LONDON, Oct. 13, 2021 (GLOBE NEWSWIRE) -- In 2020, in the global renewable energy certificate market certificates issued were 2,175,813 Mwh and are anticipated to grow at 20.2% from 2021-2028.
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Renewable energy is gaining attraction, as the government's concern pertaining to catering to the growing energy demand is increasing. Coal is most widely used source for energy generation, also has harmful effects on the environment. The governments of developed and developing countries are focused on implementing strict regulations in order to lower carbon emissions that is causing serious environmental havoc in the recent years. Countries such as China and the US are some major contributors to the rise in carbon pollution, emitting 10.2 billion metric tons of CO2 and 6,558 million metric tons of CO2 respectively in 2019.
The energy generated by renewable energy sources, such as solar or wind power facilities are called Renewable energy certificates (REC). When the renewable energy source generates the energy equivalent to one megawatt-hour (MWh) and delivers it to the grid then the REC is generated. In 2018, 35% of REC sales were made on a voluntary basis in the US. Countries like China, the US, Brazil, etc. are imparting importance towards the adoption of renewable energy sources. In 2019, renewable energy contribution towards primary energy sources on a global level was 11%. High investment is witnessed in the renewable energy sector. Approach towards increasing the installed capacity and providing enterprises with a better solution to lower the carbon footprints is gaining traction. In 2020, China installed renewable energy capacity of 895 gigawatts, followed by the US and Brazil 292 gigawatts and 150 gigawatts. These cumulative aspects are responsible for the market expansion.
Report coverage
| Market | Renewable Energy Certificate Market |
| Analysis Period | 2017 - 2028 |
| Base Year | 2020 |
| Forecast Data | 2021 - 2028 |
| Segments Covered | By End Use and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Central Electricity Regulatory Commission (CERC), Environment Protection Agency (EPA), General Services Administration (GSA), Western Area Power Administration (WAPA), Renewable Choice Energy, and Bonneville Environmental Foundation. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
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Increasing investment by the government for the development of renewable energy infrastructure and enterprise's focus towards shifting their operations on renewable energy sources are factors impacting the global renewable energy certificate market growth. From 2010 until 2018 REC issuance grew on average by 14% per annum in the US. In 2021, the government of the US approved the “Crimson Solar Project” worth US$ 500 million in the California desert. The project is positioned on 2,000 acres of federal land with the focus to provide power to 90,000 homes. Likewise, in 2021, GE in collaboration with CleanMax is focused on the development of wind energy projects. The project is expected to contribute to India’s renewable energy target of 175 GW by 2022, with 60 GW coming from wind.
Delays in funding, changing tax regulations and economic slowdown are multiple factors creating hurdles in the renewable energy certificate market growth. In addition, lack of developed energy infrastructure, failure in subsidies, and issues to land acquisition & grid connection are challenges the market is expected to face. The government of China failed to deliver the payout of US$ 9 billion renewable subsidies to consumers in 2016. However, the government focus on achieving the renewable energy targets, deployment of new projects, and increasing awareness among consumers for energy production are factors representing the opportunities for the renewable energy certificate market growth over the forecast period. In addition, a collaborative approach between enterprises for energy generation is expected to support the revenue growth of target market.
The end-user segment of the global renewable energy certificate market is segmented into solar, wind, geothermal, hydropower, biomass, and others. In 2020, the hydropower segment accounted for 30.3% dominating share in the global renewable energy certificate market. Preference for wind-generated clean energy from enterprises and rising awareness among consumers is expected to augment the segment growth in near future. Between 2010 and 2020 the US wind energy capacity increased by 203.5%, due to the installation of 60,000 utility-scale wind turbines with a cumulative capacity of 1225 GW. Geothermal segment is expected to witness moderate growth in the target market. Dry steam power stations, flash steam power stations and binary cycle power stations are some primary technologies involved in generation of geothermal energy. Currently there are 26 countries adopting these technologies, while geothermal heating is in use in 70 countries.
Players operating in the global renewable energy certificate market are Central Electricity Regulatory Commission (CERC), Environment Protection Agency (EPA), General Services Administration (GSA), Western Area Power Administration (WAPA), Renewable Choice Energy, and Bonneville Environmental Foundation.
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