India Renewable Energy Certificates Market

India Renewable Energy Certificates Market Overview:

The India renewable energy certificates market size reached USD 572.01 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 4,711.11 Million by ​2033​, exhibiting a growth rate (CAGR) of 26.40% during ​2025-2033​. The market is witnessing significant growth, driven by increasing government support and policy development and rising corporate demand for green credentials.

India Renewable Energy Certificates Market Trends:

Increasing Government Support and Policy Development

The state’s effective commitment to the promotion of clean energy has gone a long way in transforming the Renewable Energy Certificate (REC) market in the country. In the recent past, the government of India has adopted numerous steps and tools in an attempt to increase the renewable energy capacity of the country, all of which have inevitably boosted the REC market. In addition, strategies like the National Action Plan on Climate Change (NAPCC) and the Renewable Energy Development Policy have been able to promote clean energy projects and guarantee the acknowledgement of electricity generated from renewable energy sources by assisting in the formation of a particular industry. For instance, as of October 10, 2024, India’s renewable energy capacity surpassed 200 GW, reaching 201.45 GW, highlighting the country's commitment to clean energy and its progress toward a greener future. As part of these efforts, the REC mechanism has been refined to facilitate the trade and monetization of renewable energy generation. Policies such as the promotion of solar, wind, and other renewable energy sources through financial incentives, feed-in tariffs, and tax benefits have led to increased generation and demand for RECs. This regulatory support is not only improving India’s energy sustainability but also enhancing market transparency, thus attracting more domestic and international investors. Consequently, the growth of the REC market is expected to continue, driven by policy backing and India's evolving renewable energy landscape.

Rising Corporate Demand for Green Credentials

Another major trend shaping the India REC market is the growing corporate demand for renewable energy certificates, driven by the increasing emphasis on sustainability and corporate social responsibility (CSR). Companies, both domestic and multinational, are under mounting pressure from investors, customers, and regulators to reduce their carbon footprint and integrate sustainable practices into their operations. The REC mechanism offers businesses an effective means of achieving their environmental goals without the need to directly invest in renewable energy generation. Large corporations in sectors such as manufacturing, IT, and retail are increasingly purchasing RECs as part of their sustainability initiatives. These certificates enable companies to demonstrate their commitment to clean energy while complying with regulatory standards, especially as India's energy mix gradually shifts towards renewable sources. Furthermore, many global corporations operating in India are aligning their operations with global environmental standards, which often require the use of renewable energy sources. This demand for RECs is being further fueled by growing awareness among consumers about the environmental impact of businesses. As this trend continues, the REC market in India is likely to see sustained growth, particularly as more businesses seek to enhance their green credentials and mitigate the environmental impact of their operations. This trend represents a vital component of India’s broader transition to a low-carbon economy. For instance, in December 2024, ONGC plans to auction 1.2 GW of greenfield renewable energy projects in two 600 MW rounds. The first focuses on full development, while the second addresses land, grid, and EPC separately.

India Renewable Energy Certificates Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for ​2025-2033​. Our report has categorized the market based on energy type, capacity, and end use.

Energy Type Insights:

• Solar Energy
• Wind Power
• Hydroelectric Power
• Gas Power

The report has provided a detailed breakup and analysis of the market based on the energy type. This includes solar energy, wind power, hydroelectric power, and gas power.

Capacity Insights:

• 0-1,000KWh
• 1,100-5,000KWh
• More than 5,000KWh

A detailed breakup and analysis of the market based on the capacity have also been provided in the report. This includes 0-1,000KWh, 1,100-5,000KWh, and more than 5,000KWh.

End Use Insights:

• Voluntary
• Compliance

A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes voluntary and compliance.

Regional Insights:

• North India
• South India
• East India
• West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Renewable Energy Certificates Market News:

• In December 2024, Gensol Engineering's shares surged 9% to Rs 780 on the BSE after securing an EPC contract from NTPC Renewable Energy. The contract, valued at Rs 897.47 crore, involves the development of a solar PV project, reinforcing Gensol’s position in solar power engineering and electric mobility solutions.

India Renewable Energy Certificates Market Report Coverage:

Key Questions Answered in This Report:

• How has the India renewable energy certificates market performed so far and how will it perform in the coming years?
• What is the breakup of the India renewable energy certificates market on the basis of energy type?
• What is the breakup of the India renewable energy certificates market on the basis of capacity?
• What is the breakup of the India renewable energy certificates market on the basis of end use?
• What is the breakup of the India renewable energy certificates market on the basis of region?
• What are the various stages in the value chain of the India renewable energy certificates market? 
• What are the key driving factors and challenges in the India renewable energy certificates?
• What is the structure of the India renewable energy certificates market and who are the key players?
• What is the degree of competition in the India renewable energy certificates market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India renewable energy certificates market from 2019-2033​.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India renewable energy certificates market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India renewable energy certificates industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.