The global artificial photosynthesis market is anticipated to grow at a considerable CAGR of 12% during the forecast period (2022-2030). The major factor contributing to the market growth are technological development, and rising funding and investment activities in artificial photosynthesis are creating the future opportunity for commercialization and market growth.
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For instance,
- In December 2021, the Researcher’s team has developed an artificial photosynthesis device component that converts sunlight and carbon dioxide into two promising sources such as ethylene and hydrogen. The new model is known as a photo-electrochemical (PEC) cell made of copper (I) oxide or cuprous oxide (Cu2O) a new artificial photosynthesis material.
- In August 2021, twelve formerly called Opus 12, creates CO2-based chemicals using artificial photosynthesis and used in production from car parts to laundry detergent. It is used the same as CO2-based chemicals when used with they used with petrochemicals and it can be turned into products such as ethylene.
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- In January 2020, 8 partner institutes with ENGIE have worked on a project named CONDOR. CONDOR project is aimed at the production of fuels by using carbon dioxide (CO2) as the feedstock source and sunlight as the sole energy source of the project. In this project, a photosynthetic device is used that is made of two compartments of a photo-electrochemical cell that splits water and CO2. With this combination, it generates oxygen and syngas, a mixture of H2 and CO, and also converts syngas into methanol and dimethyl ether (DME ).
- In October 2019, Siemens and Evonik have launched a joint research project which turns carbon dioxide into specialty chemicals through an “artificial photosynthesis” procedure. Moreover, the German government has made hydrogen production, to bring the production of artificial gas from the extraction of wind and solar power to an industrial scale.
Market Coverage
- The market number available for – 2021-2030
- Base year- 2021
- Forecast period- 2022-2030
- Segment Covered-
o By Technology
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- BERKELERY LAB, Carbon Solutions Inc., Evonik Industries AG, Fujitsu Laboratories Ltd., Panasonic Corp., Siemens AG, Toshiba Corp., Toyota Central R&D Labs, Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Artificial Photosynthesis Market Report Segment
By Technology
- Photo-Electro Catalysis
- Co-Electrolysis
- Others (Nanotechnology, Hybrid Process)
By Application
- Hydrocarbons
- Hydrogen
- Chemicals
