Artificial Photosynthesis Market To Reach USD 188.9 Million by 2030

The total revenue generated by the artificial photosynthesis market was USD 63.1 million in 2022, and it will reach USD 188.9 million by 2030, proceeding at a compound annual growth rate of 14.70% in the years to come, as said by a report published by P&S Intelligence.

The co-electrolysis category had the largest share of revenue in the past, and it will maintain its position in the years to come at a rate of 15.6%. This is due to the fact that this technology is employed for the production of electricity, manufacturing of agricultural fertilizers, and production of hydrogen.

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Nitrogen fertilizer is the utmost common fertilizer used in agrarian activities. Ammonia is a building block for the making of nitrogen fertilizers.
The hydrocarbons dominated the artificial photosynthesis market and it will maintain its position in the years to come with a rate of 14.9%. This is as a result of the large-scale acceptance of artificial photosynthesis that can offer society storable and renewable energy in the form of valued fuels.

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The requirement for green hydrogen and clean fuel has progressively increased recently, powered by increasing number of grants and funding. For example, the U.S. has promised the usage of renewable energy to for the production of green hydrogen, more economical than natural gas.

APAC will have the fastest growth. This will be because of the increasing demand eco-friendly liquid fuels and green hydrogen, the increasing economy together with per capita income, the increasing company count, the snowballing acceptance of technologies for production of renewable energy, the growing concern of the government regarding emissions of carbon, the increasing need for fuel, and ammonia from the agriculture industry.

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