Surge in the environmental awareness and availability of excess power from small-scale renewable energy resources drive the growth of the global renewable energy certificate market.
PORTLAND, Ore., Nov. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Renewable Energy Certificate Market by Energy Type (Solar energy, Wind Power, Hydroelectric Power, and Gas power), capacity (0-1,000KWH, 1,100-5,000KWH, and more than 5,000KWH), and End use (Voluntary, and Compliance): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global renewable energy certificate industry generated $9.3 billion in 2020, and is expected to reach $103.2 billion by 2030, witnessing a CAGR of 27.2% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in the environmental awareness and availability of excess power from small-scale renewable energy resources drive the growth of the global renewable energy certificate market. However, lack of standard regulations and unawareness regarding the sales of renewable energy hinder the market growth. On the other hand, accelerated innovation activities and investments in the development of sustainable renewable energy resources create new opportunities in the coming years.
The declined demand for non-essential products and complete or partial closedown of automotive, electrical, and other energy-related industries impacted the growth of the renewable energy certificate market during the Covid-19 pandemic.
Improper supply of raw materials and disrupted operations in the power generation sector led to the negative impact on the renewable energy certificate market.
Moreover, governments invested and supported the development of renewable energy resources through various policies due to the uncertainties that occurred during the Covid-19 pandemic.
The solar energy segment to continue its lead in terms of revenue during the forecast period
Based on energy type, the solar energy segment accounted for the largest share in 2020, contributing to more than half of the global renewable energy certificate market, and is projected to continue its lead in terms of revenue during the forecast period. This is due to rapid development of solar power generation worldwide, surge in demand for renewable energy, and depletion of fossil fuel resources. However, the gas power segment is expected to witness the largest CAGR of 28.3% from 2021 to 2030, owing to the demand for power, presence of biofuels that can be produced from plants, and rise in municipal waste management and recycling across the world.
The voluntary segment to maintain its leadership status during the forecast period
Based on end use, the voluntary segment contributed to the highest share in 2020, holding nearly three-fourths of the global renewable energy certificate market, and is estimated to maintain its leadership status during the forecast period. This is due to rise in the demand for power and increase in awareness among the people regarding the emission of GHG during the production of energy. However, the compliance segment is expected to portray the highest CAGR of 27.3% from 2021 to 2030. This is attributed to surge in the market share value of renewable power generation and demand for government policies to offset the GHG emissions.
Asia-Pacific, followed by Europe and North America, to maintain its dominant share by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in 2020, accounting for more than one-third of the global renewable energy certificate market, and is estimated to maintain its dominant share by 2030. Moreover, this region is projected to manifest the fastest CAGR of 29.2% during the forecast period. This is due to presence of developing countries such as India and China that are under rapid development renewable energy infrastructure.
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