Artificial Photosynthesis Market
Artificial Photosynthesis Market Size, Share & Trends Analysis Report By Technology (Photo-Electro Catalysis, Co-Electrolysis, and Others), and by Application (Hydrogen Chemicals, And Hydrocarbons) Forecast Period (2024-2031)
Artificial photosynthesis market is anticipated to grow at a significant CAGR of 12.1% during the forecast period (2024-2031). Artificial photosynthesis aims to produce fuels and chemicals from simple building blocks (both water and carbon dioxide) using sunlight as an energy source. Increasing demand for green technology and initiatives for sustainable development are key contributors to the global artificial photosynthesis market. However, the involvement of the high cost of the technology acts as a barrier to the artificial photosynthesis market.
Market Dynamics
Funding & Grants for the Development of Artificial Photosynthesis
The rising funding and grants for the development of artificial photosynthesis is a key factor driving the growth of the global market. For instance, in October 2023, Yixin Xiao was awarded an AVS scholarship for research that supports optoelectronic and renewable energy applications. Part of this research includes artificial photosynthesis, which is a process to split water into hydrogen and oxygen by mimicking natural photosynthesis. Further, in May 2023, the National Science Foundation (NSF) awarded $475,000 to fund a three-year research project that utilizes chemical reactions to develop new methods for converting light into stored energy. This project will lead to the development of photosensitizers that absorb broadly in the visible and near-infrared regions and have practical applications in organic transformations and solar energy conversion through artificial photosynthesis.
Market Segmentation
- Based on the technology, the market is segmented into photo-electro catalysis, co-electrolysis, and others (nanotechnology, hybrid process).
- Based on the application, the market is segmented into hydrogen chemicals and hydrocarbons.
Hydrogen Chemical Holds Major Share Based on Application
The increasing demand for green hydrogen energy and clean fuels is a major contributing factor to the high share of this market segment. Moreover, several countries such as Chile, Japan, Germany, Saudi Arabia, and others are taking part in developing and investing heavily in green hydrogen clean energy projects and initiatives. Hydrogen is majorly extracted from a process known as steam methane reforming. Furthermore, in July 2024, the German government and federal state governments granted funding of over €619.0 million ($669.6 million) to implement two of RWE’s large hydrogen projects.
Regional Outlook
The global artificial photosynthesis market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Artificial Photosynthesis Market Growth by Region 2024-2031
Asia-Pacific is anticipated to exhibit significant market growth.
The growing adoption of green technologies to meet the targets set by the governments for reducing greenhouse gas emissions and carbon emissions is a key factor driving the growth of this regional market. Moreover, regional countries such as Japan and South Korea are growing their investments in innovative energy & fuel generation technologies, to become the market leader by focusing on growth such as fuel cells, carbon recycling, and others. For instance, in February 2022, JX Nippon Mining & Metals Corp., developing materials for artificial photosynthesis decided to participate in Phase 2 activities of the Japan Technological Research Association of Artificial Photosynthetic Chemical Process. Moreover, it is developing materials that contribute to de-carbonization throughout society and develop materials for artificial photosynthesis, to achieve carbon neutrality.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the artificial photosynthesis market include Evonik Industries AG, Panasonic Holdings Corp., Toshiba Corp., Fujitsu Ltd., and Siemens Energy SE among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. The market is currently in its development phase therefore, the sector has noticed several funding and grants.
Recent Development
- In December 2022, a research team led by the University of Tokyo won a €5.0 million ($5.3 million) European Union prize this month for coming up with a novel way to make abundant and cheap fuel from sunlight through artificial intelligence.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the artificial photosynthesis market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Evonik Industries AG
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Fujitsu Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Panasonic Holdings Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Siemens Energy SE
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Toshiba Corp.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Artificial Photosynthesis Market by Technology
4.1.1. Photo-Electro Catalysis
4.1.2. Co-Electrolysis
4.1.3. Others (Nanotechnology, Hybrid Process)
4.2. Global Artificial Photosynthesis Market by Application
4.2.1. Hydro Chemicals
4.2.2. Hydrocarbons
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Berkeley Lab
6.2. ENGIE SA
6.3. Mitsubishi Chemical Holdings Corp.
6.4. Qarbotech Sdn Bhd
6.5. SunHydrogen, Inc.
6.6. Toyota Central R&D Labs., Inc.
6.7. Twelve, formerly known as Opus 12
1. Global Artificial Photosynthesis Market Research And Analysis By Technology, 2023-2031 ($ Million)
2. Global Photo-Electro Catalysis For Artificial Photosynthesis Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Co-Electrolysis For Artificial Photosynthesis Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Other Technologies For Artificial Photosynthesis Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global Artificial Photosynthesis Market Research And Analysis By Application, 2023-2031 ($ Million)
6. Global Artificial Photosynthesis For Hydro Chemicals Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Artificial Photosynthesis For Hydrocarbons Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Artificial Photosynthesis Market Research And Analysis By Region, 2023-2031 ($ Million)
9. North American Artificial Photosynthesis Market Research And Analysis By Country, 2023-2031 ($ Million)
10. North American Artificial Photosynthesis Market Research And Analysis By Technology, 2023-2031 ($ Million)
11. North American Artificial Photosynthesis Market Research And Analysis By Application, 2023-2031 ($ Million)
12. European Artificial Photosynthesis Market Research And Analysis By Country, 2023-2031 ($ Million)
13. European Artificial Photosynthesis Market Research And Analysis By Technology, 2023-2031 ($ Million)
14. European Artificial Photosynthesis Market Research And Analysis By Application, 2023-2031 ($ Million)
15. Asia-Pacific Artificial Photosynthesis Market Research And Analysis By Country, 2023-2031 ($ Million)
16. Asia-Pacific Artificial Photosynthesis Market Research And Analysis By Technology, 2023-2031 ($ Million)
17. Asia-Pacific Artificial Photosynthesis Market Research And Analysis By Application, 2023-2031 ($ Million)
18. Rest Of The World Artificial Photosynthesis Market Research And Analysis By Region, 2023-2031 ($ Million)
19. Rest Of The World Artificial Photosynthesis Market Research And Analysis By Technology, 2023-2031 ($ Million)
20. Rest Of The World Artificial Photosynthesis Market Research And Analysis By Application, 2023-2031 ($ Million)
1. Global Artificial Photosynthesis Market Share By Technology, 2023 Vs 2031 (%)
2. Global Photo-Electro Catalysis For Artificial Photosynthesis Market Share By Region, 2023 Vs 2031 (%)
3. Global Co-Electrolysis For Artificial Photosynthesis Market Share By Region, 2023 Vs 2031 (%)
4. Global Other Technologies For Artificial Photosynthesis Market Share By Region, 2023 Vs 2031 (%)
5. Global Artificial Photosynthesis Market Share By Application, 2023 Vs 2031 (%)
6. Global Artificial Photosynthesis For Hydro Chemicals Market Share By Region, 2023 Vs 2031 (%)
7. Global Artificial Photosynthesis For Hydrocarbons Market Share By Region, 2023 Vs 2031 (%)
8. Global Artificial Photosynthesis Market Share By Region, 2023 Vs 2031 (%)
9. US Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
10. Canada Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
11. UK Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
12. France Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
13. Germany Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
14. Italy Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
15. Spain Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
16. Rest Of Europe Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
17. India Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
18. China Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
19. Japan Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
20. South Korea Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
21. Rest Of Asia-Pacific Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
22. Rest Of The World Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
23. Latin America Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
24. Middle East And Africa Artificial Photosynthesis Market Size, 2023-2031 ($ Million)
