Quantum Photonics Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Quantum photonics refers to the field of study and application that combines quantum mechanics with photonics, the science and technology of generating, manipulating, and detecting photons, the fundamental particles of light. Photons encode, process, and transmit quantum information in quantum photonics.

Sizing and Forecast
The quantum photonics market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 37%. The growth in the historic period can be attributed to growing demand for secure communication technologies, growing applications in medical imaging and diagnostics, growing demand for quantum-enhanced imaging systems, potential for quantum supremacy, and growing investment in quantum photonics.

The quantum photonics market size is expected to see exponential growth in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. The growth in the forecast period can be attributed to increasing focus on quantum communication networks, advancements in quantum cryptography, demand for ultra-secure communication, rising adoption of quantum technology, and growing demand for high-performance computing. Major trends in the forecast period include advancements in quantum communications, advancements in quantum technologies, growing investments, and research and development efforts in quantum photonics.

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Segmentation & Regional Insights
The quantum photonics market covered in this report is segmented –
1) By Component: Systems, Services
2) By Application: Quantum Communication, Quantum Sensing And Metrology, Quantum Computing
3) By End-Use: Space Research, Government And Defense, Telecommunication, Healthcare And Pharmaceutical, Transportation And Logistics, Environment

North America was the largest region in the quantum photonics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum photonics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing applications in medical imaging and diagnostics are expected to propel the growth of the quantum photonics market going forward. Medical imaging and diagnostics refer to the techniques and processes used to create images of the human body for diagnostic and treatment purposes. The increasing demand for early disease detection and precise treatment planning is leading to growing applications in medical imaging and diagnostics. Quantum photonics enhances medical imaging and diagnostics by providing higher-resolution imaging, increased sensitivity for detecting biomarkers, and the development of advanced imaging modalities, ultimately improving diagnostic accuracy and patient outcomes. For instance, in December 2022, the National Health Service (NHS), a UK-based government department, conducted a total of 44 million imaging tests in the year leading up to March 2022. This marked a significant increase from the 34.9 million tests performed in the previous year, representing a 26% rise. Therefore, the growing applications in medical imaging and diagnostics are driving the growth of the quantum photonics market.

Key Industry Players
Major companies operating in the quantum photonics market are  Nippon Telegraph and Telephone Corporation, International Business Machines Corp., Toshiba Corporation, NEC Corporation, Thorlabs Inc., PsiQuantum Corp., ColdQuanta Inc., Xanadu, Aosense Inc., ID Quantique, ORCA Computing Limited, M Squared Lasers Limited, Q-CTRL, Nu Quantum, QuintessenceLabs Pty Ltd., Quandela, MagiQ Technologies Inc., Menlo Systems, Qubitekk Inc., QuiX Quantum Holding BV, Quside Technologies, TundraSystems Global LTD., Crypta Labs Limited, Quantum Xchange Inc., Qnami, Quantopticon Ltd.

The quantum photonics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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