인공 광합성 시장 : 세계 예측(2026-2032년)

The Artificial Photosynthesis Market is projected to grow by USD 296.64 million at a CAGR of 15.95% by 2032.

Artificial Photosynthesis Executive Summary

Artificial photosynthesis is emerging as a strategic clean technology pathway that uses sunlight, water, carbon dioxide, and engineered catalysts or photoelectrochemical systems to produce energy carriers and low-carbon chemicals. Inspired by natural photosynthesis, the field spans solar fuels, green hydrogen, carbon dioxide reduction, water splitting, photocatalysis, electrocatalysis, and integrated solar-to-chemical conversion. Its relevance is increasing as governments, industrial users, and research institutions seek scalable solutions for decarbonizing hard-to-abate sectors, improving energy security, and converting captured carbon into value-added feedstocks.

The strongest momentum is being shaped by advances in semiconductor materials, catalyst durability, membrane systems, reactor engineering, and hybrid photovoltaic-electrochemical architectures. Artificial photosynthesis is also gaining policy relevance because it can support multiple energy-transition objectives: renewable hydrogen production, synthetic fuels for aviation and shipping, low-carbon ammonia and methanol pathways, and circular carbon utilization. While commercialization remains technically demanding, progress in materials science, automated experimentation, and pilot-scale demonstrations is narrowing the gap between laboratory performance and industrial deployment.

Transformative Shifts in the Artificial Photosynthesis Landscape

The artificial photosynthesis landscape is undergoing a fundamental transition from proof-of-concept research toward application-oriented system design. Early work focused heavily on demonstrating solar-driven water splitting and carbon dioxide conversion at laboratory scale. Current efforts increasingly emphasize conversion efficiency, catalyst lifetime, selectivity, manufacturability, and integration with renewable power, carbon capture, and industrial process infrastructure. This shift is critical because real-world deployment depends not only on peak efficiency but also on stable operation under variable sunlight, scalable materials, and compatibility with existing chemical value chains.

Several transformative forces are accelerating the field. First, clean hydrogen policies and industrial decarbonization strategies are driving interest in direct solar hydrogen and photoelectrochemical water splitting. Second, carbon management initiatives are encouraging artificial photosynthesis approaches that convert carbon dioxide into carbon monoxide, formic acid, methanol, hydrocarbons, and other chemical intermediates. Third, national energy security priorities are pushing countries to reduce reliance on imported fossil fuels and diversify domestic renewable fuel production. Fourth, circular economy goals are elevating demand for technologies that treat carbon dioxide as a feedstock rather than a waste stream.

The technology landscape is also becoming more interdisciplinary. Artificial photosynthesis now sits at the intersection of nanotechnology, electrochemistry, synthetic biology, catalysis, advanced ceramics, polymer membranes, photovoltaics, and process engineering. Research programs increasingly evaluate full-system performance, including solar-to-hydrogen efficiency, Faradaic efficiency, product separation, water quality requirements, lifecycle emissions, and techno-economic constraints. This broader lens is reshaping innovation priorities and creating opportunities for partnerships among energy producers, chemical manufacturers, equipment developers, universities, and public research laboratories.

Cumulative Impact of Artificial Intelligence on Artificial Photosynthesis

Artificial intelligence is becoming a major accelerator for artificial photosynthesis by improving the speed and precision of materials discovery, catalyst optimization, and reactor design. Machine learning models can screen large chemical and materials datasets to identify promising photoabsorbers, co-catalysts, electrolytes, protective coatings, and membrane configurations. This is especially valuable in artificial photosynthesis because performance depends on complex interactions among light absorption, charge separation, surface reaction kinetics, corrosion resistance, and product selectivity.

AI-enabled high-throughput experimentation is reducing the time required to test material compositions and operating conditions. Automated laboratories can synthesize and evaluate catalyst libraries, while algorithms analyze spectroscopy, microscopy, electrochemical, and photochemical data to detect structure-performance relationships. These capabilities support faster iteration on persistent technical barriers such as photocorrosion, low carbon dioxide reduction selectivity, oxygen evolution overpotential, and stability losses under fluctuating illumination.

Artificial intelligence also supports scale-up and system integration. Digital twins and physics-informed models can simulate photoelectrochemical reactors, light distribution, heat management, gas-liquid mass transfer, and product separation. Predictive maintenance algorithms can help monitor degradation in catalyst layers, membranes, and electrodes. As the field moves closer to pilot and pre-commercial systems, AI can strengthen process control, reduce experimental waste, and improve lifecycle performance analysis. The cumulative impact is a more data-driven innovation cycle that links molecular design with manufacturable devices and industrial operating requirements.

Key Regional Insights Across Artificial Photosynthesis Adoption

Asia-Pacific is one of the most active regions for artificial photosynthesis research and deployment readiness, supported by strong national commitments to renewable energy, hydrogen, and carbon neutrality. China, Japan, South Korea, India, and Australia are investing in solar fuels, water splitting, carbon dioxide utilization, and green hydrogen ecosystems. The region benefits from large renewable energy potential, advanced electronics and materials manufacturing capacity, and established chemical and industrial clusters. Research activity is particularly strong in photocatalysts, photoelectrochemical cells, carbon dioxide reduction catalysts, and hydrogen production pathways. Asia-Pacific's industrial base also creates opportunities to scale components such as membranes, semiconductors, catalysts, and electrolyzer-adjacent systems.

North America continues to be a critical innovation hub for artificial photosynthesis, with deep expertise in catalysis, electrochemistry, carbon management, and advanced energy systems. The United States and Canada are supported by well-developed university research networks, national laboratory capabilities, and policy frameworks for clean hydrogen, carbon capture, and industrial decarbonization. The region's strength lies in translating fundamental research into integrated prototypes, including solar-driven hydrogen production, carbon dioxide-to-fuels conversion, and hybrid renewable-electrochemical platforms. North America's focus on energy security and low-carbon industrial competitiveness further supports demand for artificial photosynthesis technologies that can complement renewable electricity and carbon utilization infrastructure.

Latin America presents strong long-term potential due to abundant solar resources, growing renewable power deployment, and interest in low-carbon fuels for mining, agriculture, and export-oriented industries. Brazil and Mexico are the most visible regional anchors, supported by large energy systems, research institutions, and industrial demand for cleaner fuels and chemicals. Artificial photosynthesis development in Latin America is closely linked to green hydrogen, sustainable aviation fuel pathways, fertilizer decarbonization, and carbon utilization opportunities. However, commercialization will depend on policy consistency, infrastructure investment, research funding, and stronger connections between academic research and industrial pilots.

Europe is advancing artificial photosynthesis within a broader policy environment focused on climate neutrality, renewable hydrogen, circular carbon, and industrial emissions reduction. The region's research ecosystem is supported by coordinated clean energy programs, strong academic networks, and a regulatory push toward low-carbon fuels and chemicals. Germany, France, Italy, Spain, and the United Kingdom are active in photoelectrochemical water splitting, carbon dioxide conversion, catalyst development, and integrated solar fuels research. Europe's emphasis on lifecycle emissions, resource efficiency, and sustainable chemistry is shaping artificial photosynthesis technologies toward measurable environmental performance and compatibility with future low-carbon industrial standards.

The Middle East is increasingly relevant because of its exceptional solar irradiation, large-scale energy infrastructure, and strategic interest in hydrogen and low-carbon fuel exports. Gulf countries are exploring renewable hydrogen, ammonia, synthetic fuels, and carbon management as part of energy diversification strategies. Artificial photosynthesis aligns with regional ambitions to transform solar abundance into exportable energy carriers and chemicals. The region's existing expertise in hydrocarbons, gas processing, desalination, and large infrastructure projects can support future deployment, although water management, catalyst durability in harsh environments, and cost-effective integration remain important technical considerations.

Africa has significant solar resource potential and rising interest in decentralized clean energy, green hydrogen corridors, and sustainable industrialization. Artificial photosynthesis could eventually support local production of hydrogen, fuels, fertilizers, and chemicals in regions with strong sunlight and limited fossil fuel infrastructure. South Africa, North African countries, and selected emerging renewable energy hubs are likely to play important roles as research partnerships, hydrogen strategies, and industrial projects develop. The region's opportunity is closely tied to technology transfer, financing, water availability, skills development, and alignment with energy access and economic diversification priorities.

Key Group Insights Shaping Artificial Photosynthesis Priorities

ASEAN is gaining relevance in artificial photosynthesis through its expanding renewable energy agenda, rapid industrialization, and interest in energy security. Countries across Southeast Asia have strong solar resources and growing demand for cleaner fuels, chemicals, and distributed energy solutions. Artificial photosynthesis could support regional decarbonization by enabling solar-driven hydrogen, carbon dioxide utilization, and low-carbon feedstock production, particularly for refining, chemicals, transport, and export-oriented manufacturing. The group's progress will depend on coordinated research programs, grid and hydrogen infrastructure development, and stronger incentives for clean industrial technologies.

The GCC is positioned as a high-potential group for artificial photosynthesis because of abundant solar irradiation, established energy export capabilities, and national strategies focused on hydrogen, ammonia, synthetic fuels, and carbon management. Artificial photosynthesis can complement regional efforts to convert renewable energy into tradeable molecules while leveraging existing industrial ports, pipelines, and process engineering expertise. The GCC's main technical priorities include efficient solar-to-fuel conversion, water use optimization, durability in high-temperature and dusty environments, and integration with desalination and carbon capture systems.

The European Union provides one of the most supportive policy and research environments for artificial photosynthesis, driven by climate neutrality objectives, clean hydrogen targets, circular economy policies, and strong funding for renewable energy innovation. The group's coordinated approach helps connect universities, research centers, industry, and demonstration platforms. Artificial photosynthesis research within the European Union is closely tied to sustainable fuels, carbon dioxide valorization, green chemistry, and industrial emissions reduction. Regulatory emphasis on lifecycle emissions and environmental performance is encouraging technologies that are not only technically feasible but also aligned with long-term sustainability requirements.

BRICS countries represent a diverse but strategically important group for artificial photosynthesis because they combine large industrial emissions profiles, strong renewable energy potential, and growing interest in technology sovereignty. China and India bring scale, manufacturing capacity, and major hydrogen ambitions; Brazil offers renewable energy strengths and bioeconomy linkages; Russia has deep chemical and energy expertise; and South Africa provides a gateway to solar-rich African development pathways. Across BRICS, artificial photosynthesis is relevant to green hydrogen, fertilizer production, low-carbon fuels, and carbon dioxide utilization, although policy alignment and infrastructure readiness vary significantly among members.

The G7 remains influential in artificial photosynthesis through advanced research ecosystems, climate policy leadership, clean technology funding, and industrial decarbonization commitments. Members are active in catalyst science, photoelectrochemical systems, carbon dioxide conversion, hydrogen technologies, and sustainable fuel development. Artificial photosynthesis aligns with G7 priorities around energy resilience, reducing emissions in heavy industry, developing secure clean fuel supply chains, and accelerating innovation from laboratory research to demonstration. The group's role is particularly important in standard-setting, intellectual property generation, and international collaboration on low-carbon energy technologies.

NATO's relevance to artificial photosynthesis is indirect but increasingly important through the lens of energy security, resilient infrastructure, and reduced dependence on vulnerable fuel supply chains. Many NATO members are investing in clean hydrogen, renewable fuels, and decentralized energy systems that can support both civilian and strategic resilience. Artificial photosynthesis could contribute to secure production of energy carriers using sunlight, water, and captured carbon, reducing exposure to imported fossil fuels and geopolitical disruptions. Research cooperation among member states may also support advanced materials, durable systems, and dual-use energy resilience applications.

Key Country Insights Advancing Artificial Photosynthesis Research

The United States is a leading center for artificial photosynthesis research, supported by strong capabilities in national laboratories, universities, energy innovation programs, and advanced materials science. Research emphasis includes solar hydrogen, photoelectrochemical water splitting, carbon dioxide reduction, catalyst discovery, and integrated solar fuels systems. Canada contributes through clean energy research, carbon management expertise, and interest in hydrogen for industrial decarbonization, especially in provinces with renewable and low-carbon energy resources. Mexico's artificial photosynthesis opportunity is linked to high solar potential, industrial demand, and proximity to North American clean energy supply chains, although broader deployment requires stronger R&D investment and infrastructure development.

Brazil stands out in Latin America due to its renewable energy base, bioenergy expertise, and industrial interest in sustainable fuels and low-carbon chemicals. Artificial photosynthesis can complement Brazil's bioeconomy by enabling carbon dioxide conversion, hydrogen production, and renewable feedstock pathways for fuels, fertilizers, and chemicals. The United Kingdom has a strong academic and innovation base in photocatalysis, carbon dioxide utilization, and clean hydrogen, with artificial photosynthesis aligning closely with net-zero research priorities and industrial cluster decarbonization. Germany remains one of Europe's most advanced countries for solar fuels and hydrogen-related research, supported by engineering strength, chemical industry capabilities, and policy support for renewable hydrogen and carbon-neutral industrial production.

France is active in artificial photosynthesis through materials science, catalysis, electrochemistry, and low-carbon energy research, with a strong focus on climate-aligned industrial innovation. Russia brings deep scientific expertise in chemistry, physics, and energy systems, although international collaboration and technology deployment are shaped by geopolitical and policy constraints. Italy and Spain both benefit from strong solar resources, active research communities, and European clean energy programs. Spain's solar profile makes it especially relevant for solar-driven hydrogen and synthetic fuel pathways, while Italy's chemical and manufacturing capabilities support research into catalysts, membranes, and system integration.

China is a major force in artificial photosynthesis due to extensive research output, large-scale renewable energy deployment, strong manufacturing capacity, and national emphasis on carbon neutrality and hydrogen development. Chinese institutions are active in photocatalytic water splitting, carbon dioxide reduction, semiconductor materials, and catalyst engineering. India's artificial photosynthesis opportunity is supported by high solar irradiance, growing hydrogen policy momentum, and demand for cleaner energy in refining, fertilizers, steel, and transport. India's challenge is to connect laboratory research with scalable, cost-effective systems suited to local water, land, and infrastructure conditions.

Japan has long-standing expertise in artificial photosynthesis, photocatalysis, hydrogen technologies, and precision materials engineering. Its research community has contributed significantly to solar water splitting, visible-light photocatalysts, and integrated solar fuel concepts. Australia is highly relevant because of abundant solar resources, strong university research, and national interest in green hydrogen and renewable fuel exports. Its artificial photosynthesis prospects are closely tied to large-scale solar energy conversion, exportable hydrogen derivatives, and industrial decarbonization. South Korea combines advanced manufacturing, electronics, materials science, and hydrogen policy support, making it an important contributor to photoelectrochemical devices, catalysts, and integrated clean energy systems.

Actionable Recommendations for Artificial Photosynthesis Leaders

Industry leaders should prioritize artificial photosynthesis strategies that connect scientific performance with industrial usability. The first recommendation is to focus on application-specific pathways rather than broad technology positioning. Solar hydrogen, carbon dioxide-to-carbon monoxide, formic acid, methanol, ammonia-related pathways, and synthetic fuel intermediates each require different catalysts, separation systems, water inputs, and downstream integration. Clear use-case selection improves R&D efficiency and strengthens the pathway to demonstration.

Second, leaders should invest in durability, selectivity, and lifecycle performance as core decision metrics. Laboratory conversion efficiency is important, but industrial adoption depends on stable operation, low degradation, safe gas handling, efficient product separation, and compatibility with intermittent renewable conditions. Third, partnerships with universities, public laboratories, energy infrastructure developers, and chemical producers can reduce technical risk and accelerate validation. Fourth, organizations should use AI-enabled materials discovery, automated testing, and digital modeling to shorten development cycles and improve reproducibility.

Fifth, decision-makers should align artificial photosynthesis initiatives with policy-supported clean energy themes, including renewable hydrogen, carbon capture and utilization, sustainable aviation fuels, green ammonia, industrial decarbonization, and circular carbon strategies. Sixth, supply chain planning should begin early, with attention to catalyst criticality, membrane availability, semiconductor fabrication, water quality, and recycling. Finally, leaders should develop pilot projects in regions with strong solar resources, supportive clean energy policies, and nearby industrial offtakers to improve the probability of practical deployment.

Research Methodology for Artificial Photosynthesis Analysis

This executive summary is built on a structured secondary research methodology using publicly available and verifiable sources, including government energy strategies, national hydrogen roadmaps, climate policy documents, peer-reviewed scientific literature, patent and publication trends, international energy and climate reports, university and public research program materials, and regulatory information related to renewable fuels, carbon dioxide utilization, and industrial decarbonization. The analysis focuses on qualitative technology, policy, and regional dynamics and deliberately excludes market sizing, market share, and forecasting.

The methodology evaluates artificial photosynthesis across technology readiness indicators, research intensity, policy alignment, industrial applicability, infrastructure readiness, and regional resource advantages. Key themes include solar-to-fuel conversion, photoelectrochemical water splitting, photocatalytic carbon dioxide reduction, catalyst durability, hydrogen production, synthetic fuels, carbon capture integration, and clean chemical feedstocks. Regional, group, and country insights are synthesized through comparative assessment of renewable energy potential, hydrogen policy direction, industrial demand, research capability, and deployment enablers.

To ensure relevance for decision-makers, the research approach emphasizes triangulation across scientific, policy, and industrial evidence. Technical claims are assessed against published research consensus and practical commercialization constraints, including stability, selectivity, scalability, water requirements, product separation, and lifecycle emissions. This provides a balanced view of artificial photosynthesis as a high-potential decarbonization pathway that remains dependent on continued materials innovation, system engineering, and demonstration at operationally meaningful scales.

Conclusion: Artificial Photosynthesis as a Solar-to-Chemical Frontier

Artificial photosynthesis is moving from a specialized scientific concept toward a strategic clean technology platform for solar fuels, renewable hydrogen, carbon dioxide utilization, and sustainable chemical production. Its appeal lies in the ability to convert abundant sunlight and widely available feedstocks into useful energy carriers and industrial molecules. The technology directly supports global priorities around decarbonization, energy security, circular carbon, and reduced fossil fuel dependence.

The path to adoption will be shaped by progress in catalyst stability, photoabsorber efficiency, system integration, product selectivity, and cost-effective scale-up. Artificial intelligence, automated experimentation, and digital reactor modeling are strengthening the innovation cycle, while policy support for hydrogen, sustainable fuels, and carbon management is creating stronger demand signals. Regional momentum is broad, with Asia-Pacific, North America, and Europe leading research intensity and the Middle East, Latin America, and Africa offering significant solar-driven deployment potential.

For industry leaders, the opportunity is not simply to monitor artificial photosynthesis but to participate in its transition from research to application. Organizations that build partnerships, define targeted use cases, validate performance under real operating conditions, and align projects with clean energy policy frameworks will be best positioned to capture long-term value from this emerging solar-to-chemical conversion frontier.

Table of Contents

1. Preface

• 1.1. Objectives of the Study
• 1.2. Market Definition
• 1.3. Market Segmentation & Coverage
• 1.4. Years Considered for the Study
• 1.5. Currency Considered for the Study
• 1.6. Language Considered for the Study
• 1.7. Key Stakeholders

2. Research Methodology

• 2.1. Introduction
• 2.2. Research Design
  • 2.2.1. Primary Research
  • 2.2.2. Secondary Research
• 2.3. Research Framework
  • 2.3.1. Qualitative Analysis
  • 2.3.2. Quantitative Analysis
• 2.4. Market Size Estimation
  • 2.4.1. Top-Down Approach
  • 2.4.2. Bottom-Up Approach
• 2.5. Data Triangulation
• 2.6. Research Outcomes
• 2.7. Research Assumptions
• 2.8. Research Limitations

3. Executive Summary

• 3.1. Introduction
• 3.2. CXO Perspective
• 3.3. Market Size & Growth Trends
• 3.4. New Revenue Opportunities
• 3.5. Next-Generation Business Models
• 3.6. Industry Roadmap

4. Market Overview

• 4.1. Introduction
• 4.2. Industry Ecosystem & Value Chain Analysis
  • 4.2.1. Supply-Side Analysis
  • 4.2.2. Demand-Side Analysis
  • 4.2.3. Stakeholder Analysis
• 4.3. Market Dynamics
  • 4.3.1. Key Drivers
  • 4.3.2. Key Restraints
  • 4.3.3. Key Opportunities
  • 4.3.4. Key Challenges
• 4.4. Porter's Five Forces Analysis
• 4.5. PESTLE Analysis
• 4.6. Market Outlook
  • 4.6.1. Near-Term Market Outlook (0-2 Years)
  • 4.6.2. Medium-Term Market Outlook (3-5 Years)
  • 4.6.3. Long-Term Market Outlook (5-10 Years)
• 4.7. Go-to-Market Strategy

5. Market Insights

• 5.1. Consumer Insights & End-User Perspective
• 5.2. Consumer Experience Benchmarking
• 5.3. Opportunity Mapping
• 5.4. Distribution Channel Analysis
• 5.5. Pricing Trend Analysis
• 5.6. Regulatory Compliance & Standards Framework
• 5.7. ESG & Sustainability Analysis
• 5.8. Disruption & Risk Scenarios
• 5.9. Return on Investment & Cost-Benefit Analysis

6. Cumulative Impact of Artificial Intelligence 2026

7. Artificial Photosynthesis Market, by Technology Type

• 7.1. Introduction
• 7.2. Photocatalytic System
  • 7.2.1. Heterogeneous Photocatalysis
  • 7.2.2. Homogeneous Photocatalysis
• 7.3. Photoelectrochemical System

8. Artificial Photosynthesis Market, by Catalyst Material

• 8.1. Introduction
• 8.2. Biomimetic Catalyst
• 8.3. Molecular Catalyst
  • 8.3.1. Phthalocyanine
  • 8.3.2. Porphyrin
• 8.4. Semiconductor Catalyst

9. Artificial Photosynthesis Market, by Reactor Type

• 9.1. Introduction
• 9.2. Fixed Bed Reactor
• 9.3. Monolithic Reactor
• 9.4. Slurry Reactor

10. Artificial Photosynthesis Market, by Operation Mode

• 10.1. Introduction
• 10.2. Batch
  • 10.2.1. Batch Stirred Tank Reactor
  • 10.2.2. Photoreactors
• 10.3. Continuous
  • 10.3.1. Continuous Stirred Tank Reactor
  • 10.3.2. Flow Reactor

11. Artificial Photosynthesis Market, by Application

• 11.1. Introduction
• 11.2. Carbon Dioxide Reduction
  • 11.2.1. Chemical Feedstock Production
  • 11.2.2. Fuel Synthesis
• 11.3. Hydrogen Production
  • 11.3.1. Centralized Production
  • 11.3.2. Onsite Generation
• 11.4. Water Purification
  • 11.4.1. Drinking Water Treatment
  • 11.4.2. Wastewater Treatment

12. Artificial Photosynthesis Market, by End User

• 12.1. Introduction
• 12.2. Chemical Manufacturer
  • 12.2.1. Petrochemicals
  • 12.2.2. Specialty Chemicals
• 12.3. Energy Power
  • 12.3.1. Oil And Gas
  • 12.3.2. Utilities

13. Artificial Photosynthesis Market, by Region

• 13.1. Asia-Pacific
• 13.2. North America
• 13.3. Latin America
• 13.4. Europe
• 13.5. Middle East
• 13.6. Africa

14. Artificial Photosynthesis Market, by Group

• 14.1. ASEAN
• 14.2. GCC
• 14.3. European Union
• 14.4. BRICS
• 14.5. G7
• 14.6. NATO

15. Artificial Photosynthesis Market, by Country

• 15.1. United States
• 15.2. Canada
• 15.3. Mexico
• 15.4. Brazil
• 15.5. United Kingdom
• 15.6. Germany
• 15.7. France
• 15.8. Russia
• 15.9. Italy
• 15.10. Spain
• 15.11. China
• 15.12. India
• 15.13. Japan
• 15.14. Australia
• 15.15. South Korea

16. Competitive Landscape

• 16.1. Market Share Analysis, 2025
• 16.2. FPNV Positioning Matrix, 2025
• 16.3. Market Concentration Analysis, 2025
  • 16.3.1. Concentration Ratio (CR)
  • 16.3.2. Herfindahl Hirschman Index (HHI)
• 16.4. Recent Developments & Impact Analysis, 2025
• 16.5. Product Portfolio Analysis, 2025
• 16.6. Benchmarking Analysis, 2025

17. Company Profiles

• 17.1. Carbon Recycling International hf.
• 17.2. Cemvita Factory, Inc.
• 17.3. Climeworks AG
• 17.4. Compact Membrane Systems, Inc.
• 17.5. Engie SA
• 17.6. Evonik Industries AG
• 17.7. FUJIFILM Holdings Corporation
• 17.8. Fujitsu Limited by Furukawa Group
• 17.9. H2U Technologies, Inc.
• 17.10. Heliogen, Inc.
• 17.11. Hitachi, Ltd.
• 17.12. Horiba, Ltd.
• 17.13. Idemitsu Kosan Co., Ltd.
• 17.14. JX Metals Corporation
• 17.15. Liquid Light, Inc.
• 17.16. Living Carbon PBC
• 17.17. Mitsubishi Chemical Group Corporation
• 17.18. NTT Corporation
• 17.19. Nydalen Group AS
• 17.20. OCOchem, Inc.
• 17.21. Panasonic Holdings Corporation
• 17.22. Phytonix Corporation
• 17.23. PorphyChem SAS
• 17.24. Shimadzu Corporation
• 17.25. Siemens AG
• 17.26. SunHydrogen, Inc.
• 17.27. Toshiba Corporation
• 17.28. Toyota Central Research and Development Laboratories, Inc.
• 17.29. Twelve Benefit Corporation