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Global Renewable Energy Certificate Market is expected to grow at a robust CAGR

Global Renewable Energy Certificate Market is expected to grow as increasingly investing in data management solutions throughout the forecast period.

 

According to TechSci Research report, “Renewable Energy Certificate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, The Global Renewable Energy Certificate Market is poised for robust growth in the coming years, driven by various factors that are reshaping the industry landscape. "The Global Renewable Energy Certificate (REC) Market is currently experiencing a remarkable transformation, largely driven by the integration of advanced technologies. RECs, once primarily associated with renewable energy tracking and certification, are now becoming a pivotal component across diverse industries. Celebrated for their ability to enhance sustainability, promote clean energy adoption, and foster environmental responsibility, RECs are reshaping business operations and practices in a multitude of sectors. In this exploration, we delve into how RECs are driving substantial change across various industries and revolutionizing business processes.

Energy Transition Acceleration: RECs are playing a pivotal role in accelerating the global transition to renewable energy sources. As nations and organizations strive to reduce carbon emissions and combat climate change, the demand for renewable energy is soaring. RECs provide a transparent and credible means to track and verify the renewable attributes of energy generation. By purchasing and retiring RECs, businesses and governments can demonstrate their commitment to clean energy and achieve their sustainability targets. This is fostering the growth of renewable energy projects worldwide, from solar and wind farms to hydroelectric and biomass facilities.

Corporate Sustainability Initiatives: Businesses are increasingly recognizing the importance of sustainability in their operations. Many corporations are setting ambitious sustainability goals, aiming to achieve carbon neutrality or power their operations entirely with renewable energy. RECs serve as a practical solution for companies to bridge the gap between their renewable energy targets and the energy mix available in their regions. By procuring RECs, businesses can offset their carbon footprint, reduce greenhouse gas emissions, and align with environmentally responsible practices.

Supply Chain Sustainability: Supply chain sustainability is becoming a critical consideration for businesses. Companies are evaluating not only their own operations but also the environmental impact of their entire supply chains. RECs are instrumental in extending sustainability efforts to suppliers and partners. By requiring or incentivizing suppliers to provide renewable energy or RECs as part of their products or services, organizations can enhance the sustainability of their supply chains and meet the growing expectations of eco-conscious consumers.

Electric Vehicle (EV) Integration: The transportation sector is undergoing a significant shift toward electric vehicles (EVs) as part of efforts to reduce fossil fuel consumption and emissions. RECs play a role in making EV charging more sustainable. Businesses and charging infrastructure providers can pair EV charging stations with renewable energy generation and RECs to offer green charging options. This not only reduces the carbon footprint of EVs but also enhances the appeal of electric mobility to environmentally conscious consumers.

Financial Innovation and Green Investments: RECs are becoming attractive assets for investors seeking to support renewable energy projects and green initiatives. Financial institutions and impact investors are incorporating RECs into their portfolios as a way to promote sustainable development and drive positive environmental outcomes. This trend is spurring financial innovation in renewable energy markets, with instruments like green bonds and sustainability-linked loans linked to REC-backed projects.

Data-Centric Sustainability: In the age of data-driven decision-making, RECs provide a valuable source of information for organizations looking to analyze and optimize their sustainability efforts. Through REC data and reporting, businesses can gain insights into their renewable energy usage, carbon reduction achievements, and environmental impact. This data-centric approach to sustainability allows for more informed and strategic sustainability planning and reporting.In conclusion, the adoption of Renewable Energy Certificates is driven by the pursuit of sustainability, carbon reduction, and environmental responsibility across industries. These certificates empower organizations to actively participate in the global shift toward renewable energy, enhance their sustainability profiles, and meet the growing demands of eco-conscious stakeholders. As technology continues to advance, the potential for RECs to transform business practices and promote clean energy adoption remains limitless. These certificates are poised to lead the way in reshaping industries and redefining how organizations leverage renewable energy technologies and environmental responsibility in the pursuit of a greener and more sustainable future.



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The compliance segment is dominating the global renewable energy certificate (REC) market. This dominance is attributed to a number of factors, including: Government regulations: Many governments around the world have implemented regulations that require businesses and organizations to generate or purchase RECs. This is driving the demand for RECs in the compliance market.

Corporate sustainability goals: Many businesses and organizations are setting ambitious sustainability goals, such as reducing their carbon footprint and supporting the development of renewable energy. This is driving the demand for RECs in the compliance market.

Increased public awareness: There is increasing public awareness about the importance of renewable energy and the need to reduce greenhouse gas emissions. This is putting pressure on businesses and organizations to purchase RECs in order to meet their sustainability goals and maintain their public image.

The voluntary segment is the other major segment in the global REC market. This segment is growing rapidly as more and more businesses and organizations are voluntarily purchasing RECs to reduce their carbon footprint and support the development of renewable energy. However, the compliance segment is expected to remain the dominating segment in the global REC market for the foreseeable future.

In the coming years, it is expected that the global REC market for both the compliance and voluntary segments will continue to grow at a rapid pace. This growth will be driven by the increasing demand for RECs from businesses and organizations, the continued growth of the renewable energy market, and the expansion of REC markets in new countries. Here are some additional insights into the compliance and voluntary segments of the global REC market: The compliance segment is further categorized into state-level compliance markets and regional compliance markets. The voluntary segment is further categorized into corporate voluntary markets and individual voluntary markets. The compliance segment is dominated by a small number of large players, while the voluntary segment is more fragmented.The voluntary segment is growing faster than the compliance segment. The global REC market is a highly dynamic and growing market. Companies in this market are constantly innovating and developing new products and services to meet the growing demands of their customers.


Key market players in the Global Renewable Energy Certificate Market are:-

  • Green Mountain Energy Inc.
  • Clearway Energy Group Inc.
  • NextEra Energy Partners, LP
  • Enel Green Power SpA
  • EDF Renewables
  • Iberdrola SA
  • Ørsted A/S
  • RWE AG
  • ENGIE SA
  • AES Corporation


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“North America holds a dominant position in the Global Renewable Energy Certificate (REC) market due to several key factors that contribute to its leadership in promoting renewable energy adoption and sustainability practices. Here's an explanation of why North America is the dominating region in the Global REC market:

Robust Renewable Energy Growth: North America has experienced significant growth in renewable energy capacity, particularly in the United States and Canada. Both countries have made substantial investments in renewable energy sources such as wind, solar, hydroelectric, and biomass. This increase in renewable energy generation has led to a greater availability of RECs in the region, making it a prime location for REC market development. Supportive Policy Environment: North America has established a favorable policy environment that encourages renewable energy adoption. Various federal and state-level initiatives, including Renewable Portfolio Standards (RPS) and renewable energy tax credits, incentivize the development of renewable energy projects. These policies create a strong demand for RECs as a means of demonstrating compliance with renewable energy targets and accessing financial incentives. Corporate Sustainability Commitments: Many North American businesses and corporations have set ambitious sustainability goals, pledging to reduce their carbon footprint and transition to clean energy sources. These sustainability commitments often include the purchase of RECs to offset their energy consumption. Large tech companies, in particular, have made significant REC purchases to power their data centers and operations with renewable energy, driving demand for RECs in the region. Consumer Awareness and Demand: The awareness of environmental issues and the demand for sustainable products and services among North American consumers are driving businesses to invest in renewable energy and RECs. Companies that can demonstrate their use of renewable energy through RECs gain a competitive edge in the market, as environmentally conscious consumers prefer to support businesses with strong sustainability practices.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Renewable Energy Certificate Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Energy Type (Solar Energy, Wind Power, Hydroelectric power, Gas power), By Capacity (0-1, 000KWH, 1, 100-5, 000KWH, and more than 5, 000KWH), By End Use (Voluntary, and Compliance), By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global Renewable Energy Certificate Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Renewable Energy Certificate Market. 


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