Renewable Energy Certificate Market Size Worth Around US$ 100.96 Bn by 2030

London, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global renewable energy certificate market was valued at USD 12.72 billion in 2021. The rising demand for the various types of power and the government policies that mandates a company to meet the required targets to use of renewable energy is among the most prominent factors that primarily contribute to the growth of the global renewable energy certificate market.

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The increased pollution levels and deteriorating environmental conditions owing to the rapid industrialization and extensive carbon emission has now mandated the use of the green energy across the industries all over the globe. The burgeoning sales of the solar panels, micro hydro-power plants, and micro wind turbines are supplementing the growth of the renewable energy certificate market.The stringent government regulations regarding the use of renewable energy sources is a significant factor that is expected to drive the growth of the global renewable energy certificate market. The rising investments in the development of hydro power plant that produces electricity of around 100 KW using flowing water sources is supplementing the market growth. The rising preference of the green energy is fostering the revenue generation through the trade of the renewable energy certificates across the globe.

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Renewable Energy Certificate Market Growth Rate from 2020 to 2030

Regional Snapshot

North America dominated the global renewable energy certificate market in 2020. This is mainly attributed to the implantation of stricter government regulations regarding the carbon emissions and development of the renewable energy sources across the North America. The increased demand for the renewable or green power in the region has significantly boosted the market growth in the region. The region is characterized by the presence of several technologically advanced companies that has huge energy requirements that fosters the development of the renewable energy sources. The trade of renewable energy certificate in the nations like US and Canada is gaining traction, which is anticipated to further fuel the growth of the renewable energy certificate market during the forecast period.

Europe is expected to be the fastest-growing market during the forecast period, owing to the burgeoning demand for the green energy across different industries. The rising focus and investments in Europe on achieving sustainability and reducing carbon footprint is perfectly supplementing the growth of the renewable certificate market in Europe.

Market Dynamics

Driver

The rising demand for the green energy

The extensive usage of the fossil fuel has depleted this energy source. Therefore, the need for sustainable and renewable energy sources has increased in the past few years. Moreover, rising concerns regarding the drowning health of the environment owing to the pollution has necessitated the adoption of the green energy across the globe. Hence, the increased demand for the green energy and development of the renewable energy sources is projected to drive the growth of the global renewable energy certificate market during the forecast period.

Restraints

Lack of awareness in underdeveloped nations

There is a lack of awareness regarding the renewable energy certificate in the underdeveloped countries. Moreover, lack of sufficient funds in the underdeveloped nations is restricting the development of various renewable energy sources like hydro power plants and other source of flowing water. This may hamper the market growth in the upcoming years.

Opportunities

Rising government and private investments in the development of renewable power plants

The rising investments of the government and the private sector to develop and build the various renewable power plants is expected to drive the market growth in the foreseeable future. Moreover, the government initiatives in promoting the renewable energy certificates is offering lucrative growth opportunities.

Challenges

Lack of regulation

Lack of proper regulations in the developing and underdeveloped markets is a major challenge that may potentially restrict the market growth in the future.

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Report Highlights

• Based on the energy type, the solar energy segment dominated the global renewable certificate market in 2020. This is attributed to the increased adoption of the solar energy across the globe. Further, the rising government initiatives and government investments to develop solar panels and increase its adoption across the globe has fueled the growth of this segment. The rising investments from the private sector to develop the solar power plants on large scale is expected to further foster the growth of the solar energy renewable energy certificate market across the globe.
  
  
• Based on the capacity, the 5000 KWH segment dominated the global renewable certificate market in 2020.The rapidly growing number of wind and solar farms across the globe owing the rising demand for the renewable energy and rising government and corporate investments is driving the growth of this segment.
  
  
• Based on the end use, the compliance segment dominated the global renewable certificate market in 2020. The increased government initiatives and stringent norms that compels the various sectors to increasingly adopt the renewable energy sources in an attempt to minimize the carbon emission, acts as a major drive of this segment.
  
  

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
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  
  

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