The global quantum batteries market is projected to expand at a CAGR of 24.78% over the forecast period of 2017 - 2023. Scientists are very close to developing world’s fastest charging battery known as the quantum battery which utilizes the unique property of quantum mechanics. A new research in the University of Adelaide is aiming towards the development of world’s first quantum battery under the supervision of Dr. James Quach. Dr. Quach, a quantum physicist says that unlike ordinary batteries the quantum batteries would charge much faster using the property of “Entanglement” and it is because of this property only the charging process of the battery speeds up.
There are only a few market players currently dealing with the manufacturing and sales of quantum batteries. Many of them are in the research phase where big companies like Volkswagen have already successfully modeled key molecules such as lithium-hydrogen and carbon chains on quantum computers. By using the newly developed algorithms the Volkswagen experts laid the foundation for the simulation and optimization of the chemical structure of the high-performance electric vehicle (EV) batteries on a quantum computer. Highly specialized Data Scientists, computer linguistics and software engineers are all working hard at San Francisco and Munich’s IT labs in developing the potential of quantum computers applications beneficial for the company. The company is working in collaboration with tech partners Google and D-Wave providing Volkswagen experts access to their systems.
Growing electronics industry will boost the growth of the global quantum batteries market in the forecast period. Also, the adoption of quantum computing is further propelling the market growth. The United States from the North American region is expected to show a significant market share while China from the Asia Pacific region is racing towards the development of quantum computers.
Major industry players profiled as part of the report are QuantumScape Corporation, Quantum Instruments, Google and Volkswagen AG among others.
The global quantum batteries market has been analyzed through following segments:
By Industry Vertical
Middle East and Africa