Used as a catalyst in oxidation reactions, particularly in the selective oxidation of hydrocarbons. Exhibits high activity and selectivity under mild conditions due to the vanadyl center stabilized by the porphyrin ligand. Applied in fine chemical synthesis for producing alcohols, epoxides, and ketones. Also investigated in electrochemical sensors for detecting oxygen and other redox-active species. Shows potential in photodynamic therapy research because of its ability to generate reactive oxygen species when exposed to light. Useful in studying electron transfer processes in biomimetic systems.