Artificial Photosynthesis Market size was valued at USD 74.56 Million in 2023 and is anticipated to reach USD 542.93 Million by 2036, expanding at around 16.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial photosynthesis is assessed at USD 85.12 Million. This growth is attributed to the rising concerns about the environment. Population expansion or density is one of the causes of environmental deterioration. To improve sustainability, individuals are more dedicated to modifying their behavior and are more concerned about tackling environmental concerns. Further, artificial photosynthesis would absorb and decrease carbon dioxide to make fuels, which would help to utilize liquid fuel without harming the environment or overheating the earth. In 2019, more than 70% of people globally, united for increasing environmental concerns.
In addition to these, factors that are believed to fuel the market growth of artificial photosynthesis include increasing government funding and grants for research and development. To boost profitability, productivity, and efficiency even further, the government is providing subsidies and funding provided for the development of artificial photosynthesis technologies. For instance, to produce fuels from sunshine, the US Department of Energy (DOE) has announced a proposal to invest up to USD 100 million over five years in research on artificial photosynthesis, to create an artificial photosynthesis system that, is similar to natural photosynthesis.
Growth Drivers
Rising Demand for Environmentally Friendly Fuel– Owing to their finite, depleting supply and negative effects on the environment, fossil fuels continue to be unsustainable as an energy source. As a result, the need for sustainable and eco-friendly alternative energy sources has increased. Artificial photosynthesis may be used to create fuels made of hydrocarbons, which can replace fossil fuels in a useful way. In 2019, more than 10% of global primary energy was produced from renewable technologies.
Increasing Usage of Green Hydrogen– Owing to the rising carbon emissions, particularly from the industrial and transportation sectors, green hydrogen is becoming quite popular. Further, it is anticipated that increased use of green hydrogen would increase demand for artificial photosynthesis. As per estimates, in 2021, the world's demand for hydrogen increased by more than 2%, mostly as a result of increased activity in the chemical and refining industries.
Rising Spending Power of Consumers – Growing consumer purchasing power brought on by increased per capita income is driving up demand for crops. Further, artificial photosynthesis techniques might be used to grow crops. For instance, scientists have created an artificial photosynthesis technique that allows plants to grow in the dark. According to data, as of January 2022, consumer expenditure in India was more than 20 trillion rupees.
Growing Acceptance of Green Technology and Sustainable Development – On the account of surging environmental awareness among people, the adoption of green technology is growing. Further, artificial photosynthesis is the perfect energy source since it can provide a clean fuel without producing any negative byproducts, such as greenhouse gases. In 2020, more than 50% of individuals worldwide had access to clean cooking fuels and technology.
Challenges
Extremely high capital expenditure- The goal of artificial photosynthesis is to duplicate the processes of natural photosynthesis to convert solar energy into chemical fuels, sometimes known as solar fuels. It is a challenging but valuable endeavor to mimic nature since it may lead to discoveries that are worth hundreds of billions of dollars. The potential of artificial photosynthesis is frequently criticized for a variety of reasons, including a lack of technological competence, a lack of energy storage methods, as well as its high cost and poor efficiency.
Need for catalyst optimization and photoanode material stability
Lack of stability in materials used for artificial photosynthesis
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
16.5% |
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Base Year Market Size (2023) |
USD 74.56 Million |
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Forecast Year Market Size (2036) |
USD 542.93 Million |
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Regional Scope |
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Application (Hydrogen, Hydrocarbon, Chemicals)
The market is segmented and analyzed for demand and supply by application into hydrogen, hydrocarbon, chemicals, and others. Out of the four types, the hydrocarbon segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing usage of hydrocarbon. The majority of the hydrocarbons in the world are used for heating, producing electricity, and as fuels. The versatility and high energy density of hydrocarbons make them ideal and practical for many end-use applications, including feedstock for petrochemical plants, chemicals, and synthetic rubber. Further, artificial photosynthesis is anticipated to be a cost-effective method to create hydrocarbons using just carbon dioxide, water, and sunshine. For instance, the production of high-energy hydrocarbons using electron-rich gold nanoparticles as a catalyst has been discovered by scientists as a novel method of achieving artificial photosynthesis. In 2021, the entire usage of Hydrocarbon gas liquids (HGLs) made up more than 10% of all petroleum consumption in the United States.
Technology (Co-electrolysis, Photo-electro Catalysis)
The market is also segmented and analyzed for demand and supply by technology into co-electrolysis, and photo-electrocatalysis. Amongst these two segments, the co-electrolysis segment is expected to garner a significant share. The growth can be attributed to the surging effects of greenhouse gases globally. Co-electrolysis is a great way to cut back on greenhouse gas emissions, by the electroreduction of CO2 into value-added products, such as carbon monoxide (CO). Further, optimal systems for carbon recycling are provided by integrated artificial photosynthesis, which combines high-efficiency solar and CO2 electrolysis at high productivity and selectivity. In contrast to natural photosynthesis, the integrated system 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.
Our in-depth analysis of the global market includes the following segments:
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By Catalyst |
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By Application |
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By Technology |
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North American Market Forecast
The North American artificial photosynthesis market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the rising awareness of greenhouse gas emissions. People in the area are consuming less energy and adopting green technology to reduce their carbon footprint and reduce greenhouse gas emissions. Further, more and more people in the region are choosing sustainable options as they want to protect the environment. Also, the nations in the North American area are increasing their investments in cutting-edge energy technology, such as fuel cells, and carbon recycling, which can boost the demand for artificial photosynthesis in the region. For instance, artificial photosynthesis is advantageous for the environment since it may help remove extra CO2 from the atmosphere and release beneficial oxygen into the ecosystem. According to estimates, in 2022, greenhouse gas emissions in the US increased by more than 1%.
Europe Market Forecast
The European artificial photosynthesis market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. This growth is credited to the increasing research & development activities. For instance, there is increasing ongoing research in the region on artificial photosynthesis for a variety of applications. The majority of the nations that make up Europe and its members rely largely on foreign fossil energy sources. Moreover, the usage of the dominant energy sources based on fossil fuels is linked to social and environmental aspects that unmistakably impact the quality of life. Recent years have seen the emergence of European efforts to support the growth of artificial photosynthesis. Further, A-LEAF, a European partnership aims to develop a platform for artificial photosynthesis that would convert solar energy into chemical energy and serve as a sustainable alternative to fossil fuels.
APAC Market Statistics
Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. To meet governmental greenhouse gas emission reduction goals, one of the major markets that have adopted green technologies is Asia Pacific. Additionally, nations like China, Japan, and South Korea are increasing their investments in a cutting-edge fuel cells, carbon recycling, and other energy and fuel-generating technology. Chinese researchers developed an artificial photosynthetic system with a solar-to-fuel conversion efficiency of more than 20% in August 2020, Beijing (Xinhua).
Siemens Energy commissioned a prototype plant that creates chemicals using water and carbon dioxide. It is a revolutionary technique of artificial photosynthesis that ought to aid in the success of the energy revolution by enabling new, more sustainable alternatives.
Toyota Central R&D Labs., Inc. claimed to have outdone even plants by increasing the effectiveness of its artificial photosynthesis technology, and increasing the size of the device. The technology's conversion efficiency has since surpassed that of plants. Researchers are hopeful that this technique will one day make it feasible to capture CO2 released by companies and use it in synthetic photosynthesis.
Author Credits: Dhruv Bhatia
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