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.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global Renewable Energy Certificate Market."
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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