The global artificial photosynthesis market size is expected to reach USD 183.3 million by 2030, according to a new study by Polaris Market Research. The report “Artificial Photosynthesis Market Share, Size, Trends, Industry Analysis Report, By Technology (Nanotechnology, Photo-Electro Catalysis, Co-Electrolysis, Hybrid Process); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The artificial photosynthesis market is expected to experience significant growth during the forecast period. There has been increasing in environmental concerns and the introduction of stringent regulations regarding carbon emissions across the world. The rise in adoption of artificial photosynthesis as a sustainable alternative would contribute the market growth in the coming years.
The market has very few new key players in the tussle for developing their customer base. Various biopharmaceutical firms are financing such new organizations for enhanced studies on artificial photosynthesis. Research and development are the foundation of the current artificial photosynthesis market.
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In addition, numerous startups are indulging in research and development activities to enlarge their knowledge and assessment of artificial photosynthesis methods. Thus, this helps contribute to the growth of the market.
Moreover, strategic partnerships are also important for the overall development of the market. Hence, there has been an increase in the strategic aspect of getting into joint ventures, mergers, acquisitions, agreements, and partnerships.
The growth of the global market is due to the increasing importance of sustainable energy programs undertaken across several countries; global plans for zero emission and growing demand for eco-friendly liquid fuels are expected to drive the market.
Many prominent associates such as the Federal Ministry of Education and Research (BMBF), Germany’s Federal Ministry of Education and Research (BMBF), and others are partnering with the companies by funding them.
Thus, this funding given by different government and non-government groups assures adoption of green technology and other novel initiatives for improving the environment are also the factors stimulating the market increase.
Artificial Photosynthesis Market Report Highlights
- The market for co-electrolysis segment is expected to hold a significant share during the forecast period owing to its robustness and higher efficiency.
- By application, hydrocarbon is expected to be the largest market owing to acting as a substitute for fossil fuels, as well as being channeled into a fuel cell to generate electricity.
- North America will lead the global market by 2030. This is due to the rising initiatives undertaken by the governments. Also, many North American governments have encouraging policies and programs for long-term modernization and development plans. Further, the region initiated various programs for sustainable development to reduce greenhouse gas emissions.
- Major players operating in the industry include A-LEAF, Berkeley Lab, Engie SA, Evonik Industries AG, Fujitsu Limited, FUJIFILM Corporation, ICIQ, Indian Institute of Science (IISC), Panasonic Holdings Corporation, Mitsubishi Chemical Holdings Corporation, Siemens Energy AG, Toshiba Corporation, Toyota Central R&D Labs., Inc., Twelve, and University of Toronto.
Polaris Market Research has segmented the artificial photosynthesis market report based on technology, application, and region:
Artificial Photosynthesis, Technology Outlook (Revenue – USD Million, 2018 – 2030)
- Photo-Electro Catalysis
- Hybrid Process
Artificial Photosynthesis, Application Outlook (Revenue – USD Million, 2018 – 2030)
Artificial Photosynthesis, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa