Luton, Bedfordshire, United Kingdom, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Artificial Photosynthesis Market.
The global artificial photosynthesis market is projected to reach USD 95.46 billion by 2029 from USD 47.35 billion in 2022, at a CAGR of 13.5% from 2023 to 2029.
Artificial photosynthesis is a novel technology which mimics the natural photosynthesis process to create clean energy. This process, unlike the natural process, does not stress on producing carbohydrates but uses these elements for electricity generation. This process assures electricity generation without any harm to the environment. Thus, the benefits etched to artificial photosynthesis process are estimated to create large waves of growth across the forecast period of 2023-2029.
The artificial photosynthesis market is driven by the government fundings and grants for the research and development of artificial photosynthesis technology; global plans for net zero emissions. Growing demand of green H2 and eco-friendly liquid fuels are expected to offer lucrative opportunities for the artificial photosynthesis market during the forecast period.
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Recent Developments
- Toshiba Corporation launched a carbon dioxide electrolyzer that utilizes artificial photosynthesis technology. They planned to develop projects for sustainable aviation fuel.
- Evonik Industries AG and Siemens Energy AG entered to a partnership which uses water and carbon dioxide to create chemicals. This project has been funded by Federal Ministry of Education and Research (BMBF) with an amount of 6.3 million euros.
- Evonik Industries AG and Beiersdorf agreed to create organic raw materials for care products, using carbon dioxide (CO2). Further, to reduce the carbon front print, Beiersdorf has planned to adopt artificial photosynthesis technology. This joint project of Beiersdorf and Evonik Industries AG has been financed by Germany’s Federal Ministry of Education and Research (BMBF) in €1 million.
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.
One of the main factors driving the artificial photosynthesis market ahead is government funding and incentives for technological research and development. The US Department of Energy (DOE) stated in 2022 that it will invest up to $100 million over a five-year period in artificial photosynthesis research to produce fuels from sunlight. The Department intends to invest in the Fuels from Solar Hub programme, committing long-term US scientific and technology resources to this highly potential and competitive industry.
Asia Pacific is expected to hold the largest share of global Artificial Photosynthesis Market, during the forecast period
Asia Pacific accounted for a 48% share of the Artificial Photosynthesis Market in 2022 and is expected to growth with a CAGR of 15.0% in the forecast period. Japan, China, India, and South Korea are the countries that make up the region. The region faces a difficult task in reducing its carbon footprint from fossil-fuel-powered businesses, such as power generation. Asia Pacific is one of the major markets that have implemented green technologies to achieve government-set greenhouse gas emission reduction targets.
Increasing demand for eco-friendly liquid fuels and green H2 presents a potential opportunity for the artificial photosynthesis market.
Increased financing and incentives have helped to meet the growing demand for green hydrogen and clean fuel in recent years. For instance, the US President has promised to create green hydrogen, which uses renewable energy and is less expensive than natural gas. Up to $100 million will be spent by the US Department of Energy (DOE) on fuel cells and hydrogen research and development. In order to help meet the objectives of the Green Deal, the European Union intends to invest USD 430 billion in green hydrogen by 2029. Major economies are also heavily investing in green hydrogen, including Australia, Chile, Germany, Japan, Saudi Arabia, and Japan.
Artificial Photosynthesis Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 47.35 billion in 2022 |
| Revenue forecast in 2029 | USD 95.46 billion by 2029 |
| Growth rate | CAGR of 13.5% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
The presence of large industry players carrying out strategic initiatives will drive market share.
The major players operating in the global artificial photosynthesis industry include Panasonic Corporation, ENGIE, TOSHIBA CORPORATION, Siemens Energy, FUJITSU, Evonik Industries AG, FUJIFILM Corporation, Toyota Central R&D Labs., Inc., Mitsubishi Chemical Corporation, Twelve. The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, substantial distribution, and branding decisions to improve market share and regional presence. Also, they are involved in continuous R&D activities to develop new products as well as are focused on expanding the product portfolio. This is expected to intensify competition and pose a potential threat to the new players entering the market
Browse Detailed Summary of Research Report with TOC:
https://exactitudeconsultancy.com/reports/12685/artificial-photosynthesis-market/
Key Market Segments: Artificial Photosynthesis Market
| By Technology | By Application | By Region |
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Artificial Photosynthesis Market: Key Trends
The government bodies of numerous countries are promoting the use of clean energy extensively. The market for artificial photosynthesis may experience significant expansion as clean energy programmes gain popularity in a variety of nations and regions. Also, financing for the implementation of sustainable energy technologies is rising quickly. Diverse governmental and non-governmental organisations' financial support ensures the adoption of cutting-edge programmes and techniques to improve the artificial photosynthesis process. Consequently, it is anticipated that these factors would provide the artificial photosynthesis market with significant development prospects.
Key Question Answered
- What is the current scenario of the global artificial photosynthesis market?
- What are the historical size and the present size of the market segments and their future potential?
- What are the major catalysts for the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
- Which are the key regions from the investment perspective?
- What are the key strategies being adopted by the major players to up their market shares?
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