CHICAGO, April 5, 2022 /PRNewswire/ — According to new market research report “Artificial Photosynthesis Market by application (hydrocarbon, hydrogen, chemicals), technology (co-electrolysis, photo-electrocatalysis, nanotechnology, hybrid process), region (North AmericaACPA, EuropeRest of the world) – Global forecasts until 2030″, released by MarketsandMarkets™, the Artificial Photosynthesis market size will grow to $185 million by 2030 from $62 million in 2022 at a CAGR of 14.6% over the forecast period.
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The global artificial photosynthesis market is driven by government funding and subsidies for research and development of artificial photosynthesis technology; global plans for net zero emissions. Growing demand for green H2 and environmentally friendly liquid fuels is expected to provide lucrative opportunities for the artificial photosynthesis market over the forecast period. Asia Pacific is expected to hold the largest share of the global artificial photosynthesis market between 2022 and 2030. The region has been segmented, by country, into Japan, China, Indiaand South Korea. The region faces a difficult challenge to reduce its carbon footprint from various fossil fuel-powered operations, including electricity generation. Asia Pacific is one of the leading markets to have embraced green technologies to meet government targets for reducing greenhouse gas emissions. In addition, countries such as Japan and South Korea increase their investments in innovative energy and fuel production technologies, such as fuel cells, carbon recycling, etc.
Asia Pacific is expected to hold the largest share in the global artificial photosynthesis market, during the forecast period
Asia Pacific accounted for a 48.3% share of the artificial photosynthesis market in 2021 and is expected to grow with a CAGR of 15.0% during the forecast period. The region has been segmented, by country, into Japan, China, Indiaand South Korea. The region faces a difficult challenge to reduce its carbon footprint from various fossil fuel-powered operations, including electricity generation. Asia Pacific is one of the leading markets to have embraced green technologies to meet government targets for reducing greenhouse gas emissions. In addition, countries such as Japan and South Korea increase their investments in innovative energy and fuel production technologies, such as fuel cells, carbon recycling, etc.
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68 – Tables
22 – Numbers
108 – Pages
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North America is expected to be the fastest growing region in the global artificial photosynthesis market, during the forecast period
North America accounted for a 34.9% share of the artificial photosynthesis market in 2021 and is expected to witness a CAGR of 15.8% during the forecast period. The regional market is boosted by the presence of supportive policies and incentives in the United States for sustainable development projects. Rising demand for uninterrupted power supply in the region will also drive the growth of the market over the forecast period. This has encouraged the use of clean fuels, such as hydrogen, for various energy needs. For example, in the United States, the Hydrogen and Fuel Cells Technical Advisory Committee (HTAC) was established under Section 807 of the Energy Policy Act of 2005 to provide technical and programmatic advice. to the Secretary of Energy on hydrogen research at the Department of Energy (DOE). . The availability of research grants from the United States Department of Energy (DOE) has fueled research activities for an energy-efficient system in the country, which is expected to boost research activities related to artificial photosynthesis in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading manufacturers in the Artificial Photosynthesis Market. These players include Panasonic Corporation (Japan), FUJITSU (Japan), and ENGIE (France).
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