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Artificial Photosynthesis Market Segmentation by Catalyst (Hydrogen Catalyst, Water-Oxidizing Catalyst, Photo Synthesizer, and Others); by Application (Electricity Production, Agriculture, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Artificial Photosynthesis Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Artificial Photosynthesis Market Highlights over 2022-2030

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.  

Artificial Photosynthesis Market Graph

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. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

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.

Global Artificial Photosynthesis Market Regional Synopsis

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.

Artificial Photosynthesis Market Share Image

The global artificial photosynthesis market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global artificial photosynthesis market includes the following segments:

By Catalyst

  • Hydrogen Catalyst
  • Water-Oxidizing Catalyst
  • Photo Synthesizer 
  • Others

By Application

  • Electricity Production
  • Agriculture
  • Others

Growth Drivers

  • Growing Investment for Research in the Chemical Biology Domain
  • Rising Demand for Eco-friendly Electricity Source

Challenges

  • Very High Capital Investment

Top Featured Companies Dominating the Market

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.

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