05-26-2025 05:52 AM CET | Energy & Environment

Renewable Energy Certificates (REC) Market

Renewable Energy Certificates (REC) Market

According to recent market estimates, the renewable energy certificates (REC) market is expected to grow from USD 25.64 billion in 2024 to USD 66.74 billion by 2034, registering a compound annual growth rate (CAGR) of 10.1% over the forecast period.

Market Introduction

Renewable energy certificates (RECs) are tradable market-based instruments that represent proof that one megawatt-hour (MWh) of electricity has been generated from a renewable energy source, such as wind, solar, or hydroelectric power, and delivered to the grid. These certificates allow the holder to claim the environmental attributes and benefits associated with renewable energy generation, even if the physical electricity consumed is sourced from a different mix of power generation.

RECs are also known as green tags or renewable energy credits, and they serve as a critical mechanism to incentivize and accelerate the production of clean energy. By purchasing RECs, businesses, utilities, and individuals can support renewable energy projects financially, helping to reduce greenhouse gas emissions and promote a transition to a low-carbon energy system.

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Market Drivers Fueling Growth

Growing Ecological Awareness: Growing ecological consciousness and rising consumer demand for clean energy are fueling market growth. There is an elevated inclination for green energy credits intake as persons, bodies and groups become more educated about ecological influence of traditional energy sources. A February 2025 EPA report recognized that more than 3,400 US fossil fuel power plants are the biggest sources for nitrogen oxides (NOx) and sulfur dioxide (SO2), that has a detrimental impact on the environment, as carbon dioxide (CO2) and mercury cause acid rain. Thus, growing ecological awareness is spiralling the renewable energy certificates (REC) market growth.

Technological Progressions: The growing adoption of renewable energy technologies such as solar, wind, and biomass is notably causing the market growth. A January 2025 IEA report estimates global renewable electricity creation will rise almost 90% by 2030, hitting 17,000 TWh, reflecting the rising adoption of clean energy sources globally.

Competitive Landscape

The firms have expanded and invested in global networks, aligned with increasingly dynamic technologies, and collaborated with other stakeholders to advance renewable energy development. Some of the prominent players operating in the market include:

• Amazon.com, Inc.

• Apple Inc.

• Bank of America Corporation

• Ford Motor Company

• General Motors Company

• Google LLC

• IKEA Group

• Intel Corporation

• Meta Platforms, Inc.

• Microsoft Corporation

• Procter & Gamble Company

• Samsung Electronics Co., Ltd.

• Starbucks Corporation

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Renewable Energy Certificates (REC) Market Report Highlights

✅ In terms of energy type, solar power led the REC market in 2024, driven by its broad scalability, declining costs, and widespread deployment across residential, commercial, and utility-scale projects.

✅ Based on capacity, the 1,000-5,000 KWH segment is anticipated to grow significantly, catering to mid-sized commercial and institutional users seeking cost-effective renewable energy procurement.

✅ Asia Pacific accounted for the largest REC market share in 2024, supported by rapid renewable capacity additions, favorable policies, and rising corporate demand for clean energy.

✅ North America’s REC market is poised for strong growth, fueled by robust regulatory frameworks and increasing adoption of renewable energy sourcing by businesses and utilities.

Regional Insights

Asia Pacific led the global market in 2024 owing to the region’s speedy renewable energy augmentation, supportive policy frameworks, and growing industrial demand for green power sources.

North America is projected to witness fastest growth during the projection period due to entrenched regulatory framework and a robust demand for renewable energy sourcing.

By Regional Outlook (Revenue, USD Billion, 2020-2034)

🔹 North America

» US

» Canada

🔹 Europe

» Germany

» UK

» France

» Italy

» Spain

» Russia

» Netherlands

» Rest of Europe

🔹 Asia Pacific

» China

» India

» Japan

» South Korea

» Indonesia

» Malaysia

» Vietnam

» Australia

» Rest of Asia Pacific

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Segmental Outlook

By Capacity Outlook (Revenue, USD Billion, 2020-2034)

• Up to 1,000 KWH

• 1,000 to 5,000 KWH

• Above 5,000 KWH

By Energy Type Outlook (Revenue, USD Billion, 2020-2034)

• Solar Power

• Wind Power

• Hydropower

• Biomass

• Others

By End Use Outlook (Revenue, USD Billion, 2020-2034)

• Compliance

• Voluntary

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