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Global Quantum Computing in Manufacturing Market to Grow at Promising 31.4% CAGR during 2021-2029 – A Report by Absolute Market Insights

Published On 14 Sep 2021 11:58 AM


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Global quantum computing in manufacturing market was estimated to be US$ 54.59 million in 2020 and is anticipated to reach US$ 627.44 million by 2029, growing at an estimated CAGR of 31.4% over the forecast period. Rising usage of semiconductor chip fabrication in various industrial applications is expected to drive the quantum computing in manufacturing market growth. Semiconductor chip fabrication uses machine learning and simple multi-variable analysis. Also, quantum computing technologies helps in analyzing additional interactive factors and processes to increase production yield.

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In the recent past, technologies like artificial intelligence and machine learning are bearing the load of such advanced planning systems and making them intelligent. With connected machines and integrations, artificial intelligence and machine learning powered solutions will need more computing power to handle data with higher velocities and variability to generate real-time outputs. Quantum computing guarantees to cater to challenges such as optimization scheduling, if-this-then-what” simulations and decreasing cushion time that manufacturers will soon face. This is because quantum computers can solve complex problems with extremely high speeds. The main idea of quantum computing is using Qubits. Qubits, unlike normal bits, can possess 0,1, or both states simultaneously. Given the extreme complexities and variables involved in international shipping routes and orchestrating supply chains, quantum computing could be well-placed to help tackle daunting logistics challenges. For instance, Airbus, one of the global aerospace corporations established a quantum computing unit in 2015 and has also invested in quantum software startup QC Ware and quantum computer maker IonQ. One area the company is looking at is quantum annealing for digital modeling and materials sciences. For example, a decent quantum computer could quickly filter through countless variables to help determine the most efficient wing design for an airplane.

Large organizations segment held the largest share

The organization size is bifurcated into two types large organizations and small & medium organizations. Large organizations held the largest share (i.e., more than 70%) in 2020 and are expected to continue a similar trend over the forecast period.  Large Manufacturers govern a group of warehouses, logistics hubs and distribution centers spread out across the world. In addition, they have a panel of sub-manufacturers, which bring in parts and components. These network nodes are not static in nature and change frequently because of new markets (precisely dynamic in nature), acquisitions or partnerships or collaborations, changing supply cluster or customer segments. This versatility of such networks brings in the complexity in their management and quantum computing helps in analyzing these bottlenecks driving the growth of the overall market.

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The Impact of Covid-19 on the Quantum Computing in Manufacturing Market

The pandemic situation and shutdowns have been disastrous for many people and businesses. Quantum computers exploit the weird behavior of matter at the atomic level. One particle can store many pieces of information, allowing the computers, in effect, to perform many calculations simultaneously. They promise to solve problems that are out of reach of conventional machines, and to speed up modelling of chemical reactions in batteries or process design & optimization, or even simulations of information flow in black holes. Most quantum-computing research involves the study of qubit properties, quantum gate operations and their control. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector is aiding the overall quantum computing in manufacturing market. COVID-19 taught us the importance of supply chains and logistics and such technologies helps in handling the manufacturing processes in an more efficient manner. Companies such as Daimler and Samsung are already using quantum computers to help research new materials for building better batteries. Areas such as risk modeling, materials science and advanced analytics for control processes are identified as key applications in the manufacturing space.

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 Quantum Computing in Manufacturing Market:

  • By Offerings
    • Hardware
    • Solutions
    • Services
  • By Application
    • Chemical Discovery
    • Logistics Optimization
    • Product Development
    • Supply Chain Planning
    • Strategic Logistics
    • Others

 

  • By End Users
    • Researchers
    • Manufacturers
    • Business
    • Developers
    • Others
  • By Organization Size
    • Small and Medium Sized Enterprises
    • Large Enterprises
  • By Geography
  • North America
  • U.S
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America 

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Contact Us:

Company: Absolute Markets Insights
Email Id: [email protected] 
Phone: +91-740-024-2424
Contact Name: Shreyas Tanna
Website: www.absolutemarketsinsights.com/


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Press Release Provided By: Absolute Markets Insights