Key points:
- Asia will be a key region for resilience-focused products and services given its vulnerability to increased heat and a significant share of the population that is likely to be affected.
- We previously mapped a first cut of a universe of companies offering climate adaptation and resilience solutions. Here we build on that research to focus on the rising demand across Asia for improved resilience against heat, highlighting for illustrative purposes 10 case studies of companies domiciled in the region.
- Although we believe government spending on public infrastructure will drive demand for resilience product solutions, companies offering products and services that mitigate the impact of heat stress could also see increased demand from commercial and consumer spending on heat relief protection, driven by Asia’s growing population, urbanization and rising household incomes.
- The resilience investment theme stands to benefit from clarity about solutions that meet specific physical risk challenges, together with information that illuminates companies’ resilience-related products and services, market size and growth prospects.
- Listed and unlisted companies alike can have varying shares of total revenue from resilience-related products, ranging from as little as 2% to those that focus exclusively on resilience. Few if any companies self-identify as a provider of resilience solutions.
While the pace and extent of global greenhouse gas reductions remain uncertain, the intensifying effects of extreme weather and other climate impacts are fueling demand for products and solutions aimed at helping society adapt to and withstand a warming world.
Nowhere is that more apparent than in Asia, which is warming in some areas at triple the global average. South and Southeast Asia, with their combination of heat and high humidity and economies that employ as much as 40% of the population in agriculture, are particularly vulnerable to climate-driven heatwaves that are growing in frequency and intensity, damaging crops and reducing yields. Much of the region’s population lacks access to adequate cooling.
At the same time, many countries in Asia are growing faster than the rest of the world in population, economic output and household income. India alone will account for nearly one-fifth (17%) of the world population by 2050. Much of the growth will concentrate in urban centers, driving demand for industrial, commercial and residential building as well as large-scale infrastructure for power, water, sanitation and transport. Asia’s urban population is expected to grow by 50% by 2050, translating to an additional 1.2 billion people.
Faster economic growth in Asian markets also means that nearly two billion of the 2.4 billion new middle-class consumers expected globally by 2030 are projected to be from Asia.[1] The concentration of people, the growth in economic activity and growing household affluence run up against the effects of urban heat islands, a phenomenon whereby city temperatures are higher than surrounding countryside. Scientists suggest that impacts of urban heat islands will be amplified across Asian cities, particularly in South and East Asia, with temperature rises of 1.5°C and 2°C leading to substantially larger heat effects than those under the current climate.[2]
For communities and governments, the public funding needed to shore up infrastructure and community responses remains a complex topic that defies easy solutions. Few governments in the region have published plans to address adaptation and most, according to a recent report by the Asia Investor Group on Climate Change (AIGCC), have yet to detail clear priorities for adaptation measures and projects that would be essential to mobilize private capital. (You can find the report here). While government plans and funding may take time to develop, climate-related physical risks are present already, suggesting both a need and a growing market for products that enhance the resilience of their assets and operations while helping consumers withstand the warming.
For companies, the adaptation challenge presents both financial risks and opportunities. On the one hand, businesses are beginning to seek better understanding of the potential risks, which in the case of heat stress can range from disruptions in supply (e.g. crop failures, power shortages) to additional insurance and operations costs (e.g., employee health, electricity bills). On the other hand, both public sector investments into community resilience and private sector investments into operational resilience drive new demand for relevant products and services.
An investment challenge
While private sector investments into climate-themed funds and companies have grown to USD 632 billion as of 2023, 90% of investment in such funds has focused on reducing greenhouse gas emissions. Investors typically associate climate adaptation with funding of large-scale public infrastructures such as structures for flood defense that lie outside the investable universe for most private sector investors. For investors who now see a growing and unavoidable opportunity in a resilience investment theme, identifying the full thematic opportunity set in a systematic way can itself present a challenge.
Investment in products and services that lessen the risk of extreme heat offer an example. While cooling devices or insulation may come to mind, investors have been hard pressed to identify other solutions that address heat stress and to size the addressable market opportunity. Compounding the challenge: Most companies do not self-identify their relevant business segments as resilience solutions. For larger companies, such segments could constitute a sliver among a series of sources of diversified revenue.
Industry frameworks and taxonomies have emerged to help provide guidance to investors looking to identify the relevant businesses. The Climate Bonds Initiative, Tailwind Climate, the United Nations Office for Disaster Risk Reduction, and the United Nations Environment Programme have all provided taxonomies designed to help investors to evaluate whether projects under consideration meet qualifying criteria for positive impact on adaptation and resilience.
The Climate Resilience Investments in Solutions Principles (CRISP) framework developed by the investor-led Global Adaptation and Resilience Investment (GARI) working group provides another approach for identifying companies in the business of adaptation and resilience across regions, sectors, growth stages and asset classes. The CRISP framework takes an open-ended approach to identifying and categorizing potential products and services that can address a wide range of adaptation and resilience challenges, raising its usefulness for a variety of institutional investors.
Highlighting representative companies
In previous work, the MSCI Sustainability Institute has leveraged artificial intelligence large language models to identify an expansive set of companies within the global publicly-listed investment universe, with exposure to resilience solutions that potentially fall within the CRISP framework. (You can read more here). The analysis revealed that resilience-solutions companies represent a wide range of sectors, geographies and products and services. We identified 824 publicly traded resilience solutions companies, 41% of which are domiciled in the Asia-Pacific region. Nearly half (45%) of the APAC-domiciled companies operate in the industrials sector, followed by nearly one-fifth (19%) in the materials sector.
Below, we build on that research to focus on the rising demand from households, businesses, governments and communities across Asia for improved resilience against heat stress. We highlight for illustrative purposes 10 companies, including eight from our first-cut universe, that are domiciled in Asia. We spotlight these companies because they represent the wide variety of products that may help governments, businesses or consumers prepare for, prevent or withstand the impacts of extreme heat.
As the examples suggest, providers of resilience solutions may be found in varied industries and locations and can vary greatly in size. The cases include companies that exclusively provide resilience solutions, such as drought-resistant agricultural products, to those that have highly diversified segments, the majority of which have nothing to do with providing resilience solutions.
The company cases are neither an exhaustive list of solutions providers nor necessarily those best positioned competitively to benefit from the opportunity to address heat stress in Asia or elsewhere.
We discuss drivers of demand and potential size of the addressable market for each solution solely to illustrate how investors can link a physical risk like heat stress with possible drivers of market growth and potential uses for a resilience product solution. Hence, discussion of market size and growth drivers addresses the opportunity generally rather than a company’s ability to capitalize on it.
Addressing climate vulnerabilities: Adaptation solutions providers and categories
First-order companies
| The challenge due to heat stress (first order) |
|
|
|
| Example: Kerala, India experienced unusually high temperatures in February 2025, prompting the state government to reschedule working hours for laborers exposed to the sun. | Example: In Northeastern Thailand, prolonged drought conditions in 2023 led to reduced rice cultivation, decreased yields and heightened the risk of disease infestation. | Example: Cooling accounts for up to 70 percent of electricity consumption during peak hours in the middle eastern gulf states, putting a huge strain on electricity grids | |
| Example solutions providers | Heat-resistant clothing: PTT Global Chemical | Hybrid seeds: Kaveri seed | District cooling: SP Group Heat-reflective paints: Akzo Nobel India Efficient glass: KCC Glass Air conditioning: Daiken |
| Primary solutions users | Industrials / construction / agriculture | Agriculture | Governments/ real estate / infrastructure developers |
Second-order companies
| The challenge due to heat stress (second order) |
|
|
|
| Example: Indonesia has experienced severe wildfires, particularly in 2015 and 2019. | Example: Flooding in Pakistan in 2022 affected over 33 million people, with economic losses estimated at USD 30-40 billion. | Example: Coastal erosion in the Philippines is displacing communities and damaging ecosystems. | |
| Example solutions providers | Fire protection & suppression products: Nohmi Bosai | Water management and forecasting: Korea Water | Resilient infrastructure: Toa Corp Sustainable real estate: Keppel Corp |
| Primary solutions users | Real estate / infrastructure developers / consumers | Governments / infrastructure developers | Governments / infrastructure developers |
Source: MSCI Sustainability Institute, based on company information.
We classify the examples of resilience solutions providers into two groups: those that provide solutions for first-order (or direct) impacts from heat stress and those that address second-order impacts, which exacerbate other risks of heat stress. We consider as first-order impacts drought and the effect of heat on human health and infrastructure, while we regard second-order impact to include wildfires, flooding, rising sea levels and stronger storms.
Segment-specific revenues are estimated based on company-reported financial statements, where available. Differences in financial year-ends across industries and countries result in variations in reporting periods among the companies we highlight. We used companies’ most recent publicly available statements for this analysis.
Select Asia-domiciled companies offering resilience-related products and solutions
First-order impact solutions providers
AkzoNobel India
Heat reflective paints
Company and segments: AkzoNobel India is the Indian subsidiary of AkzoNobel, a Dutch manufacturer of paints and coatings. AkzoNobel India posted net sales of INR 39 billion (USD 460 million) in 2024. Heat reflective paints are a part its decorative paints segment, which contributed 40% to its total 2024 revenue. It does not provide the revenue breakdown for its heat-reflective paint segment, although these products have been on offer across markets since 2010.
Resilience products: The group has developed a line of paints and coatings that offer low solar absorption, using a reflective pigment that deflects infrared light and the sun’s heat. Compared with conventional paints, the low solar-absorption paint reflects sun and infrared radiation by as much as 90% more than conventional paints, allowing less heat transfer to the building interior and reducing the building’s surface temperature by up to 5°C.[3] The company estimates savings of between 10 and 15% in annual cooling load.
Market size/growth drivers: The company expects rising temperatures, urbanization and regulations governing energy efficiency to drive demand for solutions for the built environment but has not specified growth expectations for heat-reflective paints.[4] Heat-reflective paints are a small but high-growth segment of the total paint market in Asia, expected to grow at two to three times the rate of the broader market. The total paint market in Asia is estimated to be USD 60 to 70 billion (as of 2023) and expected to grow to USD 104 billion by 2030.[5]
Daikin Industries, Ltd.
Air conditioning, refrigeration and heat pumps
Company and segments: Daikin is a multinational conglomerate headquartered in Japan, and the largest manufacturer of air conditioning products (by revenue). The company posted revenue of USD 29.9 billion in 2023, with air conditioning accounting for 91% of its net sales. The segment grew at a combined annual growth rate (CAGR) of 13% in the four years ended Dec. 31, 2023.
Resilience products: The company offers several HVAC solutions, including residential and commercial air conditioners, heat pumps and chillers, including low-cost energy efficient air-conditioning units.
Market size/growth drivers: In addition to heat stress, growth in the market for air conditioning is helped by demographic changes such as population shifts to urban areas, urban real estate development, and an increase in disposable incomes. The company has identified Thailand, India, Malaysia, and Vietnam as key growth markets based on these secular trends. The population and growing income levels of India warrants a closer look: The HVAC sector is poised to quadruple in size by 2030 (from a 2020 base) to reach USD 30 billion.[6], [7]
Kaveri Seed Company
Drought-resistant agriculture
Company and segments: Kaveri Seed Company is an India-based agri-inputs company with a footprint across Asia. It reported revenues of INR 12.1 billion (USD 140 million) in 2024, with a 5-year revenue CAGR of 8%. While the company has tapped export markets, it currently generates nearly all its revenue from local sales.
Resilience products: Kaveri offers high-yield and hybrid seeds for commodity crops and vegetables. The company is developing genetically enhanced hybrid and inbred seed varieties aiming to improve yield, quality, and resistance to pests, diseases, and environmental stresses. This includes a recalibrating of its wheat variety to increase resistance to stress from high heat and drought. Kaveri is also contributing to a pan-Asia project aimed to develop heat-tolerant maize, with the goal of improving resiliency of cereals in resource-poor countries of South Asia.[8]
Market size/ growth drivers: While penetration of hybrid seeds varies across crops, the market for such seeds represents about 45% of the estimated total INR 225 billion (USD 3billion) seed market in India.[9] The hybrid seed segment is expected to grow at a faster pace than conventional seeds, with an estimated growth of 7% to 12% CAGR during 2024 and 2031. (Hybrid seed penetration rates in APAC were the highest in the world at 38%, with growth for the hybrid segment in the region expected at a CAGR of 12% from 2024 to 2030.[10]) Rising populations, governmental support for hybrid seeds and higher yields of hybrid varieties compared with conventional seeds drive the demand for the segment. Increased demand globally for animal protein also drives demand for grains used as animal feed.
KCC Glass Corporation
Energy-efficient glass
Company and segments: KCC Glass Corporation is a South Korean company specializing in the production of glass and interior materials. In the fiscal year 2023, the company posted revenue of KRW 1.7 trillion (USD 1.2 billion). The company does not detail its revenue segments, preventing an estimate of the contribution of energy-efficient glass to its total revenue.
Resilience products: As part of its glass segment, the company produces energy-efficient glass designed to enhance insulation and block solar heat while maintaining natural light, making buildings more resistant to heat stress and reducing the need for air conditioning.
Market size/ growth drivers: Rapid urbanization and increasing population density in many APAC cities necessitate vertical development to accommodate growing populations and limited land space. In addition, building regulations to promote energy efficiency mandate the use of energy efficient glass in various countries, including India, China and Singapore. The market for energy efficient glass in APAC is estimated to grow at a CAGR of 9% between 2023 and 2030, the highest growth regional growth rate.[11] The World Bank estimates the green building segment to represent an investment opportunity of USD 25 trillion by 2030 in emerging markets alone.[12]
PTT Global Chemical
Material for insulation and heat-resistant clothing
Company and segments: PTT Global Chemical, headquartered in Thailand, specializes in the production and distribution of petrochemical and chemical products. The polymers and chemicals business line contributed 16% to its total revenue of Baht 604 billion (USD 17.8 billion) in 2024.[13]
Resilience products: Among other products, PTT produces and sells ethylene within its polymers and chemicals business segment. Ethylene and its derivatives have wide-ranging applications. In the context of heat resistance, it is a key raw material for industrial coolants, insulation materials used in construction, and synthetic material for heat-resistant clothing. Ethylene is also used for the controlled ripening of fruits, particularly in hot regions in the absence of cold storage and refrigerated supply chains.
Market size/ growth drivers: Urbanization and the resulting demand on housing and building code regulations are expected to drive demand for building insulation material for use in construction (see growth drivers for KCC Glass Corporation). The use of ethylene-based layers is expanding beyond industrial personal protection equipment into consumer wear, driven by a combination of climate trends, consumer preferences, and material innovation. Heat-resistant garments based on ethylene and its derivatives are estimated to have a global market size of USD 3.1 billion in 2023 and is projected to reach USD 5.6 billion by 2032.[14] The expansion into consumer wear coupled with rising heat indexes are expected to drive demand for climate-adaptive apparel globally. The export-oriented nature of the garments industry also presents an opportunity to service demand outside of Asia.[15]
SP Group
District cooling
Company and segments: SP Group is a state-owned energy company based in Singapore, with infrastructure spanning China, Singapore, Vietnam, Thailand and Australia. It owns and operates electricity and gas networks, district cooling systems, electric vehicle charging infrastructure, and digital energy management tools. In 2024, the company posted revenues of Singapore Dollar (SGD) 7.3 billion (USD 5.4 billion) in 2024, of which district cooling contributed 2% (SGD 151 million or USD 113 million).
Resilience products: The company launched Singapore’s first distributed district cooling network, providing energy-efficient cooling solutions to multiple buildings, and has expanded its district cooling operations internationally as well.
Market size/ growth drivers: SP Group has outlined plans to develop an industrial district cooling system to service a semiconductor manufacturing site and office area in Singapore, along with expansion plans across several cities in Asia.[17] Urbanization, population growth and significant energy savings compared to individual cooling units are expected to drive demand for district cooling solutions. The Asian district cooling market was estimated at USD 5 billion in 2022 and is projected to grow to USD 10 billion by 2029.[18] Outside of the high-growth East Asian markets of China, Japan and Singapore, the Middle East market is expected to grow at an estimated CAGR of 9% between 2025 and 2034, driven by increasing investments in commercial infrastructure, a focus on sustainable technologies, and the region’s hot climate.[19]
Second-order impact solutions providers
Keppel Ltd.
Water treatment and sustainable real estate
Company and segments: Keppel is a global asset manager headquartered in Singapore. It owns and operates businesses in infrastructure, real estate and telecommunications. Keppel’s infrastructure business includes real estate development, desalination, district heating and cooling, and water treatment plants. The company posted revenues of SGD 7 billion (USD 5.2 billion) for the year 2023, with assets under management of SGD 88 billion (USD 66 billion), as of December 2024. It does not detail its business segments, preventing us from estimating adaptation and resilience-relevant revenue.
Resilience products: Keppel’s resilience-focused products include water treatment and desalination plants, district heating and cooling, and sustainable real estate development. An example of its sustainable real estate operations is Tianjin Eco-City, a planned development between the governments of Singapore and China, where Keppel operated as master developer. Tianjin’s design principles incorporate natural hydrological processes, using landscapes and green infrastructure to retain and manage rainwater. This approach addresses challenges of flooding, water scarcity, and pollution by promoting natural water retention, infiltration, and purification.[20]
In addition to its segments relevant from an adaptation vantage point, Keppel’s businesses, including waste- to-energy and renewable power generation, EV charging infrastructure, low-carbon hydrogen and ammonia-derived fuels offer climate mitigation benefits.
Market size/ growth drivers: Desalination and waste water treatment are both mature technologies whose need is underpinned by increased water stress and heightened demand due to rapid urbanization and industrialization in countries like China, India, and Japan. In 2024, the APAC water and wastewater treatment market was estimated at USD 125 billion, expected to grow at a CAGR of 8.5% from 2025 to 2034.[21]
Urban planning designed to absorb, store and reuse rainwater will be particularly useful to enhance resilience in the face of increasing intensity of storms, freshwater scarcity and urban flooding. Such design and planning principles have been adopted across various cities in Asia, including Chennai and Bangalore (India), Ho Chi Minh City (Vietnam), Kuala Lumpur (Malaysia) and Jakarta (Indonesia). While investment numbers are not available for resilient urban planning, demand is signified by China’s 2030 goal of 80% of its urban areas achieving 70% rainfall absorption and reuse.[22]
Korea Water Resources Corporation
Water-management solutions
Company and segments: Korea Water Resources Corporation (K-water) is South Korea’s state-owned water utility company. K-water is responsible for ensuring stable water supply, flood control, hydropower generation, and water quality management across the country. As a privately held company, K-water does not publish revenues and assets.
Resilience products: In addition to domestic operations pertaining to water supply and treatment, the company provides smart water management solutions as a service internationally, focusing on flood and drought management, irrigation modernization, and urban water infrastructure resilience. Smart water management entails the integration of technologies such as sensors, data intelligence, AI and automation into water infrastructure systems, with the goal of optimizing the delivery, use and quality of water. K-water has also developed a hydrological forecasting model to simulate acute weather events.[23]
Market size/growth drivers: In response to erratic rainfall patterns and flash flooding witnessed in the Gulf region, Saudi Arabia adopted K-water’s hydrological forecasting model via a public-private partnership. The relatively nascent water management market in Asia, valued at USD 3.7 billion in 2023, is experiencing significant growth, driven by rapid urbanization, increasing water scarcity, erratic rainfall patterns, and the need for efficient water resource management. In the APAC region, the market is anticipated to grow to USD 10.2 billion by 2032 at a CAGR of 12.04% during the period of 2024 to 2032.[24]
Nohmi Bosai
Fire suppression products
Company and segments: Japan-based Nohmi Bosai is listed on the Tokyo Stock Exchange. The company, which posted revenues of JPY 118 billion (USD 784 million) in 2024, operates in two business segments: fire alarm and fire extinguishing systems.
Resilience products: Nohmi Bosai specializes in the manufacturing, sales and installation of fire protection systems. Its product suite includes fire alarm systems, environmental monitoring systems, fire extinguishers and heat and gas dispersion systems, with offerings for residential, commercial and industrial facilities.
Market size/ growth drivers: The company’s growth vision aims to expand business coverage from fires to other disasters as well, with a focus on disaster recovery and reconstruction efforts. For the existing fire protection segment, industrial expansion, stringent building codes and urban high-rise developments in Asia are expected to drive demand for its products. The Asia-Pacific fire protection system market is estimated to grow at a CAGR of 7.3% from 2023 to 2030 and expected to reach a value of USD 9.8 billion by 2030.[25]
Toa corporation
Resilient infrastructure development
Company and segments: Toa Corporation is a Japan-based engineering company with business lines focused on civil engineering, design and construction. For the year ended March 2023, the company reported a revenue of USD 2 billion.[26] It does not provide a segment breakdown of its revenues to ascertain resilience-related revenue.
Resilience solutions: The company’s marine-focused civil engineering technologies are used to develop and deploy infrastructure such as breakwater structures, seawalls, docks and temporary bridges.[27] Toa Corp also utilizes its expertise for climate mitigation, with marine engineering technology leveraged to develop offshore wind farms. The company has highlighted resilient infrastructure against sea level rise as a priority growth area.
Market size/ growth drivers: The Asian market for coastal and marine infrastructure such as breakwater structures, seawalls and docks, is poised for growth, driven by increasing trade and urbanization. The need for coastal protection is increasingly being integrated with broader infrastructure development due to the rising frequency of flooding, typhoons and storm surges. Low-lying cities of Indonesia, Vietnam, Bangladesh, India, and the Philippines are particularly vulnerable. Infrastructure developments necessitate resilient features such as elevated docks, seawalls and breakwaters into urban coastal projects. China, Indonesia and Vietnam collectively lead global manufacturing and trade flows, based on metrics such as foreign direct investment and export volumes. An example of the infrastructure opportunity is the estimated gap of USD 60 billion between existing and announced infrastructure investment and what would be needed for future expected trade flows.[28]
Are resilience solutions companies sustainable?
The criteria for sustainability continue to evolve and can differ between jurisdictions and among investment institutions based on their policies. Some investors may focus entirely on the potential of a product or service to solve resilience challenges, while others may also consider the sustainability credentials of the company as a whole. The companies highlighted above exhibit a range of sustainability practices that investors may want to take into account.
One area of consideration may be the company’s management of its climate risks and impact. The 10 companies identified here differ widely in their Scope 1, Scope 2 and Scope 3 greenhouse gas emissions, reflecting vast differences in their businesses. While Daikin Industries and PTT Global Chemical each have the highest emissions footprints in the group, Daikin is one of the two companies in the sample that has a climate target approved by the Science Based Targets initiative. Daikin and Keppel Ltd. are the only two companies among the 10 with emissions trajectories aligned with warming of 1.5°C or lower.[29] KCC Glass, Nohmi Bosai Ltd and PTT Global Chemical all align with warming pathways of 3°C or greater based on their projected emissions.
None of the 10 companies trigger the Do No Significant Harm screens set forth in the European Union’s sustainability regulation. Nevertheless, Daikin has a flagged controversy related to labor issues in its supply chain, and Kaveri has a flagged controversy tied to an income tax dispute.
Conclusion
As the impacts of climate change intensify, the physical risks posed by a warming world will increasingly require robust measures for adaptation and resilience. This growing imperative creates potential demand for resilience-focused products and solutions across Asia. Secular trends, including rapid urbanization, a growing population with rising household incomes, infrastructure development, and heightened awareness of climate vulnerabilities, are amplifying regional demand.
Companies with the relevant product mix may capitalize on the opportunities that growing demand for resilience-related product and solutions would offer. Such companies could also stand to realize substantial economic benefits while helping businesses, communities and governments adapt to and mitigate the impacts of a changing climate.
We would like to thank AIGCC’s Anjali Viswamohanan and Jeffery Tong for their contributions to this post.
Footnotes
[1] Asian Development Outlook: September 2024, Asian Development Bank, 2024
[2] Sixth Assessment Report of the Intergovernmental Panel on Climate Change, Intergovernmental Panel on Climate Change (IPCC), 2023
[3] “Don’t Lose Your Cool,” AkzoNobel, accessed April 3, 2025
[4] “AkzoNobel Helps Keep South Asia Cool with Heat Reflective Paint,” Coatings World, April 15, 2024
[5] “Asia Pacific Paints and Coatings Market Size & Outlook,” Grand View Research, accessed April 3, 2025
[6] “Annual Report 2023,” Daikin Industries, Ltd., accessed April 3, 2025
[7] “India – HVAC Sector,” International Trade Administration, accessed April 3, 2025
[8] “New USAID Lead for Climate-resilient Cereals Portfolio Visits Heat Stress Tolerant Maize for Asia,” International Maize and Wheat Improvement Center (CIMMYT), accessed April 3, 2025
[9] “Detailed Note for NABARD,” National Seed Association of India (NSAI), accessed April 3, 2025
[10] “Hybrid Seeds Market Size, Share & Trends Analysis Report,” Grand View Research, accessed April 3, 2025
[11] “Energy Efficient Windows Market Size, Share & Trends Analysis Report,” Grand View Research, accessed April 3, 2025
[12] “Green Buildings: A Finance and Policy Blueprint for Emerging Markets,” International Finance Corporation (IFC), 2019
[13] “Management Discussion and Analysis Full Year 2024,” PTT Global Chemical Public Company Limited, accessed April 3, 2025
[14] “Global Thermal Protective Clothing Market Report,” Dataintelo, accessed April 3, 2025
[15] “Textiles and Clothing: Global Value Chain Development Report 2024 – Sectoral Profiles,” World Trade Organization (WTO), accessed April 3, 2025
[16] District cooling systems significantly reduce the need for individual air conditioning units and offer the co-benefit of reducing energy use by up to 30%. District cooling differs from traditional air conditioning (AC) by using a centralized system to produce and distribute chilled water to multiple buildings, while AC systems use individual units within each building. A central cooling plant produces chilled water, which is then distributed through a network of pipes to multiple buildings. District cooling systems are typically more energy-efficient than traditional AC systems, as they can use less energy to move water than AC systems use to move refrigerant.
[17] “District Cooling and Heating,” SP Group, accessed April 3, 2025
[18] “Asia Pacific District Cooling Market Report,” BlueWeave Consulting, accessed April 3, 2025
[19] “Middle East District Cooling Market Size, Industry Analysis Report,” Global Market Insights, accessed April 3, 2025
[20] “The Sponge City Initiative for Urban Resilience,” International Centre for Integrated Mountain Development (ICIMOD), accessed April 3, 2025
[21] “Water and Wastewater Treatment Market Size, Trends, and Forecast,” Precedence Research, accessed April 3, 2025
[22] “Sponge Cities Pilot Project, China – Factsheet,” SaarGummi Construction, accessed April 3, 2025
[23] “Digital Twin Technology,” K-water, accessed April 3, 2025
[24] “Asia Pacific Smart Water Management Market Set to Surpass Valuation of USD 10.29 Billion By 2032,” GlobeNewswire, May 20, 2024
[25] “Asia Pacific Fire Protection Market Report,” Research and Markets, accessed April 3, 2025
[26] “Consolidated Financial Statements 2024,” TOA Corporation, accessed April 3, 2025
[27] “Mid-Term Management Plan 2023,” TOA Corporation, accessed April 3, 2025
[28] “Diversifying Global Supply Chains: Opportunities in Southeast Asia,” McKinsey & Company, accessed April 13, 2025
[29] Based on MSCI’s Implied Temperature Rise model
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