Increased Government Funding and R&D to Fuel Growth of Artificial Photosynthesis Market
The artificial photosynthesis market is expected to grow significantly during the forecast period, owing to government-imposed strict rules aimed at reducing carbon dioxide and greenhouse gas emissions. The market is also driven by government funding and grants for artificial photosynthesis technology research and development, as well as global plans for net-zero emissions targets. Global artificial photosynthesis could replace corporate globalization and ever-increasing economic growth policy models based on the use of non-renewable and polluting energy sources.
In 2020, the U.S. Department of Energy (DOE) announced a plan to fund up to US$100 Mn in artificial photosynthesis research over the next five years in order to manufacture fuels from sunshine. The planned investment by the Department in the Fuels from Sunlight Hub program represents a long-term commitment of US scientific and technological resources to this fiercely competitive and promising field.
The increased demand for artificial photosynthesis market in developed as well as developing economies such as Germany, Spain, and France with the research for a variety of applications, including hydrogen generation and hydrocarbon creation to fuel the market growth. To speed up the research process, several research institutes are partnering with OEMs. Evonik and Siemens Energy have started a prototype plant in Germany that produces chemicals from carbon dioxide and water. The German Federal Ministry of Education and Research (BMBF) is funding the Rheticus project with a total of Euro 6.3 million. The Marl pilot plant uses artificial photosynthesis technology to make compounds from CO2 and water via electrolysis with the help of bacteria. The goal of the project is to close the carbon cycle and lower CO2 emissions.
Rising Demand for Hydrogen in Transportation to Fuel Artificial Photosynthesis Market
The hydrogen category is likely to have a significant share in the coming years. Artificial photosynthesis involves chemical processes such as the splitting of water into oxygen and hydrogen, as well as the reduction of carbon dioxide into various hydrocarbons. Artificial photosynthesis can generate two kinds of fuel: hydrocarbons like methanol and formic acid, and pure hydrogen. Hydrogen is emerging as a clean fuel option that can be used in fuel cells or directly as a liquid fuel. It can be used to replace fossil fuels in transportation, home power, and other applications. It can also generate electricity when fed into a fuel cell. This type of fuel is created through a variety of processes, one of which is artificial photosynthesis.
Growing Environmental Protection Measures in North America to Drive Growth Artificial Photosynthesis Market
North America is expected to dominate the global artificial photosynthesis market. The market growth can be attributed to support programs and policies for long-term innovation and development projects. Artificial photosynthesis, as a research and development technology, is best suited for these types of government incentives and policies. The region's demand for uninterrupted power supply will also drive market growth. This has encouraged the use of clean fuels such as hydrogen for a variety of energy needs.
The presence of supportive policies and incentives for sustainable development projects in the U.S. drives the regional market. For instance, in the United States, Section 807 of the Energy Policy Act of 2005 established the Hydrogen and Fuel Cell Technical Advisory Committee (HTAC) to provide technical and programmatic advice to the Energy Secretary on hydrogen research at the Department of Energy (DOE). The availability of research grants from the US Department of Energy (DOE) has fuelled research activities in the country for an energy-efficient system, which is expected to drive research activities in the region related to artificial photosynthesis.
The artificial photosynthesis market is growing significantly in the Asia Pacific. The region's countries are Japan, China, India, and South Korea. The region faces a difficult task in reducing its carbon footprint from fossil-fuel-powered industries like power generation. Asia Pacific is one of the main markets that has implemented green technologies to achieve government-set greenhouse gas emission reduction targets. In addition, countries like China, Japan, and South Korea are boosting their investments in novel energy and fuel generating technologies including fuel cells, carbon recycling, and others. In August 2020, Beijing (Xinhua), Chinese scientists created an artificial photosynthetic system with a solar-to-fuel conversion efficiency of more than 20%.
Global Artificial Photosynthesis Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in 2021, Toma and her colleagues created a photoelectrochemical (PEC) cell model made of copper(I) oxide or cuprous oxide (Cu2O), a promising artificial photosynthesis material. On the other hand, in June 2020, ENGIE collaborated on the CONDOR project with eight partner institutes. CONDOR aims to produce fuels from carbon dioxide (CO2) as a feedstock and sunlight as the sole energy source. The project proposes a photosynthetic device with two compartments: a photoelectrochemical cell that splits water and CO2 to produce oxygen and syngas, a mixture of H2 and CO, and a (photo)reactor that converts syngas into methanol and dimethylether (DME) using bi-functional heterogeneous catalysts. The ultimate goal is a full photosynthetic device with 8% solar-to-syngas and 6% solar-to-DME efficiencies and three months of continuous outdoor operation.
A few of the players in the Artificial Photosynthesis market include Panasonic Corporation (Japan), and ENGIE (France), TOSHIBA CORPORATION (Japan), Mitsubishi Chemical Corporation (Japan), Twelve (formerly known as, Opus 12) (US), Siemens Energy (Germany), FUJITSU (Japan), Evonik Industries AG (Germany), FUJIFILM Corporation (Japan), Toyota Central R&D Labs., Inc. (Japan) and etc.
Global Artificial Photosynthesis Market is Segmented as Below:
Key Elements Included In The Study: Global Artificial Photosynthesis Market
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