Global Renewable Energy Certificate Market Size study & Forecast, by Type by Energy Source and End-user and Regional Forecasts 2025-2035

Description

The Global Renewable Energy Certificate (REC) Market is valued at approximately USD 15.38 billion in 2024 and is poised to accelerate at a CAGR of more than 28.20% from 2025 to 2035. Renewable Energy Certificates have emerged as a pivotal financial and environmental instrument, enabling enterprises and consumers to procure verified renewable electricity attributes while strengthening their decarbonization strategies. By allowing organizations to decouple renewable electricity procurement from physical infrastructure constraints, RECs have profoundly influenced how global entities chase net-zero targets. The market's expansion is largely propelled by escalating corporate sustainability commitments, stringent climate-centric regulatory frameworks, and mounting stakeholder pressure to demonstrate transparent emissions accountability. As industries continue to pivot toward electrification and carbon-neutral operations, RECs have quickly evolved from a niche mechanism into a mainstream procurement lever shaping global energy transitions.

The rapid adoption of RECs has intensified as governments worldwide reinforce renewable portfolio standards and multinational corporations aggressively pursue science-based climate objectives. Compliance markets, driven by statutory renewable mandates, have continuously pushed utilities to secure certified green electricity attributes, thereby accelerating REC demand. Simultaneously, the voluntary REC market has taken flight as companies seek to strengthen ESG credibility and offset market-based Scope 2 emissions. According to various global energy assessments, renewable electricity generation-particularly from wind and solar-has surged dramatically since 2023, creating a fertile ecosystem for REC issuance. Furthermore, advancements in digital energy tracking platforms and blockchain-led certification technologies are unlocking new efficiencies, lowering fraud risks, and widening REC accessibility across emerging economies. However, despite the strong momentum, market growth faces friction from inconsistent regional regulatory structures and rising scrutiny around the true impact and transparency of voluntary RECs during the forecast period of 2025-2035.

The detailed segments and sub-segments included in the report are:

By Type:

Compliance RECs
Voluntary RECs

By Energy Source:

Wind
Solar
Hydro
Biomass
Geothermal

By End-user:

Utilities
Corporations
Government & Municipalities
Individuals

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
ROE

Asia Pacific

China
India
Japan
Australia
South Korea
RoAPAC

Latin America

Brazil
Mexico

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Compliance RECs Are Expected to Dominate the Market

Compliance Renewable Energy Certificates continue to command a substantial share of the global market, powered by stringent renewable energy standards that require utilities to secure a regulated minimum percentage of renewable electricity each year. Regulatory mechanisms across North America and Europe have consistently tightened, forcing utility providers to ramp up REC procurement and maintain compliance with evolving emission reduction mandates. As governments elevate climate commitments, compliance markets have transformed into a core legislative tool for accelerating renewable adoption. While voluntary RECs exhibit a fast-rising curve, compliance RECs remain the bedrock of overall demand because they are legally enforced and directly woven into national energy strategies. Their structured policy frameworks, predictable pricing environments, and stable demand pipelines ensure that compliance RECs maintain dominance throughout the forecast period.

Wind Energy RECs Lead in Revenue Contribution

Among energy sources, wind-based Renewable Energy Certificates hold the largest revenue share, primarily due to the expansive installation base of wind farms and consistent global investments in utility-scale wind power. Wind projects, often supported by long-term power purchase agreements, generate large volumes of RECs, enabling this segment to stay ahead of others in terms of annual issuance. Solar RECs, however, are emerging as the fastest-growing segment, supported by rapidly declining photovoltaic costs, distributed generation expansion, and widespread rooftop adoption. Meanwhile, hydro and biomass RECs maintain steady market presence driven by legacy infrastructure and grid-scale availability. Overall, wind RECs dominate current revenues, while solar steadily captures new opportunity corridors as global electrification demand intensifies.

Across major regions, the Renewable Energy Certificate market continues to unfold with distinct growth narratives. North America dominated the market in 2025, underpinned by mature compliance programs such as the U.S. Renewable Portfolio Standards (RPS) and Canada's rising sustainability-driven procurement frameworks. The region's expansive renewable infrastructure, combined with corporate decarbonization commitments, has cemented its leadership position. Asia Pacific, on the other hand, is projected to grow the fastest over the forecast period. Massive industrialization, accelerating clean-energy investments in China and India, and the emergence of new REC trading platforms are stimulating unprecedented market expansion across APAC. Europe remains another key hub, driven by its aggressive Green Deal agenda, rapid offshore wind deployment, and harmonized carbon accountability regulations. Meanwhile, Latin America and the Middle East & Africa are gradually entering structured REC trading ecosystems as renewable capacity continues to multiply across emerging markets.

Major market players included in this report are:

Schneider Electric
ENGIE
Statkraft
Enel Green Power
NextEra Energy
South Pole
Orsted
Iberdrola
Brookfield Renewable
Tata Power
Vestas
Siemens Gamesa
Recurve Energy
Tesla Energy
Shell Energy

Global Renewable Energy Certificate Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries included in the study. The research further explores critical growth drivers, emerging restraints, and evolving market dynamics that will shape the future trajectory of the Renewable Energy Certificate landscape. Additionally, the study identifies lucrative micro-market opportunities for stakeholders to strategically deploy investments, while also providing a granular evaluation of the competitive environment and the product portfolios of leading companies. The detailed segments and sub-segments of the market are explained above.

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level assessment of all major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Evaluation of the competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Renewable Energy Certificate Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Renewable Energy Certificate Market Forces Analysis

3.1. Market Forces Shaping The Global Renewable Energy Certificate Market (2024-2035)
3.2. Drivers
- 3.2.1. escalating corporate sustainability commitments
- 3.2.2. stringent climate-centric regulatory frameworks
3.3. Restraints
- 3.3.1. inconsistent regional regulatory structures and rising scrutiny
3.4. Opportunities
- 3.4.1. mounting stakeholder pressure to demonstrate transparent emissions accountability

Chapter 4. Global Renewable Energy Certificate Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Renewable Energy Certificate Market Size & Forecasts by Type 2025-2035

5.1. Market Overview
5.2. Global Renewable Energy Certificate Market Performance - Potential Analysis (2025)
5.3. Compliance RECs
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Voluntary RECs
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Renewable Energy Certificate Market Size & Forecasts by Energy Source 2025-2035

6.1. Market Overview
6.2. Global Renewable Energy Certificate Market Performance - Potential Analysis (2025)
6.3. Wind
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Solar
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035
6.5. Hydro
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market size analysis, by region, 2025-2035
6.6. Biomass
- 6.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.6.2. Market size analysis, by region, 2025-2035
6.7. Geothermal
- 6.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.7.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Renewable Energy Certificate Market Size & Forecasts by End User 2025-2035

7.1. Market Overview
7.2. Global Renewable Energy Certificate Market Performance - Potential Analysis (2025)
7.3. Utilities
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Corporations
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035
7.5. Government & Municipalities
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2025-2035
7.6. Individuals
- 7.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.6.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Renewable Energy Certificate Market Size & Forecasts by Region 2025-2035

8.1. Growth Renewable Energy Certificate Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Renewable Energy Certificate Market
- 8.3.1. U.S. Renewable Energy Certificate Market
  - 8.3.1.1. Type breakdown size & forecasts, 2025-2035
  - 8.3.1.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.3.1.3. End User breakdown size & forecasts, 2025-2035
- 8.3.2. Canada Renewable Energy Certificate Market
  - 8.3.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.3.2.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.3.2.3. End User breakdown size & forecasts, 2025-2035
8.4. Europe Renewable Energy Certificate Market
- 8.4.1. UK Renewable Energy Certificate Market
  - 8.4.1.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.1.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.1.3. End User breakdown size & forecasts, 2025-2035
- 8.4.2. Germany Renewable Energy Certificate Market
  - 8.4.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.2.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.2.3. End User breakdown size & forecasts, 2025-2035
- 8.4.3. France Renewable Energy Certificate Market
  - 8.4.3.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.3.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.3.3. End User breakdown size & forecasts, 2025-2035
- 8.4.4. Spain Renewable Energy Certificate Market
  - 8.4.4.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.4.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.4.3. End User breakdown size & forecasts, 2025-2035
- 8.4.5. Italy Renewable Energy Certificate Market
  - 8.4.5.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.5.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.5.3. End User breakdown size & forecasts, 2025-2035
- 8.4.6. Rest of Europe Renewable Energy Certificate Market
  - 8.4.6.1. Type breakdown size & forecasts, 2025-2035
  - 8.4.6.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.4.6.3. End User breakdown size & forecasts, 2025-2035
8.5. Asia Pacific Renewable Energy Certificate Market
- 8.5.1. China Renewable Energy Certificate Market
  - 8.5.1.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.1.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.1.3. End User breakdown size & forecasts, 2025-2035
- 8.5.2. India Renewable Energy Certificate Market
  - 8.5.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.2.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.2.3. End User breakdown size & forecasts, 2025-2035
- 8.5.3. Japan Renewable Energy Certificate Market
  - 8.5.3.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.3.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.3.3. End User breakdown size & forecasts, 2025-2035
- 8.5.4. Australia Renewable Energy Certificate Market
  - 8.5.4.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.4.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.4.3. End User breakdown size & forecasts, 2025-2035
- 8.5.5. South Korea Renewable Energy Certificate Market
  - 8.5.5.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.5.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.5.3. End User breakdown size & forecasts, 2025-2035
- 8.5.6. Rest of APAC Renewable Energy Certificate Market
  - 8.5.6.1. Type breakdown size & forecasts, 2025-2035
  - 8.5.6.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.5.6.3. End User breakdown size & forecasts, 2025-2035
8.6. Latin America Renewable Energy Certificate Market
- 8.6.1. Brazil Renewable Energy Certificate Market
  - 8.6.1.1. Type breakdown size & forecasts, 2025-2035
  - 8.6.1.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.6.1.3. End User breakdown size & forecasts, 2025-2035
- 8.6.2. Mexico Renewable Energy Certificate Market
  - 8.6.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.6.2.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.6.2.3. End User breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa Renewable Energy Certificate Market
- 8.7.1. UAE Renewable Energy Certificate Market
  - 8.7.1.1. Type breakdown size & forecasts, 2025-2035
  - 8.7.1.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.7.1.3. End User breakdown size & forecasts, 2025-2035
- 8.7.2. Saudi Arabia (KSA) Renewable Energy Certificate Market
  - 8.7.2.1. Type breakdown size & forecasts, 2025-2035
  - 8.7.2.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.7.2.3. End User breakdown size & forecasts, 2025-2035
- 8.7.3. South Africa Renewable Energy Certificate Market
  - 8.7.3.1. Type breakdown size & forecasts, 2025-2035
  - 8.7.3.2. Energy Source breakdown size & forecasts, 2025-2035
  - 8.7.3.3. End User breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. Schneider Electric
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Financial Performance (Subject to Data Availability)
- 9.2.5. Product/Services Port
- 9.2.6. Recent Development
- 9.2.7. Market Strategies
- 9.2.8. SWOT Analysis
9.3. ENGIE
9.4. Statkraft
9.5. Enel Green Power
9.6. NextEra Energy
9.7. South Pole
9.8. Orsted
9.9. Iberdrola
9.10. Brookfield Renewable
9.11. Tata Power
9.12. Vestas
9.13. Siemens Gamesa
9.14. Recurve Energy
9.15. Tesla Energy
9.16. Shell Energy