This chemical is primarily utilized in advanced research and industrial applications due to its unique catalytic and photophysical properties. It serves as a catalyst in oxidation reactions, particularly in the synthesis of fine chemicals and pharmaceuticals, where it facilitates the transfer of oxygen atoms efficiently. Its structure allows it to mimic natural enzymes, making it valuable in biochemical studies and enzyme-like catalysis. Additionally, it is employed in the development of sensors and optoelectronic devices, leveraging its ability to interact with light and other molecules. Its stability and reactivity also make it a candidate for use in environmental applications, such as the degradation of pollutants through photocatalysis.