Renewable Energy Certificates (REC) Market Size, Share, Trends, Industry Analysis Report: By Capacity, Energy Type, End Use (Compliance, Voluntary), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecas

The renewable energy certificates (REC) market size is expected to reach USD 66.74 billion by 2034, according to a new study by Polaris Market Research. The report “Renewable Energy Certificates (REC) Market Share, Size, Trends, Industry Analysis Report: By Capacity, Energy Type, End Use (Compliance, Voluntary), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

A renewable energy certificate (REC) is a tradable asset that certifies the generation of one megawatt-hour (MWh) of electricity from an eligible renewable source. The renewable energy certificate (REC) market growth is on the rise due to the integration of RECs into corporate sustainability reporting frameworks. RECs offer a credible mechanism to demonstrate renewable energy usage and progress toward climate goals as organizations increasingly prioritize transparency in their environmental performance. This alignment between RECs and environmental disclosure standards has heightened their strategic importance, positioning them as essential instruments in both compliance-driven and voluntary renewable energy procurement.

The REC market demand is increasing due to the digitalization of certificate tracking and trading platforms. Technology-driven innovations, such as blockchain-based registries and automated verification systems, are enhancing transparency, traceability, and transaction efficiency across REC markets. These advancements are enabling faster validation, reducing administrative complexity, and fostering trust among buyers and sellers. Thus, as digital solutions gain traction, they are expected to further streamline REC operations and support broader participation in the global renewable energy transition.

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.

A few global key market players 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.; and Starbucks Corporation.

Polaris Market Research has segmented the renewable energy certificates (REC) market report on the basis of capacity, energy type, end use, and region:

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

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

Latin America

Argentina

Brazil

Mexico

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa