Market Overview
Quantum Computing in Aerospace Industry Size is expected to reach USD 7.267 billion by 2030, registering a CAGR of 16.2% during 2020-2030.
We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Quantum computing offers multiple benefits compared to traditional computing, including the ability to synchronizing platforms in terms of weapons systems, providing the army with an edge. Quantum computers are able to process large amounts of information, enabling the military to come up with war-based strategies as well as effective communication networks to optimize defense operations. quantum computing in aerospace market statistics and defense industry is all set to gain considerable grounds in the following years, in view of the rapidly expanding application scope across defense and aerospace sectors. Lately, artificial intelligence (AI) has picked up a lot of traction in the military. Systems are increasingly being integrated with a combination of quantum computing and AI, which helps bolster the military prowess since the resultant system is able to provide advantages such as higher security level to critical infrastructure.
In aerospace applications, quantum computing is extensively used for coming up with efficient satellite communication and precise navigation applications, without deploying GPS. Deployment of quantum computing for navigation against the GPS technology is expected to aid militaries in achieving accurate synchronization among various weapons systems and aircraft. China has made significant waves with respect to quantum computing, having already designed a quantum satellite that facilitates secure communication. Prominent military powers excluding China are UK, the US, Israel and Canada, which are spending generously on this technology. Additionally, naval forces are leveraging quantum computing for navigation in oceans undetected. Research centers across Canada are striving to develop a technology like quantum radar that could help the military spot threats over long distances.
Increase in intensive research activities to develop new tools and services to analyze and ascertain the new applications. For instance, in November 2020, ColdQuanta, a quantum atomics firm previewed and developed its latest quantum computer technology that is based on its Quantum Core. Quantum Core can be used as a platform for a number of quantum systems ranging from global positioning to computing to communications and signal processing. At present, the quantum computing technology has become an essential part of NASA’s Cold Atom Laboratory on atomic clocks, the International Space Station, quantum matter systems, advanced research systems and gyroscopes.
Key Players:
Some of the highly reputed competitors participating in various marketing strategies include QC Ware Corp. (US), Magiq Technologies Inc. (US), Rigetti Computing (US), Cambridge Quantum Computing Ltd (UK), Rigetti Computing (US), xQxbranch LLC (US), IBM Corporation (US), D-Wave Systems Inc. (US), 1qb Information Technologies Inc. (Canada), to list a few.
Market Segmentation :
Quantum Computing in Aerospace Industry segments can be hardware, services and software. Software can be the fastest expanding segment in the forthcoming years, with the rising efforts given by big players such as IBM Corporation, 1qb Information Technologies Inc. and more. These vendors are increasingly developing broad ranges of quantum computer software products. To cite a reference, IBM Corporation designed its latest quantum computer known as the Q System One.
Application-wise, the key segments are quantum cryptanalysis, quantum sensing and quantum key distribution (QKD). The quantum key distribution (QKD) segment has remained on the top since 2018 and could also procure the fastest development rate during the assessment period. QKD technology facilitates data security, which is utilized by military for protection of critical infrastructure including telecommunication and energy distribution networks.
Regional Analysis:
The Quantum Computing in Aerospace industry has been regionally classified as Europe, North America, Latin America, MEA or Middle East & Africa as well as Asia Pacific or APAC.
The APAC market is showing promising growth and can gain significant grounds in the ensuing years, thanks to the surge in private and government funding for research that leverage quantum computing with respect to information processing and more applications. The APAC market is strongly influenced by the rising number of strategic alliances between companies in the region. The APAC market receives robust impetus from China, as the country is known for focusing on extensive quantum information science research projects and putting in efforts for designing quantum computing technologies for communication applications in the defense and aerospace industry.
North America has stayed the global leader since the year 2018; and can even attain the fastest CAGR over the evaluation period. The robust network of a number of world-renowned firms like AAR Corp. and Bombardier Inc. in the region induces substantial quantum computing in aerospace market development
Related reports:
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