Global Renewable Energy Certificate Market Size & Share, by Energy Type (Solar Energy, Wind Power, Hydro-electric Power, Others); Capacity (0-1000 kWh, 1,100-5000 kWh, more than 5000 kWh); Application (Residential, Non-residential); End use (Voluntary, Compliance) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

Renewable Energy Certificate Market - Regional Analysis

North America Market Insights

North America renewable energy certificate market is expected to account for the largest revenue share of 32.2% during the forecast period. This growth can be attributed to supportive regulatory frameworks, high preference for sustainable energy solutions across residential and non-residential sectors, and the presence of leading key players. Many companies in the U.S and Canada are aiming for net-zero targets and 100% renewable solutions, resulting in high sales of RECs. In addition, the declining prices of renewable sources and growing public concerns about fossil fuels and climate change is expected to fuel the market growth in the coming years.

In the U.S. renewable energy certificate market, over 30 states and territories have mandated renewable portfolio standards (RPS) policies requiring utilities to source a specific share of energy from renewable resources. New York, California, and Massachusetts are among the contributors of clean energy targets. Moreover, corporate giants such as Microsoft, Google, and Apple are adopting RECs to attain Scope 2 emission reduction under the GHG protocol. Apart from these companies, data centers, industrial facilities, and tech parks are focused on purchasing RECs, where direct renewable power procurement is not accessible.

Canada’s national goal to achieve net-zero greenhouse gas emissions by 2050 is a key factor supporting the growth of the REC market in the country. In addition, the presence of abundant hydropower, wind, and solar infrastructure results in a voluntary REC market, including export to the U.S. Canadian RECs from Ontario or Québec are exported to U.S voluntary markets, tracked by systems such as NEPOOL GIS, or WREGIS. The trading pricing ranges between CAD 1 - $6 per MWh.

APAC Market Insights

The APAC renewable energy certificate market is likely to register the fastest CAGR of 9.8% throughout the stipulated timeframe due to stringent environmental norms and favorable government initiatives to meet the carbon reduction targets. Countries such as India, Japan, China, South Korea, and Australia have set ambitious renewable energy goals. For instance, Renewable Purchase Obligations (RPO), India mandates power utilities to buy a specific share of electricity from renewables through RECs. Moreover, increasing participation of corporate giants like Infosys, Tata Motors, and Wipro in RE100 and rising renewable energy generation activities and projects in solar, wind, and hydro across the region.

The renewable energy certificate market in China is expected to reach around USD 8.2 billion by the end of 2037, owing to the rapid expansion of renewable energy in the country and growing popularity of the Green Certificate Trading Scheme. China aims to achieve carbon neutrality by 2060, resulting in increasing demand for RECs. Moreover, large Chinese giants and foreign-invested enterprises are using green electricity certificates (GECs) to meet their ESG goals, along with supply chain sustainability.

In India, the market is likely to expand at a rapid rate between 2025 and 2037 due to strong government-backed incentives and robust solar expansion. In 2023, the country’s non-fossil energy share reached 44%. This has resulted in high demand for RECs. In addition to this, many corporate companies, data centers, and manufacturing units are inclining towards REC purchases to meet the sustainability, green building, and ESC targets.

Country-Specific Insights (2024 Data)