The global artificial photosynthesis market is estimated to garner a noteworthy CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the ongoing advanced research in the domain of chemical biology, along with the increasing demand for environmentally friendly energy sources. Artificial photosynthesis is a chemical process that mimics the biological photosynthesis, the procedure in which plants use carbon dioxide, water, and sunlight, to produce oxygen and energy. Artificial synthesis aims to produce electricity using photovoltaic cells, unlike the existing solar panels. The constant depletion of fossil fuels, and increasing environmental awareness amongst people are the factors estimated to boost the growth of this market. In 2019, coal, oil and gas were the source of around 84% of global primary energy. Scientists believe that if the fossil fuels kept depleting at the current rate, the world will run out of all fossil fuels within the next century. However, this process is presently limited to scientific labs and its commercial utilization is still in conceptual stage. The process is estimated to be available commercially by the end of 2025.
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The global artificial photosynthesis market is segmented by application into electricity production, agriculture, and others, out of which, the electricity production segment is anticipated to hold the largest share in the market during the forecast period owing to the rising need for production of electricity through sustainable processes instead of using conventional fossil fuels. According to the data by the International Energy Agency (IEA), the total global electricity consumption reached 22 315 TWh in 2018, which was 4% higher than 2017. Moreover, in 2018, 66.3% of total electricity was produced by burning combustible fuels.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global artificial photosynthesis market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of high research and development activities in the field of science, along with the increasing investment by various multi-millionaire companies for the development of bio-friendly electricity. Similarly, the market in the Europe region is estimated to witness significant market share over the forecast period, on the back of rising R&D activities in countries, such as, Sweden, Germany, France, and others.
The global artificial photosynthesis market is further classified on the basis of region as follows:
Our in-depth analysis of the global artificial photosynthesis market includes the following segments:
The artificial photosynthesis process is still at the conceptual stage, but its application in the production of electricity and fuel cells is estimated to attract major energy and power market players to invest heavily in the coming years.
FREQUENTLY ASKED QUESTIONS
Growing need for environmentally friendly electricity generation method is the key factor driving market growth.
The market is anticipated to attain noteworthy CAGR over the forecast period, i.e., 2022-2030.
High investment in the market is estimated to hamper market growth.
The market in North America region will provide maximum growth opportunities owing to the growing investment in the scientific research and development activities.
The artificial photosynthesis process is still under development and is not yet commercialized. However, various players of the energy & power sector are expected to invest in the market in the upcoming years.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by catalyst, application, and region.
The electricity production segment is expected to grow at the highest CAGR during the forecast period as scientists are majorly focused on generating electricity using this process.
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