Artificial Photosynthesis Market Growing with Healthy CAGR by 2030

 According to the new market research report "Artificial Photosynthesis Market by Application (Hydrocarbon, Hydrogen, Chemicals), Technology (Co-Electrolysis, Photo-Electro Catalysis, Nanotechnology, Hybrid Process), Region (North America, APAC, Europe, Rest of World) - Global Forecast to 2030", published by MarketsandMarkets™, the Artificial Photosynthesis Market size will grow to USD 185 Million by 2030 from USD 62 Million in 2022, at a CAGR of 14.6% during the forecast period.

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The global Artificial Photosynthesis Market is driven by the Government fundings and grants for the research and development of artificial photosynthesis technology; global plans for net zero emissions. Growing demand of green H2 and eco-friendly liquid fuels are expected to offer lucrative opportunities for the Artificial Photosynthesis Market during the forecast period. Asia Pacific is expected to hold the largest share of global Artificial Photosynthesis Market between 2022–2030. The region has been segmented, by country, into Japan, China, India, and South Korea. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing greenhouse gas emissions. Furthermore, countries such as Japan and South Korea are increasing their investments in innovative energy & fuel generation technologies, such as fuel cells, carbon recycling, and others.

 

Asia Pacific is expected to hold the largest share of global Artificial Photosynthesis Market, during the forecast period

Asia Pacific accounted for a 48.3% share of the Artificial Photosynthesis Market in 2021 and is expected to growth with a CAGR of 15.0% in the forecast period. The region has been segmented, by country, into Japan, China, India, and South Korea. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing greenhouse gas emissions. Furthermore, countries such as Japan and South Korea are increasing their investments in innovative energy & fuel generation technologies, such as fuel cells, carbon recycling, and others

Browse in-depth TOC on "Artificial Photosynthesis Market"
68 – Tables
22 – Figures 
108 – Pages

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North America is expected to be the fastest growing region of global Artificial Photosynthesis Market, during the forecast period

North America accounted for a 34.9% share of the Artificial Photosynthesis Market in 2021 and is expected to witness a CAGR of 15.8% during the forecast period. The regional market is driven by the presence of supportive policies and incentives in the US for sustainable development projects. The rise in demand for uninterrupted power supply in the region will also boost the market growth during the forecast period. This has encouraged the use of clean fuels, such as hydrogen, for various energy requirements. For instance, in the US, the Hydrogen and Fuel Cell Technical Advisory Committee (HTAC) was established under Section 807 of the Energy Policy Act of 2005 to provide technical and programmatic advice to the Energy Secretary on the Department of Energy's (DOE) hydrogen research. The availability of research grants from the US Department of Energy (DOE) has fueled research activities for an energy-efficient system in the country, this is expected to drive the research activities related to artificial photosynthesis in the region

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Artificial Photosynthesis Market. These players include Panasonic Corporation (Japan), FUJITSU (Japan), and ENGIE (France).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Hydrogen Energy Storage Market Trends, Revenue, Key Players, Growth, Size, Share and Forecast Till 2024

According to the new market research report "Hydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024" The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry.

Key Market Players:

The global hydrogen energy storage market is dominated by a few major players that have an extensive regional presence. The leading players in the hydrogen energy storage market are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).

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Air Liquide (France) is in the production and supply of gases for industrial, healthcare, and environment. It offers innovative solutions based on enhanced technologies and produces gases, such as hydrogen, oxygen, and nitrogen. It operates through 3 business segments, namely, gas & services, engineering & construction, and global markets & technologies. The engineering & construction segment designs and constructs air separation units, hydrogen, and synthetic gas production plants. The company holds the capabilities of providing hydrogen high-pressure storage in the gaseous form, very low-temperature storage in the liquid form, and hydride-based storage in the solid form. The company manufactures hydrogen storage tanks and cylinders in its subsidiary Cryolor (France). It specializes in providing the state-of-the-art technique for storing maximum hydrogen in a restricted volume by cooling it to a very low temperature. For instance, in 2016, the company designed and manufactured the tanks on the Ariane Launcher, which contains 28-ton liquid hydrogen that further fuels the central engine. Air Liquide specializes in offering hydrogen-related products and services. It has a presence globally in countries such as the US, Canada, South America, Europe, and Eurasia, the Middle East, Australia, China, India, Japan, South Korea, and Singapore.

ITM Power (UK) is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018. Power-to-gas energy storage captures excess renewable power using rapid response electrolysis and produces renewable hydrogen stored in the gas grid. It allows storage of a significant amount of energy and provision of CO2 neutral fuels in the form of resulting renewable energy gas mix of hydrogen and methane. In 2018, the company also received a grant to undertake a multi-megawatt power-to-gas feasibility study that focused on assessing the potential of power-to-gas systems for energy storage and hydrogen fuel in Massachusetts, US. ITM Power collaborated with Holyoke Gas and Electric (HG&E), a local gas and electricity utility for carrying out this feasibility study.

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North America is expected to dominate the global hydrogen energy storage market

Increasing use of hydrogen gas in oil refineries and chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.

Gas segment is expected to lead the hydrogen energy storage market by state

The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of gas segment is because of the easy available plans to produce and store hydrogen in the gaseous form.

Compression segment is expected to capture the significant share of the hydrogen energy storage market by storage technology

Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally.

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Utilities are the leading end-users of hydrogen energy storagesand are expected to lead the market throughout the forecast period

Hydrogen energy storage market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases,  using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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