Asia Pacific Carbon Neutral Market: Industry Analysis and Forecast (2023-2029)
Asia Pacific Carbon Neutral Market size was valued at US$ 7.03 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 1.8% through 2023 to 2029, reaching nearly US$ 7.97 Bn.
Format : PDF | Report ID : SMR_209
Asia Pacific Carbon Neutral Market Overview:
Carbon neutrality refers to no emissions of CO2. This can be achieved by reducing or eliminating society's carbon dioxide emissions, or by making sure that emissions are balanced with removals. A number of factors determine whether a country is carbon neutral. One of them is minimizing pollution while enhancing people's health. The concept of carbon neutrality is founded on the idea that the total amount of greenhouse gases that any entity emits and removes from the environment will equal zero. For a corporation to be carbon neutral, for example, any emissions it produces must be offset by emissions it reduces elsewhere. This method offers a more environmentally friendly alternative to whatever is being utilised, whether it's aeroplanes, cattle, construction equipment, or cosmetics. It is frequently implemented through the use of carbon offsets, which employ a variety of mechanisms to monitor and evaluate activities that create or offset greenhouse gases. In essence, it's about balancing the two sides of the scale for our emissions and what the atmosphere can handle, which is currently skewed in our favour.
Though market forecasting through 2029 is based on real output, demand and supply of 2022, 2022 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2029 is done based on past data from 2016 to 2019 with the impact of global lock down on the market in 2022 and 2023.
Asia Pacific Carbon Neutral Market Dynamics:
By the middle of the century, the world must have reached net zero carbon emissions to avoid the worst effects of climate change. Global net zero commitments by firms and governments have more than doubled from the end of 2019 to the end of 2020, despite or perhaps because of the COVID-19 pandemic. The recent spike in public promises to carbon neutrality, even among the most carbon-intensive segments and countries, emphasizes the reality that net zero by 2050 is the new benchmark for climate action.
Until recently, the European Union has made the most notable carbon neutrality commitments. However, with the addition of several Asian countries to the movement, the global push toward net zero has reached critical mass, resulting in numerous benefits and economies of scale.
More than half of the world's GDP will now be generated in places with binding net zero commitments, thanks to China's participation in the campaign during Climate Week. China accounts for roughly 28% of global emissions, and as the world's largest energy financier, its shift away from fossil fuels will determine the rest of the world's low-carbon journey.
Japan has the world's third-largest economy, which has been mostly fueled by coal generation until recently. As part of its commitment to carbon neutrality, the country has stated that it will reduce its reliance on coal as a means of ensuring domestic energy security. The country is also a technological pioneer in areas like carbon capture and storage (CCS). The South Korean government was pushed to establish a target year for achieving carbon neutrality as a result of increasing pressure from its neighbours China and Japan. Among other carbon-cutting initiatives, the country's Green New Deal plans to replace coal-fired power generation with renewable energy and to put 1.13 million electric vehicles and 200,000 hydrogen vehicles on the road by 2025.
Coal accounted for almost half of the Philippines' electrical output in 2019. The embargo, which was just granted, could put an end to 8GW of new coal projects in the country, signifying a shift toward cleaner, more flexible energy expenditures.
In order to meet the Paris Agreement's goal of keeping global warming below 1.5 degrees Celsius, science-based target-setting has become a commercial requirement. More than 1,000 companies have signed on to the Science-Headquartered Target (SBT) project, with 266 of them based in the Asia-Pacific region. Furthermore, over 90% of these businesses have made firm promises to reduce Scope 3 emissions and spread their ambition across their value chains. More than 50 companies that have committed to SBTs have encouraged their suppliers to do the same.
China, Japan, and South Korea have all pledged to become net zero in a month's time. These countries collectively purchase over 60% of Australia's coal exports. A significant drop in the market for exported coal could boost Australia's transition to low-carbon energy sources. China's transition to carbon neutrality shocked the global environmental community and was also a geopolitical action. With the United States withdrawing from the Paris Agreement and proclaiming no commitments to carbon neutrality for the time being, China's entry into the net zero game demonstrates that it wants to be at the forefront of the global climate action effort. These are the various key factors that are expected to drives the growth of the Asia Pacific Carbon Neutral Market during the forecast period 2023-2029.
Asia Pacific Carbon Neutral Market Segment Analysis:
Based on the Carbon Neutral Fuel, the market is segmented into Biodiesel, Bio-ethanol, Bio-butanol, and others. Biodiesel segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the growing demand of biodiesel in Asia Pacific as biodiesel is a carbon neutral. As plants that provide biodiesel feedstock, such as soybeans and palm oil trees, absorb CO2 as they grow, the Asia Pacific government regards biodiesel as carbon-neutral. These are the key factors that are expected to drives the growth of this segment in the Asia Pacific Carbon Neutral market during the forecast period 2023-2029.
Based on the Vertical, the market is segmented into Manufacturing, Energy and Utilities, Residential and Commercial Buildings, Transportation and Logistics, IT and Telecom, and others. Energy and Utilities segment is expected to hold the largest market shares of xx% by 2029. A number of new technologies are being developed and adopted by consumers, businesses, and utilities in Asia Pacific that are helping them become carbon-neutral. Through these technologies, individuals are now able to go "off the grid" with their own renewable energy sources, while businesses and municipalities can access the same benefits on a larger scale. There are four types of sustainable energy generation in Asia Pacific region. They include energy efficient, generation, grid, and carbon sequestration technologies, as well as the impact of these technologies on the customer and future business models for utility companies. These are the key drivers that are expected to drives the growth of the energy and utilities segment in the Asia Pacific Carbon Neutral market during the forecast period.
Asia Pacific Carbon Neutral Market Insights:
In Asia Pacific, South Korea is expected to dominate the Asia Pacific Carbon Neutral market during the forecast period 2023-2029. South Korea is expected to hold the largest market shares of xx% by 2029. South Korea has enacted legislation mandating national carbon neutrality by 2050, making it the 14th country in the world to do so. South Korea's National Assembly passed the Carbon Neutrality and Green Growth Act, which, in addition to the 2050 objective, mandates a 35 percent reduction in GHG emissions from 2018 levels by 2030. Although the power industry is responsible for 41% of South Korea's emissions and has been the focus of strategic planning to far, more plans are needed to decarbonize other sectors, particularly transportation. South Korea emitted 679 million metric tonnes of CO2 equivalent of GHGs in 2019, making it the world's tenth-largest GHG emitter. These are the various key factors that are expected to drives the growth of the South Korea in the Asia Pacific Carbon Neutral market during the forecast period.
The objective of the report is to present a comprehensive analysis of the Asia Pacific Carbon Neutral Market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Carbon Neutral Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Carbon Neutral Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Asia Pacific Carbon Neutral Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Carbon Neutral Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Carbon Neutral Market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Asia Pacific Carbon Neutral Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Carbon Neutral Market is aided by legal factors.
Asia Pacific Carbon Neutral Market Scope:
Asia Pacific Carbon Neutral Market Scope
Market Size in 2022
USD 7.03 Bn.
Market Size in 2029
USD 7.97 Bn.
By Carbon Neutral Fuel
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
Asia Pacific Carbon Neutral Market Key Players
- SGS Group (India)
- Future Mobility Asia (Dubai)
- Indian Greenhouses Pvt Ltd. (India)
- Greentech India (India)
- Parry Enterprises India Limited (India)
- Complete Greenhouse Solution Pvt Ltd. (India)
- Innovative Greenhouse Projects LLP (India)
- Adani Group (India)
- Reliance Industries (India)
- Hindalco Industries (India)
- JSW Steel (India)
Frequently Asked Questions
The segments covered in Asia Pacific Carbon Neutral Market report are based on Carbon Neutral Fuel, Vertical, and Component.
South Korea is expected to hold the highest share in the Asia Pacific Carbon Neutral Market.
SGS Group (India), Future Mobility Asia (Dubai), Indian Greenhouses Pvt Ltd. (India), Greentech India (India), and Parry Enterprises India Limited (India) are the top key players in the Asia Pacific Carbon Neutral Market.
Energy and Utilities vertical segment hold the largest market share in the Asia Pacific Carbon Neutral market by 2029.
The market size of the Asia Pacific Carbon Neutral Market is expected to reach US $7.97 Bn. by 2029.
The market size of the Asia Pacific Carbon Neutral Market was worth US $7.03 Bn. in 2022.
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1. Research Process
2.2. Asia Pacific Carbon Neutral Market: Target Audience
2.3. Asia Pacific Carbon Neutral Market: Primary Research (As per Client Requirement)
2.4. Asia Pacific Carbon Neutral Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1. Market Share Analysis, By Region, 2022-2029(In %)
4.1.1. Asia Pacific Market Share Analysis, By Value, 2022-2029 (In %)
4.2. Market Dynamics
4.2.1. Market Drivers
4.2.2. Market Restraints
4.2.3. Market Opportunities
4.2.4. Market Challenges
4.2.5. PESTLE Analysis
4.2.6. PORTERS Five Force Analysis
4.2.7. Value Chain Analysis
4.3. Asia Pacific Carbon Neutral Market Segmentation Analysis, 2022-2029 (Value US$ MN)
4.3.1. Asia Pacific Market Share Analysis, By Carbon Neutral Fuel, 2022-2029 (Value US$ MN)
4.3.2. Asia Pacific Market Share Analysis, By Vertical, 2022-2029 (Value US$ MN)
188.8.131.52. Energy and Utilities
184.108.40.206. Residential and Commercial Buildings
220.127.116.11. Transportation and Logistics
18.104.22.168. IT and Telecom
4.3.3. Asia Pacific Market Share Analysis, By Component, 2022-2029 (Value US$ MN)
4.3.4. Asia Pacific Market Share Analysis, By Country, 2022-2029 (Value US$ MN)
22.214.171.124. South Korea
126.96.36.199. Rest Of APAC
Chapter 5 Stellar Competition Matrix
5.1. Asia Pacific Stellar Competition Matrix
5.2. Key Players Benchmarking
5.2.1. Key Players Benchmarking By Product, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
5.3. Mergers and Acquisitions in Industry
5.3.1. M&A by Region, Value and Strategic Intent
Chapter 6 Company Profiles
6.1. Key Players
6.1.1. SGS Group (India)
188.8.131.52. Company Overview
184.108.40.206. Source Portfolio
220.127.116.11. Financial Overview
18.104.22.168. Business Strategy
22.214.171.124. Key Developments
6.1.2. Future Mobility Asia (Dubai)
6.1.3. Indian Greenhouses Pvt Ltd. (India)
6.1.4. Greentech India (India)
6.1.5. Parry Enterprises India Limited (India)
6.1.6. Complete Greenhouse Solution Pvt Ltd. (India)
6.1.7. Innovative Greenhouse Projects LLP (India)
6.1.8. Adani Group (India)
6.1.9. Reliance Industries (India)
6.1.10.Hindalco Industries (India)
6.1.11.JSW Steel (India)
6.2. Key Findings