Artificial Photosynthesis Market Share

North American Market Forecast

The North American artificial photosynthesis market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the rising awareness of greenhouse gas emissions. People in the area are consuming less energy and adopting green technology to reduce their carbon footprint and reduce greenhouse gas emissions. Further, more and more people in the region are choosing sustainable options as they want to protect the environment.  Also, the nations in the North American area are increasing their investments in cutting-edge energy technology, such as fuel cells, and carbon recycling, which can boost the demand for artificial photosynthesis in the region. For instance, artificial photosynthesis is advantageous for the environment since it may help remove extra CO2 from the atmosphere and release beneficial oxygen into the ecosystem. According to estimates, in 2022, greenhouse gas emissions in the US increased by more than 1%.

Europe Market Forecast

The European artificial photosynthesis market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. This growth is credited to the increasing research & development activities. For instance, there is increasing ongoing research in the region on artificial photosynthesis for a variety of applications. The majority of the nations that make up Europe and its members rely largely on foreign fossil energy sources. Moreover, the usage of the dominant energy sources based on fossil fuels is linked to social and environmental aspects that unmistakably impact the quality of life. Recent years have seen the emergence of European efforts to support the growth of artificial photosynthesis. Further, A-LEAF, a European partnership aims to develop a platform for artificial photosynthesis that would convert solar energy into chemical energy and serve as a sustainable alternative to fossil fuels.

APAC Market Statistics

Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. To meet governmental greenhouse gas emission reduction goals, one of the major markets that have adopted green technologies is Asia Pacific. Additionally, nations like China, Japan, and South Korea are increasing their investments in a cutting-edge fuel cells, carbon recycling, and other energy and fuel-generating technology. Chinese researchers developed an artificial photosynthetic system with a solar-to-fuel conversion efficiency of more than 20% in August 2020, Beijing (Xinhua).