Artificial Photosynthesis Market Forecasts to 2028 – Global Analysis By Catalyst (Hydrogen Catalyst, Photo Synthesizer), Type (Photoelectrochemical Cells (PECs), Photovoltaic Cell-driven Electrolysers), Technology (Co-electrolysis, Photo-Electro Catalysis

Artificial Photosynthesis Market Forecasts to 2028 – Global Analysis By Catalyst (Hydrogen Catalyst, Photo Synthesizer), Type (Photoelectrochemical Cells (PECs), Photovoltaic Cell-driven Electrolysers), Technology (Co-electrolysis, Photo-Electro Catalysis) and By Geography

According to Stratistics MRC, the Global Artificial Photosynthesis Market is accounted for $56.00 million in 2021 and is expected to reach $164.10 million by 2028 growing at a CAGR of 16.6% during the forecast period. Artificial Photosynthesis is a process that converts and stores the energy from sunlight in the chemical bonds of a fuel. It replicates the natural process of photosynthesis. It could offer faster and more efficient production of hydrogen on a large scale which could accelerate the use of fuel cell vehicles.

Market Dynamics:

Driver:

Government Funding’s And Increased Research & Development

Government funding’s and grants for the research and development of it technology is the important driving factors for the growth of the market. In, the US Department of Energy (DOE) announced a plan to invest up to USD 100 million over five years in it research to produce fuels from sunlight. The Department's projected expenditure in the Fuels from Sunlight Hub program marks a long-term commitment of US scientific and technology resources to this aggressively competitive and promising field of study. In Europe, Germany, Spain, and France are the prominent countries that are emphasizing the research activities of artificial Photosynthesis for various applications, including hydrogen generation, hydrocarbon generation. Several research institutes are collaborating with the OEMs to accelerate the research activities. In Germany, Evonik and Siemens Energy have begun a pilot plant using carbon dioxide and water to make chemicals, The project termed as Rheticus, is funded by the German Federal Ministry of Education and Research (BMBF) with a total of Euro 6.3 million. The pilot facility located in Marl, implements artificial photosynthesis technology to produce chemicals from CO2 and water through electrolysis with the help of bacteria. The project aims to close carbon cycle and reduce CO2 emission.

Restraint:

High Cost

As it is a difficult process that joins in the hydrogen and carbon dioxide to obtain valuable fuels. Since the basic chemical process is extremely challenging to replicate, natural photosynthesis uses abundant resources of sunlight, water, and carbon dioxide to produce oxygen and energy-rich carbohydrates. Though artificial leaves may be the fuel cells of the future, manufacturing costs remain a key concern. One of the most significant roadblocks to artificial photosynthesis achieving high efficiency. During the research, the scientists attempted to achieve higher operating efficiency, however, using an expensive catalyst. Furthermore, the compatibility of the photocatalyst to achieve a high-efficiency rate, add up to the research cost. Hence, the high initial capital and research cost for the set-up acts as a restraint on the market.

Opportunity:

Rising Demand of Green H2 and Eco-Friendly Liquid Fuels

The preponderance of hydrogen now in use comes from a process known as steam methane reforming, which involves reacting methane and high-temperature steam with a catalyst to produce hydrogen, carbon monoxide, and a little amount of carbon dioxide. Carbon monoxide, steam, and a catalyst react in a later step to make additional hydrogen and carbon dioxide. Finally, contaminants and carbon dioxide are eliminated, leaving just pure hydrogen. A research team from Liquid Sunlight Alliance (LiSA) and Berkeley Lab's Chemical Sciences Division in California, US, has developed a prototype of an artificial photosynthesis device component that converts sunlight and carbon dioxide into two promising renewable fuels: ethylene and hydrogen. The demand for green hydrogen and clean fuel has witnessed a progressive rise supplemented by increasing funding and grants. For instance, The US Department of Energy (DOE) is investing up to USD 100 million in hydrogen and fuel cell research and development. Furthermore, major economies such as Chile, Japan, Germany, Saudi Arabia, and Australia are all investing heavily in green hydrogen. The findings also demonstrate the degradation phenomenon of the experimental set-up as well as suggest preventive measures. The team also shed light on electrons and charge carriers known as ""holes"" contributing to photosynthetic degradation in artificial Photosynthesis.

Threat:

Need For Optimized Catalyst and Stability of Photo Anode Material

Sunlight is used in artificial photosynthesis to produce high-value compounds from available resources. It is regarded as the most promising technology for producing sustainable fuels and chemicals. Recent research has resulted in effective light-absorbing semiconductors with high photoelectrochemical output, as well as effective catalysts for converting raw materials into a variety of products. These accomplishments demonstrate that artificial Photosynthesis is conceivable, although there are obstacles to overcome. Water splitting into H2 and O2 necessitates the use of integrated light gathering and catalytic conversion devices. The photoanode material's stability and performance must be increased. For the conversion of CO2 to products like CO, methane, or ethylene, optimised catalysts are required. Finding the correct transition metal catalyst for each desired reaction while balancing activity, selectivity, and stability can be difficult.

Photo-Electro Catalysis segment is expected to be the largest during the forecast period

Photoelectrocatalysis is a powerful method derived from the combination of heterogeneous photocatalysis and electrochemical techniques. The method is based on the use of a semiconductor irradiated by light energy equal to or greater than its bandgap energy simultaneously biased by a gradient potential. The catalyst approach to artificial photosynthesis enables separate optimization of key chemical steps in a given process, including light absorption, charge separation, the transformation of electrical to chemical energy, and catalytic conversion.

The Photoelectrochemical Cells (PECs) segment is expected to have the highest CAGR during the forecast period

Photoelectrochemical cells have been used as one of the most common artificial photosynthetic approaches to mimic natural photosynthetic water splitting reactions. A photoelectrochemical cell (PEC) is a type of device that utilizes a light source onto a semiconductor or photosensitizer to produce electrical energy (similar to a dye-sensitized solar cell) or to trigger chemical reactions to store energy in the form of chemical bonds, i.e. the production of the hydrogen by the splitting of water.

Region with highest share:

The Asia Pacific is projected to hold the highest market share. The province has been segmented, by country, into Japan, China, India, and South Korea. The province faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. The Asia Pacific is one of the leading markets that have adopted green technologies to meet the targets set by the governments for reducing greenhouse gas emissions. Additionally, countries such as Japan and South Korea are increasing their investments in innovative energy & fuel generation technologies, such as fuel cells, carbon recycling, and others.

Region with highest CAGR:

North America is projected to have the highest CAGR, owing to the presence of supportive policies and incentives in the US for sustainable development projects. The rise in demand for uninterrupted power supply in the region will also boost the market growth during the forecast period. This has encouraged the use of clean fuels, such as hydrogen, for various energy requirements. For instance, in the US, the Hydrogen and Fuel Cell Technical Advisory Committee (HTAC) was established under Section 807 of the Energy Policy Act of 2005 to provide technical and programmatic advice to the Energy Secretary on the Department of Energy’s (DOE) hydrogen research. The availability of research grants from the US Department of Energy (DOE) has fuelled research activities for an energy-efficient system in the country; this is expected to drive the research activities related to artificial photosynthesis in the province.

Key players in the market:

Some of the key players profiled in the Artificial Photosynthesis Market include Engie, Panasonic Corporation, FUJIFILM Corporation, Mitsubishi Chemical Corporation, Toshiba Corporation, Toyota Central R&D Labs., Inc., Siemens Energy, FUJITSU, Twelve (Formerly Known As, Op. 12), Evonik Industries AG.

Key developments:

In January 2020: ENGIE announced that it along with 8 partner institutes worked on a project named CONDOR. CONDOR is aimed at the production of fuels by using carbon dioxide (CO2) as feedstock and sunlight as the sole energy source. The project proposes a photosynthetic device made of two compartments a photoelectrochemical cell that splits water and CO2 and generates oxygen and syngas, a mixture of H2 and CO, and a (photo)reactor that converts syngas into methanol and dimethylether (DME), via bi-functional heterogeneous catalysts.

In October 2016: FUJITSU and University of Tokyo collaborated for the testing of artificial Photosynthesis developed by FUJITSU. Crystal Interface laboratory of University of Tokyo (Japan) was the site for testing. FUJITSU is continuing to work on further advances in photocatalyst materials and process technology to improve the characteristics of photoreactive electrodes and is working on developing technologies for the dark-reaction part (CO2-reducing reactions) and the overall system, with the goal of implementing artificial photosynthesis technology.

Catalysts Covered:
• Hydrogen Catalyst
• Photo Synthesizer
• Water-Oxidizing Catalyst

Types Covered:
• Photoelectrochemical Cells (PECs)
• Photovoltaic Cell-driven Electrolysers
• Suspended Nanopowder Photocatalysts

Technology’s Covered:
• Co-electrolysis
• Photo-Electro Catalysis
• Other Technologies

Applications Covered:
• Hydrocarbons
• Chemicals
• Industrial

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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