The global renewable energy certificate market growth is expanding at a CAGR of 25.9% from 2023 to 2032 and it is expected to reach valuation around USD 100.96 billion by 2030.

Power demand is rising globally, and governments are encouraging businesses to use renewable energy by enacting legislation. Micro wind turbines, rooftop solar panels, and micro hydropower plants are increasing their market share in renewable energy, causing the industry to expand. The market is expanding because of government regulations encouraging the creation of these affordable and sustainable resources. The demand for micro hydro power plants is driven by the availability of water streams, canals, and other resource sites of flowing water. The market for renewable energy certificates is expanding primarily due to these causes.

One of the factors limiting the market's growth is the inadequacy of the legislation and the insufficient formation of the organization based on this market. According to the U.S. Commerce Clause, the preferential policies for domestic resources over imports to promote the development of local renewable energy and protect regional or domestic resources from the contest from less expensive RECs from beyond the region have unconstitutionally restrained interstate trade. The lack of knowledge of renewable energy certificates in developing nations, particularly in India, where the compliance market purchases the majority of the nearly 99% of RECs produced in India, hinders the industry's expansion.
The global renewable energy certificate market size accounted for USD 12.72 billion in 2021, and it is projected to be worth around USD 100.96 billion by 2030 with a CAGR of 25.9% from 2022 to 2030.
Regional Snapshot
North America dominates the market for renewable energy certificates. RECs are non-tangible commodities of energy that can be traded in the United States and serve as documentation that 1 MWh of electricity was produced from permissible renewable energy sources and fed into the nation's common power lines. Voluntary and compliance markets are the two main renewable energy certificate markets in the US. Depending on the state SREC market, SREC prices in 2021 range from $10 to over $400. For "green renewable energy" on long-term 20-year contracts, BC Hydro in Canada gives $3/MWh. The industry has expanded due to rising energy demand and the advancement of renewable energy sources. The market is expanding due to the regulation that has been established and is currently in place for the trade in renewable energy sales. The development of domestic renewable energy sources and governmental legislation has fueled the market's expansion. Also contributing to the rise of the market for renewable energy certificates is the existence of very energy-intensive businesses in this region, which has increased renewable energy certificates' demand to offset their carbon impact.
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Market Dynamics
Market Drivers
Rising environmental consciousness and renewable energy to drive the renewable energy certificates market
The global market for renewable energy certificates is driven by rising environmental consciousness and renewable energy sources' demand in various geographical areas. The market for energy certificates is expanding due to the quickening development of the centers of green data and the controlled use of non-renewable resources. Additionally, the market expansion is fueled by government initiatives that favor affordable and sustainable resources. For instance, numerous tiny hydropower plants have been developed using the abundance of canals, water streams, and other water-based resources, which has finally improved the market for energy certificates.
Market Restraints
Requirement for additional regulations and insufficient organizations in underdeveloped sectors to hamper the market growth
The requirement for additional regulations and insufficient organizations in these areas may hamper the predicted growth in underdeveloped sectors throughout the forecast period. Many developing and impoverished nations must understand the market for renewable energy certificates.
Market Opportunities
Rise in government and private sector investments
Market expansion will likely be supported soon by increased government and private sector investments and efforts. The development of the micro hydro power plant, which uses the water stream to generate up to 100KW of electricity, offers a lot of room for the market for renewable energy certificates to expand. Homes and villages in remote areas can use the electricity, sometimes via connecting to the public grid. Similarly, installing a cost-efficient and environmentally friendly micro wind turbine supplies adequate electricity for both private and public grids.
Market Challenges
Renewable energy projects financing for independent enterprises
The renewable energy certificate is a label that certifies the energy used to generate electricity from renewable sources. A significant obstacle to the growth of the REC market is renewable energy project financing for independent enterprises. For that reason, government engagement is necessary.
Report Highlights

• By energy type insights, solar energy held the biggest revenue share in 2020. For applications of medium and small sizes, photovoltaic technology is popular. The increasing use of solar energy in more and more devices, including calculators and remote controls, is fueling this market segment's expansion.


• By capacity insights, the 5000 KWH sector will command the most revenue share in the global market for the renewable certificate in 2020. This is because there are more wind and solar farms than ever before. Due to the heavy use of fossil fuels and resulting depletion, there is an increasing demand for alternative renewable energy sources.


• By end-use insights, the compliance category dominated the global market for renewable certificates in 2020, according to end-use insights. This is only explained by the rise in government measures to encourage the use of renewable energy and the implementation of rules about fulfilling the targets of minimum renewable energy consumption.


• By regional insights, renewable energy certificates are non-tangible energy good that is simple to sell in a nation like the US. In terms of income, North America will control the global market for renewable certificates in 2020. During the projected period, Europe will likely be the market with the greatest opportunity, and the increase in green energy demand across various industries explains this.

Segments Covered in the Report
By Energy Type

• Wind Power


• Solar Energy


• Gas Power


• Hydro-electric Power

By End Use

• Compliance


• Voluntary

By Capacity

• 0-1000 KWh


• 1000-5000 KWH


• Greater that 5000 KWH

By Geography

• North America


• Europe


• Asia Pacific


• Rest of the World

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