The global renewable energy certificate market is estimated to exhibit a CAGR of 18.9% from 2023-2032.
The renewable energy certificate market size was estimated to be US$ 11.26 Billion in 2022.
The renewable energy certificate market is experiencing significant growth due to a combination of rising demand for renewable energy, supportive government policies and regulations, growing corporate sustainability goals, and technological advancements in renewable energy.
The fastest-growing segment in the renewable energy certificate market is wind power, which has been growing at a rapid pace in recent years. This is due to the increasing demand for wind energy, driven by the falling cost of wind power and the increasing number of wind projects being developed around the world.
The compliance is the largest segment, accounting for a significant share of the market. This segment is primarily driven by government policies and regulations that require organizations to purchase a certain amount of renewable energy or to offset their carbon emissions through the purchase of RECs.
The Europe region will lead the global renewable energy certificate market, driven by a combination of supportive government policies and regulations, growing demand for renewable energy, and a long history of investment in renewable energy.
The fastest-growing segment of the global renewable energy certificate market is Asia-Pacific, driven by the rapid growth of the economies in the region and increasing demand for energy.
The capacity greater than 5000 KWH displayed the largest share in the worldwide renewable energy certificate market. This is due to the fact that many large organizations and utility companies generate a large amount of renewable energy, and therefore require large-capacity RECs.
Prominent players in the global renewable energy certificate market include APX, Inc. (USA), ECOHZ AS (Norway), EDP Renewables (Portugal), ENGIE (France), Enova (Norway), EON SE (Germany), EPEX SPOT SE (France), EREC Renewable Energy Certificate Ltd. (UK), European Energy A/S (Denmark), Iberdrola (Spain), Innergex Renewable Energy Inc. (Canada), Naturgy Energy Group (Spain), NextEra Energy (USA), Origin Energy (Australia), RWE AG (Germany), and many more.
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