Artificial Photosynthesis Market: Current Analysis and Forecast (2021-2027)

Artificial Photosynthesis Market: Current Analysis and Forecast (2021-2027)

The Artificial Photosynthesis market demand is increasing at an extensive rate over the years and is expected to witness significant growth during the forecasted period as well. Artificial photosynthesis is a technology in which solar energy is converted with the assistance of catalytic processes and used for producing fuels and valuable products. Production takes place in completely integrated systems such as for example "artificial leaves" or by directly combining photovoltaic and electrolysis systems Artificial photosynthesis replicates the photochemical process of natural photosynthesis. However, it is more dedicated to the production of useful fuels or valuable chemicals such as molecular hydrogen (H2), methane, methanol, etc.

The market is attributed to the factors such as government subsidies and R&D funding driving the market size of artificial photosynthesis. Many biopharmaceutical companies are investing in these startups for increased research on artificial photosynthesis. Research and development activities form the core of the growth of the artificial photosynthesis market.

The global Artificial Photosynthesis market is expected to register a CAGR of more than 13 % throughout 2021-2027. Factors such as the growing need for clean energy around the globe due to the depletion of non-renewable resources may trigger the growth prospects of artificial photosynthesis.

Moreover, the increasing encouragement by government bodies to promote the use of clean energy may also help in boosting the growth prospects of the artificial photosynthesis market. Furthermore, governments across the globe are planning for net-zero emissions coupled with soaring demand of green H2 and eco-friendly liquid fuels are expected to offer lucrative opportunities for the artificial photosynthesis market during the forecast period.

Panasonic Corporation, ENGIE, TOSHIBA CORPORATION, Siemens Energy, FUJITSU, Evonik Industries AG, FUJIFILM Corporation, Toyota Central R&D Labs., Inc, Mitsubishi Chemical Corporation, Weatherford are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Based on technology, Co2 electrolysis segment accounted for the majority share in the market in 2020”

Based on technology, the artificial photosynthesis market is classified into co2-electrolysis, photo-electron catalysis, and others. The Co2 electrolysis segment caters to extensive market share in the artificial photosynthesis market. In order to establish optimized systems for carbon recycling in the artificial photosynthesis process high-efficiency photovoltaic and CO2 electrolysis are combined together to get high productivity.
"Amongst application, hydrogen segment is expected to witness highest CAGR during the forecast period”

Based on application, the artificial photosynthesis market is segmented into hydrocarbons, hydrogen, and chemicals. The hydrogen segment acquired a considerable market share in the artificial photosynthesis market. It is one of the promising technologies to produce liquid fuels in a sustainable manner and replicate the natural process of photosynthesis, converting sunlight, water, and CO2 into carbohydrates and/or hydrogen with oxygen as a byproduct.
"Asia Pacific to witness significant growth during the forecast period”

Asia Pacific is expected to hold an extensive share in the artificial photosynthesis market and is expected to grow at an influential rate in the forecasted period as well. The Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing greenhouse gas emissions. Furthermore, countries such as Japan and South Korea are increasing their investments in innovative energy & fuel generation technologies, such as fuel cells, carbon recycling, and others. For instance: in 2020, approximately 500 hydrogen-powered fuel cell vehicles were utilized during the Olympics. Japan is also aiming to construct 1,000 hydrogen refueling stations for fuel-cell vehicles across the country by 2030.

Moreover, key developments in Singapore’s hydrogen sector as the island state moves to implement its “Green Plan” and begins to take its first steps in exploring the potential of hydrogen playing a role in its economy going forward which in turn also propels the market size of artificial photosynthesis.

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