Transition to hourly renewable energy matching continues growing as corporations fill the gaps with cleaner energy
BOULDER, Colo., April 2, 2024 /PRNewswire/ — A new report from Guidehouse Insights assesses the market for hourly matched PPAs in 24/7 carbon-free electricity (CFE).
Hundreds of corporations, organizations, and governments around the world are considering adopting 24/7 CFE, a new and increasingly popular concept. CFE occurs when electrical energy is produced from renewable resources through granular matching—so CFE sources provide every kilowatt-hour of electricity consumption, every hour of every day. An energy buyer wanting to claim 24/7 CFE certification would need to purchase a volume of granular certificates via power purchase agreements (PPAs), green tariffs, or unbundled renewable energy certificates or energy attribute certificates.
According to a new report from Guidehouse Insights, the value of the 24/7 CFE market is expected to be $5.5 billion in 2024, growing at a compound annual growth rate (CAGR) of 11.4% to $14.7 billion between 2024 and 2033.
“The model has increasingly appealed to large energy buyers looking to decarbonize the electrical grid and meet aggressive sustainability targets,” says Bitania Yemane, research analyst with Guidehouse Insights. “Through government policies and AI, registries are looking to expand their tracking capabilities while corporations are committing to the procurement of renewable energy sources such as wind and solar.”
While barriers to 24/7 CFE adoption remain, such as insufficient marketplace liquidity, the transition to hourly renewable energy matching continues growing as corporations fill the gaps with cleaner energy every hour of the day, according to the report.
The report, 24/7 Carbon-Free Electricity Market, focuses on the market for hourly matched PPAs in 24/7 CFE. Included in this study are market issues associated with 24/7 CFE, such as opportunities and implementation challenges. Global market analyses for capacity and revenue, segmented by segment and global region, extend through 2033. The report also examines the key technologies related to the 24/7 CFE market and the competitive landscape. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 16,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, 24/7 Carbon-Free Electricity Market, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]
View original content to download multimedia:https://www.prnewswire.com/news-releases/guidehouse-insights-estimates-global-market-for-247-carbon-free-electricity-will-grow-to-nearly-15-billion-by-2033-302105069.html
SOURCE Guidehouse Insights
Featured image: Depositphotos © Vantuz
