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Research Nester published a report titled “Artificial Photosynthesis Market : Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global artificial photosynthesis market in terms of market segmentation by catalyst, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global artificial photosynthesis market is anticipated to garner a noteworthy CAGR over the forecast period, i.e., 2022-2030. The market is segmented by application into electricity production, agriculture, and others, out of which, the electricity production segment is anticipated to hold the largest market share during the forecast period, as this is the major desired outcome by the scientists. Presently, more than 84% of the total electricity is generated using fossil fuels, which burn to produce greenhouse gases. Moreover, these fossil fuels are limited in quantity, which is why, new methods of energy generation are being sought by researchers. This is estimated to boost the segment growth over the forecast period.
The growth of the market can be attributed to the increasing R&D activities for the field of chemical biology, along with rising investment by government as well as major companies, for the development of alternative green sources of electricity. Artificial photosynthesis mimics the biological photosynthesis process to produce electricity using sunlight, CO2, and water (H2O). The rapid depletion and over-exploitation of fossil fuels is another factor estimated to drive the market growth.
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Regionally, the global artificial photosynthesis market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is foreseen to grab the largest market share over the forecast period owing to the increasing research and development activities regarding various scientific subjects. The government in the countries, such as, the United States, also promote such R&D activities through high funding, along with the investment by various companies, which is further expected to boost the market growth. Moreover, increasing demand for alternative source of electricity, is estimated to encourage the market growth.
Increasing Need for Eco-Friendly Source of Electricity to Boost the Market Growth
According to the data by the International Energy Agency (IEA), total global electricity consumption increased by 4% from 2017 to 2018, with around 22 315 TWh energy consumed in 2018. 66.3% of this electricity was produced by fossil fuels.
The demand for electricity is increasing, backed by the growing population, industrial development and urbanization, but the sources of electricity are limited. This is why, there is a gradual shift towards renewable energy sources, including the Sun. Using the process of artificial photosynthesis, scientists aim to produce bio friendly and clean electricity for mass commercial production. This is estimated to boost the market growth.
However, the ongoing research is expected to result in high investment, which is further expected to operate as key restraint to the growth of global artificial photosynthesis market over the forecast period.
This report also provides the analysis of the competition in the market. As the artificial photosynthesis process is still under development and is not yet commercialized, no present market players are covered in this report. However, various players of the energy & power sector are expected to heavily invest in the market in the upcoming years, while few new players are expected to enter the market. On the whole, the report depicts detailed overview of the global artificial photosynthesis market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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