Artificial Photosynthesis Market Size Expected to Reach USD 284.73 Million by 2033

The global artificial photosynthesis market size is calculated at USD 83.39 million in 2024 and is expected to reach around USD 284.73 million by 2033, registering a double digit CAGR of 14.62% from 2024 to 2033.

/EIN News/ -- Ottawa, July 12, 2024 (GLOBE NEWSWIRE) -- The global artificial photosynthesis market size is predicted to grow from USD 72.75 million in 2023 to approximately USD 284.73 million by 2033, According to Precedence Research. The artificial photosynthesis market is driven by increasing environmental concerns, consumer shifts towards sustainable products and government initiatives.

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The artificial photosynthesis market involves the development, production, and deployment of technologies that mimic the natural process of photosynthesis to convert sunlight, water, and carbon dioxide into energy-rich compounds and other useful products. Artificial photosynthesis systems (APS) are biomimetic devices that mimic the natural photosynthesis process, which generates energy-dense chemicals and oxygen by utilizing carbon dioxide, water, and sunlight.

Since APS includes splitting water into hydrogen and oxygen and reduces carbon dioxide to hydrocarbons like formic acid, methane, carbon monoxide, or hydrogen fuel, it can be an alternative source of renewable energy. To develop a semi-artificial photosynthesis system, researchers are attempting to integrate elements of artificial and natural photosynthesis. Moreover, APS can purify the atmosphere by removing surplus carbon dioxide and replenishing it with oxygen.

Artificial Photosynthesis Market Key Insights:

• North America led the global artificial photosynthesis market in 2023.
• Asia Pacific is expected to expand at a solid CAGR during the forecast period.
• By technology, the co-electrolysis segment has held a major revenue share in 2023.
  
  

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Artificial Photosynthesis Market Coverage

Report Attribute	Key Statistics
Artificial Photosynthesis Market Size by 2033	USD 284.73 Million
Artificial Photosynthesis Market Size in 2024	USD 83.39 Million
Growth Rate from 2024 to 2033	CAGR of 14.62%
Base Year	2023
Historical Year	2021-2022
Forecast Year	2024-2033
Segments Covered	Technology, and Region
Regions Covered	North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Artificial Photosynthesis Market Leaders

• Indian Institute of Science (IISC)
• A-LEAF
• Engie SA
• Formerly Opus 12
• Berkeley Lab
• Evonik Industries AG
• ICIQ
• FUJIFILM Corporation
• Fujitsu Limited
• Sito
  

Recent Developments:

• In June 2024, to produce hydrogen peroxide, an essential industrial chemical, the National University of Singapore has created hexavalent photocatalytic covalent organic frameworks (COFs) that replicate natural photosynthesis. This environmentally friendly method employs sunshine as an energy source and plentiful water and air as feedstocks instead of the more energy-intensive, expensive noble metal catalysts, high-pressure hydrogen gas, and dangerous solvents used in the standard anthraquinone process.
  
• In May 2024, Exeger continues to expand by building a second "artificial photosynthesis" factory.
  
• In October 2023, Researchers created a prototype system that uses carbon dioxide, water, and sunshine to manufacture methane—a powerful fuel with a high energy density—by simulating the natural process of photosynthesis. With its publication in ACS Engineering Au, this ground-breaking study offers a preview of what lies ahead for renewable energy systems.
  
• In October 2023, simulating "plant power" by means of artificial photosynthesis
  
• A group at ACS Engineering Au has created a working prototype system that uses carbon dioxide, water, and sunshine to create methane. A vital part of natural gas, this fuel is high in energy and has the potential to partially replace nonrenewable fossil fuels. The group hypothesizes that, eventually, there would be less demand for nonrenewable fossil fuels if methane production from renewable sources can be streamlined.
  
• In November 2022, an inventive new artificial photosynthesis system created by six scientists at the University of Chicago performs noticeably better than earlier artificial systems.

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Artificial Photosynthesis Market Technology Outlook

The co-electrolysis segment dominated the artificial photosynthesis market in 2023. Increased research and development in electrochemical processes because of renewable energy sources is anticipated to propel the segment's expansion. Co-electrolysis technology is an appealing approach to reduce energy input and double the output of compounds with added value. It entails the co-electrolysis of various chemical precursors.

Although there has been some recent development in this area, a review of the subject is much needed. There are four types of co-electrolysis systems: (1) agent sacrificing at one electrode to encourage the conversion of an electrochemical precursor at the other; (2) parallel conversions of electrochemical precursors; (3) electrochemical conversions of two precursors into one or the same product; and (4) double/multiple conversions of electrochemical precursors at one side.

Artificial Photosynthesis Market Regional Outlook

North America dominated the artificial photosynthesis market in 2023. As more individuals in the area use green technology to lessen their carbon footprint, there is a greater awareness of greenhouse gas emissions, which is partly responsible for the market rise. Furthermore, the nations of North America are investing in energy technology that is state-of-the-art, such as carbon recycling and fuel cells, which may increase demand for artificial photosynthesis. Because artificial photosynthesis provides oxygen into the ecosystem and takes CO2 out of the atmosphere, it is good for the environment.

Asia-Pacific is expected to witness significant growth during the forecast period. Asia Pacific is one of the primary markets implementing green technology to reduce greenhouse gas emissions, with nations such as China, Japan, and South Korea boosting investments in advanced fuel cells, carbon recycling, and other energy-generation technologies.

• In June 2023, with funding from the European Commission, the A-LEAF project broke the global record for producing sustainable fuels from CO2 and H2O. The goal of the multinational group, which included scientists from France, Germany, Italy, Spain, and Switzerland, was to build a functional artificial leaf that uses sunlight to transform the rich materials found on Earth into renewable energy.
  

Artificial Photosynthesis Market Dynamics:

Driver: Environmental concern

Environmental concern is a major driver for the growth of the artificial photosynthesis market. The world faces difficulties in resolving resource depletion and climate change due to the growing CO2 emissions, which are mostly caused by finite fossil fuel resources. A viable substitute is artificial photosynthesis, which creates energy-rich molecules from CO2 and water by using sunshine. This energy source is endless and renewable. There are still issues, though, such as resource-intensive manufacturing, environmental effects, and energy-intensive procedures.

Nevertheless, novel strategies like Z-scheme heterojunctions and stable heterometallic Fe2M cluster-based metal-organic frameworks have been investigated in contemporary artificial photosynthesis research. The main goals are to improve charge transfer efficiency, optimize structural designs, and deal with issues like sluggish reaction kinetics and CO2 inertness.

Restraint: Stability issues

Millions of turnovers are anticipated to be impacted by artificial photosynthesis catalysts; however, with time, they will become less stable than photovoltaics due to their tendency to corrode in water. Oxygen can cause hydrogen catalysts to become inactive or deteriorate over time.

The absorption of a photon by the photosensitizer, which results in the PS* excited state, is the first step in the light-driven H2 evolution accelerated by synthetic systems. After that, there is a photoinduced electron transfer that occurs either by a reductive quenching of the PS* by the sacrificial electron donor, which results in the reduced PS−, or by an oxidative quenching process where the catalyst acts as the electron acceptor. This reduces the catalyst to its active state.

Browse More Insights:

• Carbon Dioxide Utilization Market Size and Forecast: The global carbon dioxide utilization market size was surpassed at US$ 4.02 billion in 2022 and it is expected to hit around US$ 14.32 billion by 2032, expanding growth at a CAGR of 13.60% during the forecast period 2023 to 2032.
  
• Carbon Dioxide Removal Market Size and Forecast: The global carbon dioxide removal market size was USD 638.73 million in 2023, calculated at USD 733.52 million in 2024 and is expected to reach around USD 2,548.29 million by 2033. The market is expanding at a solid CAGR of 14.84% over the forecast period 2024 to 2033.
  
• Metal Organic Framework Market Size and Forecast: The global metal organic framework market size was USD 672.14 million in 2023, calculated at USD 751.65 million in 2024 and is expected to reach around USD 2,056.09 million by 2033. The market is expanding at a solid CAGR of 11.83% over the forecast period 2024 to 2033.
  
• Palladium Chloride Market Size and Forecast: The global palladium chloride market size was estimated at USD 8.2 billion in 2022 and is anticipated to reach around USD 16.21 billion by 2032, registering a CAGR of 7.1% during the forecast period from 2023 to 2032.
  
• Hydrogen Generator Market Size and Forecast: The global hydrogen generator market size was evaluated at USD 1 billion in 2022 and is projected to hit around USD 1.73 billion by 2032, growing at a CAGR of 5.7% during the forecast period from 2023 to 2032.
  
• Green Ammonia Market Size and Forecast: The green ammonia market size was valued at USD 0.3 billion in 2022 and is projected to surpass around USD 70.19 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 72.6% over the forecast period 2023 to 2032.
  
• Essential Oils Market Size and Forecast: The global essential oils market size was valued at US$ 20.99 billion in 2022 and is expected to hit US$ 43.87 billion by 2032 with a registered CAGR of 7.70% from 2023 to 2032.
  
• Green Fertilizers Market Size and Forecast: The global green fertilizers market size was reached at USD 3.53 billion in 2022 and it is expected to hit around USD 6.72 billion by 2032, poised to grow at a CAGR of 6.7% during the forecast period from 2023 to 2032.
  
• Internet of Things (IoT) Market Size and Forecast: The global internet of things (IoT) market size accounted for USD 405.69 billion in 2023 and it is projected to hit around USD 3,152.17 billion by 2033, growing at a CAGR of 22.68% during the forecast period from 2024 to 2033.
  
• Catalyst Market Size and Forecast: The global catalyst market size was exhibited at USD 36.8 billion in 2022 and it is expected to hit around USD 59.66 billion by 2032 with a registered CAGR of 5% during the forecast period 2023 to 2032.

Opportunity: Advanced technology

Selectivity, catalytic performance, and light absorption capacities have all increased because of developments in nanotechnology and molecular manipulation. With the use of a free-base porphyrin-fullerene molecule and a hexad nanoparticle containing four zinc tetraarylporphyrin molecules, researchers have successfully produced antennae complexes that mimic natural photosynthesis. Supramolecular cages have been shown to enhance catalytic efficiency in the synthesis of nanoscale materials and devices resulting from bottom-up nanofabrication.

The functioning of devices such as single photoelectrodes and photovoltaic coupled electrolyzers can be greatly impacted by the materials used in their nanostructure. Ion concentration, temperature, and pressure are important physical variables. Carbon dioxide emissions from wastewater treatment (WWT) may be captured and used as renewable energy. An integrated strategy that supports solar harvesting, conversion, and storage while achieving carbon neutrality combines artificial photosynthesis with hybrid microbial photoelectrochemical (MPEC).

"The Sustainable Consumer" investigates producing food and energy using artificial photosynthesis.

Harvard University scientist Daniel Nocera is creating environmentally friendly instruments to give the world's poorest people access to electricity and food. He thinks that by the middle of the century, the world's energy consumption will have doubled and that scientists and decision-makers need to collaborate to do this without emitting additional carbon. Water molecules are divided into oxygen and hydrogen by Nocera's artificial leaf, a silicon chip covered in water-splitting catalysts.

The result is a clean fuel that can be stored and utilized right away. Hydrogen becomes a net-zero fuel when it is converted into a liquid biofuel by the bionic leaf. Additionally, Nocera's lab created Xanthobacter autotrophic us, a cyanobacterium that secretes ammonia when it combines hydrogen with ambient nitrogen, preventing the emission of 280,000 pounds of CO2 during the fertilizer-making process.

Segment Covered in the Report

By Technology

• Nanotechnology
• Photo-Electro Catalysis
• Co-Electrolysis
• Hybrid Process
  

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa
  

Key Points of Table of Content

Chapter 1. Introduction

Chapter 2. Research Methodology (Premium Insights)

Chapter 3. Executive Summary

Chapter 4. Market Variables and Scope 

Chapter 5. COVID 19 Impact on Artificial Photosynthesis Market 

Chapter 6. Market Dynamics Analysis and Trends

Chapter 7. Competitive Landscape

Chapter 8. Global Artificial Photosynthesis Market, By Technology

Chapter 9. Global Artificial Photosynthesis Market, Regional Estimates and Trend Forecast

Chapter 10. Company Profiles

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