Artificial Photosynthesis Market To Generate Revenue Worth $188.9 Million by 2030

The global artificial photosynthesis market is projected to generate USD 188.9 million revenue by 2030, advancing at a CAGR of 14.70% during 2022–2030. This can be ascribed to 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.

Hydrogen Category To Witness the Fastest Growth

Based on application, the market is categorized into hydrocarbons, hydrogen, and chemicals. Among these, the hydrogen category will register the highest CAGR, of 15.2%, during the forecast period. This can be because it is one of the potential technologies for replicating the natural process of photosynthesis, which turns sunlight, water, and CO2 into carbohydrates and/or hydrogen, with oxygen as a byproduct, and produces liquid fuels in a sustainable manner.

Whereas, the hydrocarbons category contributed the largest revenue share in 2022, and it is expected to maintain its position during the predicted period as well. This is because hydrocarbons are good substitutes for fossil fuels and the depletion of fossil fuels is increasing rapidly. Moreover, such compounds are also used in the production of hydrogen fuels that are used in numerous applications.

Based on technology, the market is classified into photo-electrocatalysis, co-electrolysis, and others. Of these, the co-electrolysis category held the largest revenue share in 2022 and it is further expected to maintain its position in the coming years. This is because such technology offers a solution for valorizing greenhouse gases by utilizing renewable energy sources and it can be used to generate all necessary syngas, with the same power input.

Moreover, the photo-electrocatalysis category contributes significant revenue to the market. This is because the approach is reliable and developed by combining heterogeneous photocatalysis with electrochemical techniques. This technique is based on simultaneously illuminating a semiconductor unit with light momentum equal to or greater than its bandgap energy. Thus, the photo-electrocatalysis technique enables both light absorption and specific optimization of necessary molecules.

Geographically, the APAC market will register the fastest growth in the coming years. This can be due to the mounting economic growth, the growing urban population coupled with increasing energy needs, and the surging government initiatives toward the net-zero emission plan and reducing energy consumption. Furthermore, emerging countries such as China and India contribute significant revenue to the regional market, owing to the rising need for reducing carbon footprints and the increasing demand for power generation associated with the growing population.

On the other hand, North America held the highest revenue share in 2022, and it is further expected to maintain its dominance during the forecast period. This is attributed to the technology developments, an increase in the number of supportive programs, the presence of favorable laws and regulations for promoting sustainable innovation and development, a rise in the need for electricity production, and the presence of key industry players in the region.

Furthermore, Europe contributes significant revenue to the market. This is due to the favorable energy policies and regulations and the high adoption of smart technologies in the region.

Some of the major players in the market are Panasonic Holdings Corporation, ENGIE SA, Toshiba Corporation, Fujitsu Limited, Evonik Industries AG, Siemens Energy AG, Toyota CRDL Inc., Mitsubishi Chemical Corporation, and Twelve.