Middle East and Africa Carbon Neutral Market: Industry Analysis and Forecast (2024-2030)

Middle East and Africa Carbon Neutral Market Overview:

The concept of carbon neutrality refers to having no emissions of carbon dioxide. Consequently, carbon dioxide emissions can either be reduced or eliminated, or emissions can be balanced by removals. 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. Biodiesel, Bioethanol, and Bio-butanol are some of the types of the carbon neutral fuel of the Middle East and Africa Carbon Neutral Market.

Though market forecasting through 2030 is based on real output, demand and supply of 2023, 2023 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2030 is done based on past data from 2018 to 2022 with the impact of global lock down on the market in 2022 and 2023.

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Middle East and Africa Carbon Neutral Market Dynamics:

Carbon neutrality has become a higher priority for the Middle East and North Africa (MENA) and the Gulf Cooperation Council (GCC) in recent years. Saudi Arabia, the world's largest oil exporter, has promised to achieve net-zero emissions by 2060. The Saudi Green Initiative (SCI) intends to invest approximately 700 billion riyals ($190 billion) by 2030 to reduce CO2 emissions by 278 million tonnes per year.

Despite its reluctance in implementing strong climate targets in accordance with the Paris Agreement, steel manufacturing in the Middle East emits significantly less CO2 than the global average. Because natural gas, rather than coal, is used as the primary energy source in the Middle East, clean steel production is conceivable. The Middle East's huge natural gas supplies have resulted in the manufacture of coal-free steel.

The Middle East holds over 38% of the world's natural gas reserves. These naturally occurring hydrocarbons are regarded as the cleanest nonrenewable energy source, emitting fewer greenhouse gases (GHGs) than other fossil fuels. Natural gas emits 50% less CO2 than coal while providing greater fuel efficiency and cost-effectiveness, according to the US Energy Information Administration.

Although replacing coal with natural gas is far from ideal, it could serve as a transitional fuel in the short to medium term, allowing steel makers to reduce CO2 emissions and save money. Building renewable energy infrastructures requires significant capital commitment and strategic planning in order to entice more steel producers to abandon coal and eventually gas for good.

Despite its reputation as a commercial hub, the Middle East produces just about 3% of global crude steel. With a renewed focus on meeting climate goals in the Middle East, the region has enormous capacity to develop its position and become a major global net exporter and centre for low-cost clean steel over the next 30 years.

The Middle East has the potential to reposition itself as a competitive global exporter of green steel in the future, drawing more investment from global steel companies. The Middle East has the potential to help clean up the world's polluted steel problem and pave the way for carbon-neutral steel to become a reality. These are the key drivers that are expected to drives the growth of the Middle East and Africa Carbon Neutral Market during the forecast period 2024-2030.

Middle East and Africa Carbon Neutral Market Segment Analysis:

The Middle East and Africa Carbon Neutral Market is segmented by Carbon Neutral Fuel, Vertical, and Component.

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 2024-2030. This is because of the growing need for biodiesel in Middle Eastern and African countries because it is carbon neutral. The Middle East and Africa government considers biodiesel to be carbon neutral since the plants used as feedstocks absorb CO2. These factors are expected to drive this segment during the forecast period 2024-2030 in the Middle East and Africa Carbon Neutral market.

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 2030. Middle East and African consumers, businesses, and utilities are developing and adopting new technologies that are helping them achieve carbon neutrality. Now, individuals and businesses can use renewable energy sources to go "off the grid," while municipalities and businesses can benefit as well. Middle East and African countries can generate sustainable energy in four ways. In addition, these kinds of technologies affect both customers and future business models for utility companies, since they deal with energy efficiency, generation, grids, and carbon sequestration. These are the key drivers that are expected to drives the growth of the energy and utilities segment in the Middle East and Africa Carbon Neutral market during the forecast period.

Middle East and Africa Carbon Neutral Market Country wise Insights:

In Middle East and Africa, Saudi Arabia is expected to dominate the Carbon Neutral market during the forecast period 2024-2030. Saudi Arabia is expected to hold the largest market shares of xx% by 2030. Saudi Arabia has now joined the ranks of more than a hundred countries that have pledged to achieve net-zero emissions. It is implemented by a mix of reducing emissions as much as feasible - primarily by reducing gases such as carbon dioxide (CO2), which are generated when fossil fuels are burned - and so-called offsetting measures, such as tree planting and carbon-capture systems.

Saudi Arabia's AIUIa is being regenerated in three stages, with the last phase set for 2035. A $2 billion extension of AlUla International Airport is planned, as well as a $15 billion investment in AlUla's main 20-kilometer historical area, with a focus on infrastructure, hotel, arts and culture, and social and community development. The region's carbon-neutral policy and ambitious goals for renewable energy to satisfy 50% of demand by 2035 are greatly influenced by AIUIa's redevelopment. These are the various key factors that are expected to drives the growth of the Saudi Arabia in the Middle East and Africa Carbon Neutral market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Middle East and Africa Carbon Neutral Market to the stakeholders in the industry. The report provides trends that are most dominant in theMiddle East and Africa 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 Middle East and Africa 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 Middle East and Africa Carbon NeutralMarket 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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa Carbon Neutral Market is aided by legal factors.

Middle East and Africa Carbon Neutral Market Scope:

Middle East and Africa Carbon Neutral Market Key Players

• Climate Neutral Group (South Africa)
• Planet42 (South Africa)
• Promethium Carbon (South Africa)
• EcoMetrix Africa (South Africa)
• Avis (South Africa)
• African Carbon Manufacturers (Pty) Ltd. (South Africa)
• Credible Carbon (South Africa)
• H2O GmbH (South Africa)