Renewable Energy Certificates Market to grow at CAGR 20.2% by 2028, over 2.1 million certificates issued in 2020
Acumen Research and Consulting
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Renewable Energy Certificates Market issued certifications in the year 2020 were 2.17 million certificates, it is anticipated to grow at CAGR 20.2% between 2021-2028, as per market research firm Acumen Research and Consulting. The widespread use of fossil fuels has been exhausting energy sources. As a result, the demand for renewable and sustainable energy sources has surged in recent years. Rising concerns about the environment's declining health as a result of pollution have compelled the global development of green energy. During the forecast period, the Global Renewable Energy Certificate Market is expected to rise due to rising demand for green power and the development of renewable energy sources. Rising government and private sector investments to develop and build different renewable power plants are likely to boost market growth in the near future. Government programs to promote renewable energy certificates are providing profitable business prospects. To curb the ill effects of global warning and climate change, the world is approaching a more sustainable method for our energy needs. Renewable energy market has gained a lot of momentum in the past few years.
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Dynamics of Renewable Energy Certificate Market
Increased spending in the overall renewable energy sector including major project developments. Growing concerns over the rising CO2 emissions and the approach towards the shifting of the energy generation from solar, biomass and wind sources have been some of the factors which are expected to impact growth of the renewable energy certificates market. Governments across the world have been implementing major regulations and policies in favor of the renewable energy market. The hydro power segment accounts for upto 30% share within the global market
There is a huge demand for energy in the rising economies of Asian countries like China, India, Vietnam, Bangladesh and many developing African nations. There is a huge opportunity in the renewable sector in the untapped market of Asia especially India as there is also a need to build the infrastructure needed to develop the renewable energy sector. As per results, The USA can save more than USD 35 billion USD by using more renewable energy sources.
Renewable Energy Certificate Market Regional overview
North America accounts for the biggest market in revenue terms, thanks to the regulations implemented by the government. Europe is all set to become the fastest growing market during the forecast period. Europe has a high demand for renewable energy with countries like Germany leading the renewable energy race in Europe. Asia pacific markets like China and India also account for huge potential in the renewable.
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Renewable Energy Certificates Market Key Players
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If you wish to know more about the overall renewable energy market size please check:
Global Renewable Energy market size is all set to touch valuation of USD 1500 billion by 2027 to grow at CAGR of 6% in terms of revenue during the forecast period 2020 to 2027.
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