The global artificial photosynthesis market is anticipated to grow at a significant CAGR of 12% during the forecast period. The research for artificial photosynthesis is driven by factors such as increasing demand for green technology and initiatives for sustainable development. However, the involvement of the high cost of the technology act as a barrier to the artificial photosynthesis market. This newly arrived system is far more efficient and economical in comparison with photo voltaic solar power plants. Artificial photosynthesis is a process that converts and stores the energy from sunlight in the chemical bonds of a fuel. It replicates the natural process of photosynthesis. It could offer faster and more efficient production of hydrogen on a large scale which could accelerate the use of fuel cell vehicles. Artificial Photosynthesis is a new technology that is aiming to mimic natural photosynthesis and it produces clean energy. However, the artificial photosynthesis process does not necessarily depend on producing carbohydrates, rather it also utilizes these elements to produce electricity. This system is made by producing hydrogen and other biofuels that are utilized to generate electricity. 

Impact of COVID-19 Pandemic on Global Artificial Photosynthesis Market

The companies operating in these industries were shut down and have stopped their production facility due to the orders by government authorities, which reduces the demand for artificial photosynthesis and its sub-products also. Moreover, as this plant requires a great number of human workforce to complete the installations coupled with social distancing and low labor the market has been impacted. Furthermore, the projects that were going on were put on hold for the unimagined timeline all are these factors that impacted market growth during COVID-19.

Segmental Outlook 

Artificial photosynthesis is segmented on the basis of technology and application. Based on Technology, the market is segmented into photo-electro catalysis, co-electrolysis, and others (nanotechnology, hybrid process). On the basis of application, the market is sub-divided into hydrogen chemicals and hydrocarbons. 

Global Artificial Photosynthesis Market Share by Application, 2021 (%)

The Hydrogen Segment is Dominating the Global Artificial Photosynthesis Market

The increasing demand for green hydrogen energy and clean fuels is expected to hold the segment prominent share in the market. Moreover, several countries such as Chile, Japan, Germany, Saudi Arabia, and others are taking part in developing and investing heavily in green hydrogen clean energy projects and initiatives. As hydrogen is majorly used comers from a process known as steam methane reforming, which reacts to methane and process known as steam methane reforming to produce hydrogen, carbon monoxide, and a little amount of carbon dioxide. Furthermore, in January 2021, The President of the United States has promised to produce green hydrogen green energy that will cost less than natural gas. The Department of Energy has invested $100 million into the research and development of hydrogen and fuel cells based on clean and green energy. 

Regional Outlooks

The global artificial photosynthesis market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America.  North America holds a prominent share in the market owing to the high adoption of technological advancement in the early stage and key players' presence they are investing heavily in the market are factors attributed to the dominating nature of North America.

Global Artificial Photosynthesis Market Growth, by Region 2022-2030

The Asia Pacific Region is Fastest Growing in the Global Artificial Photosynthesis market

Asia Pacific region is dominating un the market owing to it has faced great challenges to reduce the increasing carbon footprint from several fossil-fuel and renewable energy powered operations, such as power generation. The Asia Pacific holds a prominent share in the adoption of new green technologies to meet the targets set by the governments for reducing greenhouse gas emissions and carbon emissions. Moreover, the regional countries such as Japan and South Korea are growing their investments in innovative energy & fuel generation technologies, to become the market leader in the market is on growth such as fuel cells, carbon recycling, and others. For instance, in February 2022, JX Nippon Mining & Metals Corp., developing materials for artificial photosynthesis decided to participate in Phase 2 activities of the Japan Technological Research Association of Artificial Photosynthetic Chemical Process. Moreover, it is developing materials that contribute to decarbonization throughout society and also develop materials for artificial photosynthesis. The company to achieve carbon neutrality speed across the globe, interest of many players in the market is growing in artificial photosynthesis as a technology for creating green hydrogen and hydrocarbon.

Market Players Outlook

The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include - BERKELERY LAB, Carbon Solutions Inc., Evonik Industries AG, Fujitsu Laboratories Ltd., Panasonic Corp., Siemens AG, Toshiba Corp., Toyota Central R&D Labs, Inc.,  and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new Deployment launches, to stay competitive in the market. For instance, in 2021, Toyota Central R&D Labs, researchers developed a large, cost-effective artificial photosynthesis system, to produce industrial formate at a solar-to-chemical conversion efficiency approaching the theoretical lowest limits for the conversion reactions. This new system uses sunlight, water, and carbon dioxide and cell-made solar-to-chemical conversion efficiency of 10.5% with a production rate of 1.2 moles per hour.

The Report Covers

• Market value data analysis of 2021 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global artificial photosynthesis market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.