Published: January 2023 | Report Code: 12520 | Available Format: PDF | Pages: 180
The global artificial photosynthesis market size was valued at USD 63.1 million in 2022, and this number is expected to increase to USD 188.9 million by 2030, advancing at a CAGR of 14.70% during 2022–2030. This is attributed to the rising R&D expenditure by several government and private organizations; the growing adoption of advanced cutting-edge technologies; and the surging need for clean energy across the globe, owing to the depletion of non-renewable resources.
Moreover, the global plan for net zero emissions and the rise in the awareness programs conducted by numerous governments to encourage individuals and promote the use of clean resources are the reasons further contributing to the market growth.
The co-electrolysis category accounted for the largest revenue share in 2022, and it is further expected to maintain its position during the forecast period with a CAGR of 15.6%. This is because this technology is used for electricity production, manufacturing agricultural fertilizers, and hydrogen production.
Additionally, integrated artificial photosynthesis combines highly productive and selective CO2 electrolysis with high-efficiency solar energy to provide optimum systems for recycling carbon. The integrated system, unlike natural photosynthesis, 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 also learning from photosynthesis' benefit of producing high-value chemicals.
The growing population and the increasing spending power of consumers due to the surging per capita income are leading to the rising demand for crops. However, declining levels of arable land due to a variety of climatic, environmental, and human factors, encourage farmers and governments to efficiently utilize the available land for crop production. Thus, the demand for fertilizers is increasing, as they improve the growth and productivity of crops. Nitrogen fertilizer is the most common type of fertilizer that is widely used in agricultural activities. Ammonia is a basic building block for the production of nitrogen fertilizers.
Ammonia is produced via Haber–Bosch process, in which hydrogen reacts with nitrogen to produce ammonia, therefore, a large portion of hydrogen is consumed in the chemical industry for the production of ammonia. Since the need for fertilizers is increasing, the requirement for ammonia is also rising. As a result, the demand for hydrogen is surging, in order to balance the supply–demand of ammonia.
Report Attribute | Details |
Historical Years |
2017-2022 |
Forecast Years |
2023-2030 |
Market Size in 2022 |
USD 63.1 Million |
Revenue Forecast in 2030 |
USD 188.9 Million |
Growth Rate |
14.70% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Application; By Technology; By Region |
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One of the key drivers for the market expansion is government funding and incentives for the study and development of artificial photosynthesis for the production of fuels from sunlight. For instance, in 2020, the U.S. Department of Energy (DOE) stated that it would fund such research, with up to USD 100 million over five years. The DOE's investment in the Fuels from Sunlight Hub Program is a long-term commitment of U.S. technological and scientific resources to this intensely competitive and promising area of research.
Furthermore, in Europe, countries such as Germany, France, and Spain are emphasizing the research and development activities on this technology for several applications, including hydrocarbon and hydrogen generation. To accelerate such research activities, several research institutes are cooperating with OEMs.
For instance, Energy AG and Evonik Industries AG started a pilot plant in Marl, Germany that would develop specialty chemicals using carbon dioxide and water. The research project is named Rheticus, which was launched in 2018 and has been backed with more than USD 7 million of funding from the German government. The project aims to develop a platform technology that can use renewable power and carbon dioxide as feedstocks for specialty chemicals, food supplements, and plastics; close the carbon cycle; and reduce CO2 emissions.
The hydrocarbons category accounted for the largest revenue share in 2022, and it is expected to maintain its position during the predicted period with a CAGR of 14.9%. This is due to the large-scale adoption of artificial photosynthesis that can offer society storable and renewable energy in the form of valuable fuels.
Moreover, hydrocarbons produced include formic acid (HCOOH), methanol (CH3OH), carbon monoxide (CO), and methane (CH4), which have a wide application base. Such hydrocarbons produced can also act as alternatives for fossil fuels, and pure hydrogen can be used as a fuel or be imparted into a fuel cell to produce electricity.
The need for green hydrogen and clean fuel has steadily increased in recent years, pushed forward by rising grants and funding. For instance, the U.S. has promised to use renewable energy to produce green hydrogen, which is less expensive than natural gas. In addition, the European Union would spend over USD 400 billion on green hydrogen by 2030 to assist in achieving the goals of the Green Deal. Also, some of the major economies such as Germany, Japan, Saudi Arabia, Australia, and Chile are heavily investing in green hydrogen.
North America accounted for the largest revenue share, of 44%, in 2022, and it is further expected to maintain its dominance during the forecast period as well. This is ascribed to the surging initiatives by government organizations to provide funding for research activities in this field and the growing contribution to the net zero emission plan.
Additionally, in order to achieve the objectives, set by authorities for reducing greenhouse gas emissions, the U.S. and Canada are in the process of reducing carbon footprints and increasing power generation through the adoption of green technologies. Also, the region is increasing its investments in fuel-generating technology and cutting-edge energy sources, including fuel cells, carbon recycling, and others.
On the other hand, the APAC market will witness the fastest growth in the coming years. This can be due to the rising demand for green hydrogen and eco-friendly liquid fuels, the surging economy coupled with per capita income, the mounting number of companies, the growing rate of acceptance of technologies for renewable electricity production, the rising government concern toward carbon emissions, the surging requirement for fuel, and the increasing need for ammonia from the agriculture sector, in the region.
The study uncovers the biggest trends and opportunities in the artificial photosynthesis market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.
Based on Application
Based on Technology
Geographical Analysis
The artificial photosynthesis market size stood at USD 63.1 million in 2022.
During 2022–2030, the growth rate of the artificial photosynthesis market will be around 14.70%.
Hydrocarbons is the largest application area in the artificial photosynthesis market.
The major drivers of the artificial photosynthesis market include the growing need for energy across the globe, the rising R&D activities in this field along with technological advancements, the increasing spending power of consumers, and the surging focus on carbon emission reduction.
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