Wilmington, Delaware, Sept. 15, 2023 (GLOBE NEWSWIRE) — Global Automatic Artificial Photosynthesis Market was valued at US$ 53.2 million in 2022 and is expected to grow at a significant CAGR of over 11% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Artificial photosynthesis is a scientific and technological concept that tries to replicate the natural photosynthesis process that happens in plants and some microbes. Photosynthesis is the process through which green plants, algae, and some bacteria use chlorophyll and other pigments to transform sunlight, carbon dioxide (CO2), and water into glucose (a type of sugar) and oxygen (O2). The goal of artificial photosynthesis is to mimic this process using man-made materials and technologies.
Global awareness of climate change, as well as the need for carbon-neutral or carbon-negative technology, has encouraged investments and research into sustainable energy alternatives such as artificial photosynthesis. Many countries and areas are abandoning fossil fuels in favor of cleaner, more sustainable energy alternatives. Artificial photosynthesis provides a path to renewable energy and long-term fuel production.
- According to a deep-dive market assessment by RationalStat, the global artificial photosynthesis market has been analyzed on the basis of market segments, including product type, technology and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global artificial photosynthesis market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global artificial photosynthesis market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Automatic Artificial Photosynthesis Market: Segmental and Market Share Analysis
- On the basis of product type, the hydrocarbons segment held the greatest market share in the worldwide artificial photosynthesis market. It is an excellent replacement for fossil fuels.
- On the basis of technology, During the forecast period, the electrolysis segment is expected to keep a large share. Co-electrolysis is a technology that uses solid oxide electrolysis cells to electrolyze both carbon dioxide and vapor at a higher temperature of 800°C.
|Base Year Market Size||US$ 120.4 million|
|Market Size Forecast||US$ 53.2 million|
|Key Market Drivers||
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global artificial photosynthesis market include,
- In January 2020, ENGIE worked with eight other institutes on a scheme called CONDOR. CONDOR is a project that intends to create fuels by using CO2 as a feedstock and sunlight as the major source of energy. This project’s ultimate goal is to create a full photosynthetic device with 8% solar-to-syngas and 6% solar-to-DME efficiency and three months of continuous outdoor operation.
Some of the prominent players and suppliers operating and contributing significantly to the global artificial photosynthesis market growth include Siemens Energy, Panasonic Holdings Corporation, ENGIE, Toshiba Corporation, FUJITSU, Evonik, Toyota Central R&D Labs, and Mitsubishi Chemical Corporation, among others.
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RationalStat has segmented the global artificial photosynthesis market based on product type, technology and region
- Global Artificial Photosynthesis Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Global Artificial Photosynthesis Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
- Global Artificial Photosynthesis Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Artificial Photosynthesis Market
- Latin America Artificial Photosynthesis Market
- Rest of Latin America
- Western Europe Artificial Photosynthesis Market
- Rest of Western Europe
- Eastern Europe Artificial Photosynthesis Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Artificial Photosynthesis Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Artificial Photosynthesis Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
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Key Questions Answered in the Artificial Photosynthesis Report:
- What will be the market value of the global artificial photosynthesis market by 2030?
- What is the market size of the global artificial photosynthesis market?
- What are the market drivers of the global artificial photosynthesis market?
- What are the key trends in the global artificial photosynthesis market?
- Which is the leading region in the global artificial photosynthesis market?
- What are the major companies operating in the global artificial photosynthesis market?
- What are the market shares by key segments in the global artificial photosynthesis market?
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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