Market Consolidation

      8.2.3. Product Innovation

   8.3. Company Share Analysis

   8.4. Company Benchmarking Matrix

      8.4.1. Strategic Overview

      8.4.2. Product Innovations

   8.5. Start-up Ecosystem

   8.6. Strategic Competitive Insights/ Customer Imperatives

   8.7. ESG Matrix/ Sustainability Matrix

   8.8. Manufacturing Network

      8.8.1. Locations

      8.8.2. Supply Chain and Logistics

      8.8.3. Product Flexibility/Customization

      8.8.4. Digital Transformation and Connectivity

      8.8.5. Environmental and Regulatory Compliance

   8.9. Technology Readiness Level Matrix

   8.10. Technology Maturity Curve

   8.11. Buying Criteria

9. Company Profiles

   9.1. Acciona

      9.1.1. Company Overview

      9.1.2. Company Financials

      9.1.3. Product/Service Portfolio

      9.1.4. Recent Developments

      9.1.5. IMR Analysis

      *Similar information will be provided for other companies 

   9.2. Brookfield Renewable Partners

   9.3. Duke Energy

   9.4. EDF Renewables

   9.5. Enel Group

   9.6. Exelon

   9.7. First Solar

   9.8. General Electric

   9.9. Iberdrola

   9.10. Invenergy

   9.11. NextEra Energy

   9.12. Ørsted

   9.13. Siemens Gamesa Renewable Energy

   9.14. Vestas Wind Systems

   9.15. Xcel Energy

10. Appendix

 

A comprehensive market research approach was employed to gather and analyze data on the Renewable Energy Certificate Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Renewable Energy Certificate Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.

Research Approach - Renewable Energy Certificate market

Secondary Research

Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.

Primary Research

Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the Renewable Energy Certificate ecosystem. The primary research objectives included:

  • Validating findings and assumptions derived from secondary research
  • Gathering qualitative and quantitative data on market trends, drivers, and challenges
  • Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
  • Assessing the supply-side landscape, including technological advancements and recent developments

Market Size Assessment

A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Renewable Energy Certificate Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:

  1. Identification of key industry players and relevant revenues through extensive secondary research
  2. Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
  3. Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources

Bottom Up and Top Down - Renewable Energy Certificate market

Data Triangulation

To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.

 

 

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