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Quantum Computing in Chemistry Market Size to Grow USD 108.5 Million by 2030 at a CAGR of 10.5% | Valuates Reports

BANGALORE, India, June 11, 2024 /PRNewswire/ -- Quantum Computing in Chemistry Market is Segmented by Type (Quantum Hardware, Quantum Software), by Application (Chemical Plant, Research Institute, Other): Global Opportunity Analysis and Industry Forecast, 2024-2030.

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The global Quantum Computing in Chemistry market was valued at USD 54 Million in 2023 and is anticipated to reach USD 108.5 Million by 2030, witnessing a CAGR of 10.5% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Quantum Computing in Chemistry Market:

The growth of the quantum computing in chemistry market is driven by the technology's potential to revolutionize molecular simulations and chemical analysis, offering unprecedented accuracy and speed. Quantum computers can handle complex calculations and simulations that are infeasible for classical computers, enabling detailed modeling of chemical reactions, material properties, and drug interactions at a quantum level. This capability accelerates the discovery of new materials, pharmaceuticals, and chemical processes, making quantum computing a valuable tool for research and development in the chemical industry. Additionally, increasing investments in quantum computing technology and collaborations between tech companies and chemical research institutions are propelling the market's expansion.

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TRENDS INFLUENCING THE GROWTH OF QUANTUM COMPUTING IN CHEMISTRY MARKET:

Because it allows for sophisticated simulations and modeling that traditional computers are unable to perform effectively, quantum software at research institutions is a major factor in the growth of the quantum computing industry in chemistry. This program makes it possible for scientists to precisely model chemical reactions and molecular interactions at the quantum level, which is essential for the development of novel substances, materials, and chemical processes. The accuracy and speed of quantum calculations make it easier to address challenging chemical issues like protein folding, catalyst design, and reaction dynamics, which can result in previously unthinkable discoveries. Research institutes are utilizing quantum software to advance chemical research, draw funding, promote cooperation, and quicken the creation of useful quantum computer applications for the chemical sector.

One key element propelling the development of quantum computing in the chemical industry is the progress made in quantum hardware. Recent advances in quantum gate operations, coherence times, error correction, and qubit design have greatly improved the efficiency and dependability of quantum computers. More qubits may be included into quantum systems with improved hardware, boosting their computing capacity and enabling more intricate chemical simulations. Various innovations, including topological qubits, trapped ions, and superconducting qubits, provide different ways to construct scalable quantum computers. The advancement of hardware technology lowers the entrance barrier for high-fidelity quantum simulations, hence increasing the accessibility and practicality of quantum computing for chemists and researchers working in the field.

The intricacy of the issues that need to be solved in chemistry is one of the main causes propelling the development of quantum computing in that field. The exponential increase in complexity that comes with modeling molecular structures and chemical reactions is a challenge for conventional computing techniques, such as classical computers. Superposition and entanglement are two concepts that quantum computers may use to process and simulate these complicated systems more effectively. Because quantum computing can handle several variables and interactions at once, it is ideally suited to address complex chemical processes that would otherwise be computationally prohibitive. For example, it becomes possible to comprehend intricate catalytic reaction pathways and precisely anticipate the behavior of massive macromolecules, which opens up new avenues for chemical study and development.

The need for novel compounds and medications is one of the main forces behind quantum computing in chemistry. Industries including manufacturing, energy, and medicines are always looking for creative ways to create new chemicals, materials, and medications. Through better insights into molecular interactions and the ability to build more powerful medications and sophisticated materials, quantum computing holds the potential to completely transform various sectors of the economy. Quantum simulations, for instance, can be used to find new compounds with certain qualities or to improve catalysts for chemical reactions that use less energy. The capacity to efficiently and precisely simulate intricate chemical systems expedites the process of research and development, satisfying the increasing need for state-of-the-art advancements in these vital domains.

The introduction of quantum computing in chemistry is mostly being driven by the need for a competitive edge. Businesses that use quantum computing technology can outperform their rivals by cutting expenses, speeding up research and development, and improving the accuracy of their chemical analysis. Faster discovery cycles and more effective chemical process optimization are made possible by quantum computing, which shortens the time it takes for new goods to reach the market. This edge over competitors is especially important in sectors like medicines, where being first to market may yield large financial rewards. By strategically using quantum computing, businesses may maintain their competitive edge in innovation, draw in top personnel, and maintain their leadership positions in the chemical sector.

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QUANTUM COMPUTING IN CHEMISTRY MARKET SHARE ANALYSIS:

North America is a market leader for quantum computing in chemistry, especially the United States. Both the governmental and commercial sectors have made significant expenditures in quantum technology, which is the reason for its supremacy. To encourage research and development in quantum computing, the US government has started a number of noteworthy projects, such as the National Quantum Initiative Act. Leading computer giants with American headquarters, like IBM, Google, and Microsoft, have set up specialized laboratories for quantum research, propelling the development of quantum hardware and software. Furthermore, universities and research centers in North America are leading the way in quantum chemistry research and collaborating with business to create useful applications. A vibrant market is created by the region's robust venture capital environment, which helps firms that focus on quantum computing.

Key Players:

  • D-Wave Solutions
  • Rigetti Computing
  • Intel
  • Anyon Systems Inc.
  • Cambridge Quantum Computing Limited
  • Origin Quantum Computing Technology
  • Quantum Circuits, Inc.

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

- The global market for Quantum Cryptography was estimated to be worth USD 3695.1 Million in 2023 and is forecast to a readjusted size of USD 16360 Million by 2030 with a CAGR of 23.4% during the forecast period 2024-2030.

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- The global Quantum Computers market was valued at USD 101 Million in 2023 and is anticipated to reach USD 527.9 Million by 2030, witnessing a CAGR of 26.8% during the forecast period 2024-2030.

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- The global Quantum Control Software market was valued at USD 65 Million in 2023 and is anticipated to reach USD 157.1 Million by 2030, witnessing a CAGR of 5.6% during the forecast period 2024-2030.

- The global Quantum Dot (QD) Display market was valued at USD 4428 Million in 2023 and is anticipated to reach USD 5507.7 Million by 2030, witnessing a CAGR of 3.1% during the forecast period 2024-2030.

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- The quantum photonics market was valued at USD 0.30 Billion in 2022, and is estimated to reach USD 5.3 Billion by 2032, growing at a CAGR of 33.2% from 2023 to 2032.

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-Automotive Quantum Computing Market was valued at USD 103 Million in 2022 and is anticipated to reach USD 1127.1 Million by 2029, witnessing a CAGR of 49.0% during the forecast period 2023-2029.

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- The global Cadmium Free Quantum Dot market is projected to reach USD 10620 Million in 2029, increasing from USD 3842 Million in 2022, with the CAGR of 15.7% during the period of 2023 to 2029.

- The global High-performance Computing System market is projected to reach USD 64890 Million in 2029, increasing from USD 31970 Million in 2022, with the CAGR of 10.7% during the period of 2023 to 2029.

- The global Cloud High Performance Computing (HPC) market was valued at USD 6862.1 Million in 2023 and is anticipated to reach USD 14620 Million by 2030, witnessing a CAGR of 11.3% during the forecast period 2024-2030.

-High Performance Computing (HPC) Storage Market

- The global market for High Bandwidth Memory (HBM) was estimated to be worth USD 767.1 Million in 2023 and is forecast to a readjusted size of USD 4902.4 Million by 2030 with a CAGR of 25.5% during the forecast period 2024-2030.

- The global Chemistry 4.0 market was valued at USD 68220 Million in 2023 and is anticipated to reach USD 145280 Million by 2030, witnessing a CAGR of 11.3% during the forecast period 2024-2030.

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- The global Benchtop Clinical Chemistry Analyzers market was valued at USD 718.5 Million in 2023 and is anticipated to reach USD 1078.3 Million by 2030, witnessing a CAGR of 5.9% during the forecast period 2024-2030.

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- The global Steam Chemical Indicator market was valued at USD 137.9 Million in 2023 and is anticipated to reach USD 214 Million by 2030, witnessing a CAGR of 6.4% during the forecast period 2024-2030.

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- The global Daily Chemical Grade Peach Aldehyde market was valued at USD 519.3 Million in 2023 and is anticipated to reach USD 635.9 Million by 2030, witnessing a CAGR of 3.2% during the forecast period 2024-2030.

- The global Flow Chemistry revenue was USD 70 Million in 2022 and is forecast to a readjusted size of USD 136.1 Million by 2029 with a CAGR of 11.7% during the forecast period (2023-2029).

- The global Lead Chemicals Market revenue was USD 1394.9 Million in 2022 and is forecast to a readjusted size of USD 1517.9 Million by 2029 with a CAGR of 1.2% during the forecast period (2023-2029).

- The wet chemicals market was valued at USD 3.2 Billion in 2021, and is estimated to reach USD 5.9 Billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

-Pine-derived Chemical Market

DISCOVER OUR VISION: VISIT ABOUT US!

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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