The study involved major activities in estimating the current size of the renewable energy certificates (REC) market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the renewable energy certificates (REC) market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the global renewable energy certificates (REC) market. The other secondary sources included annual reports, press releases, and investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The renewable energy certificates (REC) market comprises several stakeholders such as Utilities & Retail Electricity Suppliers, REC Issuing Bodies, REC Traders & Brokers, Renewable Energy Generatorsin the supply chain. The demand side of this market is characterized by the rising demand for renewable energy and committment to net zero goals by 2050. The supply side is characterized by rising demand for contracts from the REC traders, and mergers and acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenues are more than USD 10 billion; tier 2 companies’ revenues range between USD 1 and 10 billion; and tier 3 companies’ revenues range between USD 500 million and USD 1 billion.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the renewable energy certificate market and its dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was obtained through primary and secondary research. The research methodology includes the study of the annual and financial reports of top market players and interviews with industry experts, such as chief executive officers, vice presidents, directors, sales managers, and marketing executives, for key quantitative and qualitative insights related to the renewable energy certificates (REC) market.
Renewable Energy Certificate (REC) Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
A renewable energy certificate (REC) is a market-based instrument that represents the property rights to the environmental, social, and other non-power attributes of renewable electricity generation. Renewable energy certificates are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource like wind energy, solar energy, hydro energy, biomass, biogas, and geothermal energy.
The growth of the renewable energy certificate (REC) market during the forecast period can be attributed to the organizations aiming to offset their greenhouse gas emissions coupled with government policies encouraging companies to meet renewable energy usage targets and increasing investments in the renewable energy across major countries in North America, Europe, Asia Pacific, and Rest of the World.
Stakeholders
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Government and research organizations
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Energy service providers (private/government)
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Utilities & Retail Electricity Suppliers
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REC Issuing Bodies
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REC Traders & Brokers
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Renewable Energy Generators
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Environmental organizations, and industry groups
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Auditors & Verification Bodies
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Consultants/consultancies/advisory firms
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Environmental research institutes
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Private or investor-owned utilities
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State and national regulatory authorities
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Investors/shareholders
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Investment banks
Report Objectives
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To define, describe, and forecast the renewable energy certificate (REC) market, by energy type, capacity, end use, and region, in terms of value
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To forecast the renewable energy certificate (REC) market, by region, in terms of volume
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To describe and forecast the renewable energy certificate (REC) market for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the World, in terms of value
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To provide detailed information about the major drivers, restraints, opportunities, and challenges influencing the growth of the renewable energy certificate (REC) market
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To provide detailed information on the value chain, case studies, technologies, market ecosystem, regulatory landscape, Porter’s Five Forces, and trends/disruptions impacting customer business that are specific to the renewable energy certificate (REC) market
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To analyze market opportunities for stakeholders in the renewable energy certificate (REC) market and draw a competitive landscape for market players
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To benchmark players within the market using the company evaluation matrix, which analyzes market players on various parameters within the broad categories of business excellence and strength of product portfolio
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To compare key market players with respect to market share, product specifications, and end users
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To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the total market
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To strategically profile the key players and comprehensively analyze their market share and core competencies2
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To analyze competitive developments in the renewable energy certificate (REC) market, such as partnerships, acquisitions, contracts, agreements, product launches, investments, and expansions.
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To study the impact of AI/gen AI on the market under study, along with the macroeconomic outlook for each region.
Note: 1. Core competencies of companies are captured in terms of their key developments and product portfolios, as well as key strategies adopted to sustain their position in the renewable energy certificates (REC) market.
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company
Geographic Analysis as per Feasibility
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Further breakdown of the renewable energy certificates (REC) market, by country
Company Information
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Detailed analysis and profiling of additional market players (up to five)
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Growth opportunities and latent adjacency in Renewable Energy Certificate (REC) Market