Artificial Photosynthesis Market (By Technology: Nanotechnology, Photo-Electro Catalysis, Co-Electrolysis, Hybrid Process) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

Artificial Photosynthesis Market Size and Forecast

The global artificial photosynthesis market size was USD 72.75 billion in 2023, calculated at USD 83.39 billion in 2024 and is expected to reach around USD 284.73 billion by 2033. The market is expanding at a solid CAGR of 14.62% over the forecast period 2024 to 2033. An increase in awareness about the environment and the benefits of clean energy is estimated to fuel the growth of the market over the forecast period.

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Artificial Photosynthesis Market Key Takeaways

• North America dominated the artificial photosynthesis market in 2023.
• Asia Pacific is expected to grow at the fastest rate during the forecast period.
• Asia Pacific is expected to grow at a significant rate during the forecast period.
• By technology, the co-electrolysis segment dominated the market with the largest share in 2023.

Market Overview

The artificial photosynthesis market is growing due to the adoption of green technologies and the reduction of greenhouse gases. Artificial photosynthesis is a biological reaction projected after the well-known natural process of photosynthesis. An enzyme bed reactor (or any other source requiring carbon dioxide to be extracted) is part of the artificial photosynthesis system. Bioelectric transducers and hydrogen energy are the sources of energy for this reactor. The main elements of a complete artificial photosynthesis system are:

• Photovoltaics (PV) are used for electricity production, which supplies the system's entire electrical energy needs.
• Dry agriculture: water requirements can be as low as possible while producing food-grade carbohydrates, liquid fuels, chemical feedstocks, and polymers for the production of fiber. Conventional agricultural water use can be reduced by nearly tens of thousands of times with artificial photosynthesis.
• Production of hydrogen: By emulating photosynthesis, electrochemical water dissociation into H2 and O2 is achieved.

The integration of electrocatalysis with photocatalysis through the photoelectrochemical strategy is a captivating method for solar-to-chemical energy conversion known as artificial photosynthesis. Metal-organic frameworks can significantly advance this crucial area of study because of their structural regularity and synthetic tunability. The use of metal-organic frameworks to achieve artificial photosynthesis through the photoelectrochemical pathway has advanced recently, as this brief summary illustrates. Artificial photosynthesis is acknowledged as one method of obtaining energy from solar radiation.

Artificial Photosynthesis Market Growth Factors

• Increasing adoption of artificial photosynthesis for the production of food is expected to drive the artificial photosynthesis market over the forecast period.
• The increasing trend of expansion and commissioning of new manufacturing plants for the adoption of artificial photosynthesis is estimated to fuel the growth of the market over the forecast period.
• Government initiatives for extending the adoption of artificial photosynthesis are anticipated to drive the growth of the market over the forecast period.
• Increasing healthcare expenditure is expected to create a lucrative opportunity for market growth.
• The increase in the adoption of green hydrogen is indirectly rising demand for artificial photosynthesis, which is anticipated to foster the growth of the artificial photosynthesis market over the forecast period.

Artificial Photosynthesis Market Scope

Artificial Photosynthesis Market Dynamics

Driver

Increase in the use of artificial photosynthesis for energy regeneration

Increasing innovations for developing renewable energy sources by use of artificial photosynthesis are estimated to fuel the growth of the artificial photosynthesis market over the forecast period. For instance, in June 2024, Optical-Bio Microsystems Lab, a biomedical lab, unveiled the algae that holds the capacity to generate renewable electricity. The approach utilized by Optical-Bio Microsystems Lab to collect energy from the photosynthesis of algae housed in miniature power cells and suspended in a specific solution was described. When set up properly, these cells have the capacity to produce enough energy to run ultra-low- and low-power devices, like Internet of Things (IoT) sensors.

Restraint

Challenges in catalyst optimization and rise in the need for photoanode material stability

The need for stability of photoanode material and the requirement for an optimum catalyst is expected to hamper the growth of the artificial photosynthesis market over the forecast period. For instance, in January 2024, Nikalyte Ltd, a nanotechnology engineering service company, estimated that the use of nanoparticle materials in artificial photosynthesis has several difficulties. This is not surprising, though, as it can occasionally be challenging, if not impossible, to intentionally replicate any natural process. The most effective catalysts and light-harvesting devices to use are among the challenges associated with artificial photosynthesis. Reducing carbon monoxide production and improving conversion efficiency to high-order hydrocarbons provide further difficulties.

Opportunity

Rise in research and development activities for innovating new products

An increase in the research and development activity for designing new products using artificial photosynthesis has created a lucrative opportunity for the growth of the artificial photosynthesis market during the forecast period. For instance, in February 2024, the Institute of Metal Research Chinese Academy of Sciences, a research institute focused on developing new types of inorganic non-metallic materials, advanced composite materials, and high-performance metallic materials, announced that they had innovated a liquid metal-embraced photoactive film and artificial leaf. The artificial leaves were manufactured through direct water splitting, which uses solar energy to make hydrogen, opening the door for large-scale manufacturing. The newly developed liquid metal-embraced photoactive film has enormous potential for direct sun-to-hydrogen energy conversion since it works similarly to a natural leaf in converting solar energy directly into a chemical fuel.

Technology Insights

The co-electrolysis segment held the dominating share of the artificial photosynthesis market in 2023. Reducing carbon dioxide emissions has become essential in the quest for a sustainable future as our society deals with the urgent issues of climate change and global warming, which are partially caused by rising atmospheric carbon dioxide levels. Conventional chemical industrial procedures frequently depend on fossil fuels, which unavoidably release significant amounts of carbon dioxide. As a result, when driven by renewable energy sources, electrochemical processes have attracted attention due to their potential to be more ecologically friendly and show a lesser carbon footprint. Increasing research and development activities using co-electrolysis technology to innovate renewable energy sources and food is estimated to drive the growth of the segment over the forecast period.

• For instance, in October 2023, Villanova University, a private catholic research university based in the U.S., conducted a research and development activity for a chemical product using the co-electrolysis method. The goal of the research project was to create carbon dioxide electrolysis devices that use creative reactor engineering and electrocatalyst design to transform carbon dioxide into chemicals and fuels with additional value. The researchers discussed new developments in a two-step tandem carbon dioxide electrolysis system, and they presented a purification technique that is internally connected and greatly improves the purity and concentration of acetate in co-electrolysis.
• Furthermore, in June 2023, according to an article published by Nature Food, scientists from the University of Delaware, a research university, utilized a two-step electrocatalytic process that produces acetate, the primary ingredient in vinegar, from carbon dioxide, electricity, and water. Then, in the dark, food-producing organisms develop by consuming acetate. When coupled with solar panels to produce electricity for electrocatalysis, this hybrid organic-inorganic system has the potential to enhance the efficiency of converting sunlight into food by up to 18 times for some foods.

Regional Insights

North America dominated the artificial photosynthesis market with the largest share in 2023. The rise in demand for renewable fuel and storage energy, as well as the rise in research and development activity in the North American region, is expected to drive the growth of the artificial photosynthesis market in the North American region. A robust high-tech industry with expertise in nanotechnology, materials science, and chemical engineering, essential for developing efficient artificial photosynthesis systems. Availability of substantial grants and funding programs aimed at promoting renewable energy technologies promotes the growth of the market.

• For instance, in October 2023, according to data published by the American Chemical Society, power generation from solar energy is growing in demand. For ages, plants have been using photosynthesis to transform that energy into fuel, but humans are still figuring out how to do it reliably. The synthesis of the energy-dense fuel methane from carbon dioxide (carbon dioxide), water, and sunshine has now been mimicked by a group. Their innovative technique might help accelerate the move away from non-renewable fossil fuels.

Furthermore, in January 2024, according to the data published by the Sustainable Energy in America 2024 Factbook, a non-profit organization, it was estimated that in the US, energy transition financing of US$303.3 billion was used for investments in renewable energy, electric cars, power infrastructure expansion, and other clean energy technology.

Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing research and development activity for the development of the new artificial photosynthetic system. A highly skilled workforce with expertise in relevant fields such as chemistry, biology, and engineering acts as a growth factor for the artificial photosynthesis market. A vibrant startup ecosystem that fosters innovation and the development of new technologies.

• For instance, in November 2022, Indian Institute of Science Education and Research Thiruvananthapuram (IISER TVM), autonomous public university, and Indian Institute of Technology Indore (IIT Indore), Institute of Technology (IITs) together innovated a novel artificial light-harvesting system that imitates photosynthesis—the process by which plants absorb sunlight and turn it into sugar—to effectively gather light for power conversion. Chromophores, which capture visible light and transfer it to other components for utilization in diverse chemical reactions, are the light-harvesting cores of plants and other photosynthetic microorganisms. The energy is absorbed by the topmost chromophores that are exposed to the sun. Chromatophores are organized in arrays, wherein an activated chromophore transfers energy to its adjacent chromophore and so on. Energy is released in a swift cascade until it reaches its target.

Artificial Photosynthesis Market Companies

• A-LEAF
• Berkeley Lab
• Evonik Industries AG
• Engie SA
• FUJIFILM Corporation
• Formerly Opus 12
• Fujitsu Limited
• Indian Institute of Science (IISC)
• ICIQ
• Sito

Recent Developments

• In February 2024, Osaka Metropolitan University, a public research university, attempted research to develop biodegradable plastics by the use of the photosynthesis catalyst during artificial photosynthesis.
• In April 2024, the American Chemical Society, a non-profit organization, announced that the U.S. government invested US$ 122 for the development and advancement of artificial photosynthesis labs to generate renewable electricity sources as well as food.
• For instance, in December 2023, Nippon Telegraph and Telephone Corporation, a telecommunications holding company, did a significant study on artificial photosynthesis, a technology that could outperform natural photosynthesis in terms of carbon dioxide (CO2) conversion.

Segment Covered in the Report

By Technology

• Nanotechnology
• Photo-Electro Catalysis
• Co-Electrolysis
• Hybrid Process

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa