Global Artificial Photosynthesis Market Size By Technology (Co-electrolysis, Photo-electro catalysis), By Application (Hydrocarbons, Hydrogen, and Chemicals), By Geographic Scope And Forecast

Artificial Photosynthesis Market Size And Forecast

Artificial Photosynthesis Market size was valued at USD 66.60 Million in 2021 and is projected to reach USD 209.03 Million by 2030, growing at a CAGR of 14.1% from 2022 to 2030.

Rising government investment to promote the usage of renewable energy driving the global artificial photosynthesis market. The Global Artificial Photosynthesis Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Artificial Photosynthesis Market Definition

Artificial photosynthesis is a biological reaction that is extremely similar to natural photosynthesis. An enzyme bed reactor fixes CO2 in the air in the artificial photosynthesis system (or any other source needing CO2 to be removed). Hydrogen energy and bioelectric transducers are used to power this reactor. Artificial photosynthesis can be seen as a promising way to transform sunlight, a virtually limitless and renewable source of energy, into chemical fuels. The oxidation of water molecules is required in this method to produce the electrons needed for the creation of chemical fuels. Water oxidation is a particularly difficult reaction because it is a thermodynamically uphill multielectronic process with high activation barriers, but it is critical for the realization of artificial photosynthesis because water is the only abundant molecule on the planet that can provide electrons in a massive and long-term manner. Artificial photosynthesis is a new technology that creates renewable energy by replicating the natural photosynthesis process. Unlike the natural process, this one focuses on creating carbs rather than using them to generate electricity. This method ensures that electricity is generated without harming the environment. As a result, the advantages of artificial photosynthesis are expected to generate substantial waves of growth over the forecast period.

Global Artificial Photosynthesis Market Overview

Government funding and grants for artificial photosynthesis technology research and development are one of the key elements driving the market forward. In 2020, the US Department of Energy (DOE) announced a plan to invest up to USD 100 million in artificial photosynthesis research to manufacture fuels from sunlight over a five-year period. The Department’s planned investment in the Fuels from Sunlight Hub programme is a long-term commitment of US scientific and technological resources to this highly competitive and promising field. Germany, Spain, and France are the leading countries in Europe that are focusing on artificial photosynthesis research for a wide range of applications, including hydrogen generation and hydrocarbon production. Evonik and Siemens Energy have started a pilot plant in Germany to create chemicals using carbon dioxide and water. The Rheticus project is sponsored by the German Federal Ministry of Education and Research (BMBF) with a total of Euro 6.3 million. With the help of microbes, the Marl pilot plant uses artificial photosynthesis technology to create chemicals from CO2 and water via electrolysis.

The project’s purpose is to close the carbon cycle and reduce CO2 emissions. Artificial Photosynthesis is a complicated process that combines hydrogen and carbon dioxide to produce useful fuels. Because the core chemical process is incredibly difficult to imitate, compare it to natural Photosynthesis, which produces oxygen and energy-rich carbohydrates using ample resources of sunshine, water, and carbon dioxide. Although artificial leaves could be the future’s fuel cells, manufacturing costs remain a major concern. One of the most main obstacles to high-efficiency artificial photosynthesis. Furthermore, the photocatalyst’s compatibility in order to attain a high-efficiency rate adds to the research expense. As a result, the expensive start-up capital and research costs hinder the growth of the market.

Global Artificial Photosynthesis MarketSegmentation Analysis

The Global Artificial Photosynthesis Market is classified on the basis of Technology, Application, and Geography.

Artificial Photosynthesis Market, By Technology

• Co-electrolysis• Photo-electro catalysis• Others (nanotechnology, hybrid process)

Global Artificial Photosynthesis Market is classified into Co-electrolysis, Photo-electro catalysis, and Others (nanotechnology, hybrid process). Co-electrolysis segment will show positive growth in the Global Artificial Photosynthesis Market. Integrated artificial photosynthesis combines high-efficiency solar and CO2 electrolysis at high productivity and selectivity to provide optimum systems for carbon recycling. In contrast to natural photosynthesis, the integrated system aims for high energy conversion efficiency from sunlight to hydrocarbon products, taking advantage of both high efficiency in photovoltaic cells and individual component design freedom, while learning from photosynthesis’ advantage of producing high-value chemicals.

Artificial Photosynthesis Market, By Application

• Hydrocarbons• Hydrogen• Chemicals

Global Artificial Photosynthesis Market is classified into Hydrocarbons, Hydrogen, and Chemicals. Hydrocarbons will be the leading segment in the global Artificial Photosynthesis market during the forecast period. Artificial photosynthesis could provide a cost-effective and long-term energy generation, storage, and transportation system. It can, for example, be used to make hydrocarbon fuels, which can be a good substitute for fossil fuels. It may also generate hydrogen fuel, which can be used in a variety of applications.

Artificial Photosynthesis Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global Artificial Photosynthesis Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The North American region is expected to fastest-growing region during the forecast period. The region’s market growth can be attributed to the region’s supportive programmes and policies for long-term innovation and development projects. Artificial photosynthesis is best suited for these types of government incentives and programmes because it is a research and development technology.

Key Players

The “Global Artificial Photosynthesis Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as – Panasonic Corporation, ENGIE, TOSHIBA CORPORATION, Siemens Energy, FUJITSU, Evonik Industries AG, FUJIFILM Corporation, Toyota Central R&D Labs., Inc., Mitsubishi Chemical Corporation, Twelve, among others.

Key Developments

• In January 2020, ENGIE collaborated on a programme entitled CONDOR with eight other institutes. CONDOR is a project that aims to produce fuels using carbon dioxide (CO2) as a feedstock and sunlight as the primary source of energy. The project proposes a photosynthetic device consisting of two compartmentsa photoelectrochemical cell that splits water and CO2 to produce oxygen and syngas, a mixture of H2 and CO, and a (photo)reactor that converts syngas to methanol and dimethylether (DME) using bi-functional heterogeneous catalysts. A full photosynthetic device with 8% solar-to-syngas and 6% solar-to-DME efficiency and three months of continuous outdoor operation is the final goal.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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