Artificial Photosynthesis Market Trends
Growth Drivers
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Rising Demand for Environmentally Friendly Fuel– Owing to their finite, depleting supply and negative effects on the environment, fossil fuels continue to be unsustainable as an energy source. As a result, the need for sustainable and eco-friendly alternative energy sources has increased. Artificial photosynthesis may be used to create fuels made of hydrocarbons, which can replace fossil fuels in a useful way. In 2019, more than 10% of global primary energy was produced from renewable technologies.
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Increasing Usage of Green Hydrogen– Owing to the rising carbon emissions, particularly from the industrial and transportation sectors, green hydrogen is becoming quite popular. Further, it is anticipated that increased use of green hydrogen would increase demand for artificial photosynthesis. As per estimates, in 2021, the world's demand for hydrogen increased by more than 2%, mostly as a result of increased activity in the chemical and refining industries.
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Rising Spending Power of Consumers – Growing consumer purchasing power brought on by increased per capita income is driving up demand for crops. Further, artificial photosynthesis techniques might be used to grow crops. For instance, scientists have created an artificial photosynthesis technique that allows plants to grow in the dark. According to data, as of January 2022, consumer expenditure in India was more than 20 trillion rupees.
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Growing Acceptance of Green Technology and Sustainable Development – On the account of surging environmental awareness among people, the adoption of green technology is growing. Further, artificial photosynthesis is the perfect energy source since it can provide a clean fuel without producing any negative byproducts, such as greenhouse gases. In 2020, more than 50% of individuals worldwide had access to clean cooking fuels and technology.
Challenges
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Extremely high capital expenditure- The goal of artificial photosynthesis is to duplicate the processes of natural photosynthesis to convert solar energy into chemical fuels, sometimes known as solar fuels. It is a challenging but valuable endeavor to mimic nature since it may lead to discoveries that are worth hundreds of billions of dollars. The potential of artificial photosynthesis is frequently criticized for a variety of reasons, including a lack of technological competence, a lack of energy storage methods, as well as its high cost and poor efficiency.
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Need for catalyst optimization and photoanode material stability
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Lack of stability in materials used for artificial photosynthesis
Artificial Photosynthesis Market: Key Insights
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
16.4% |
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Base Year Market Size (2024) |
USD 86.79 million |
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Forecast Year Market Size (2037) |
USD 624.97 million |
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Regional Scope |
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