Press release
Quantum Photonics Market to Skyrocket to $3.5 Billion by 2034 with 18.9% CAGR - TMR Analysis
Quantum Photonics Market
Analyst Viewpoint: R&D in quantum circuits is fueling the quantum photonics market value. Quantum circuits are the backbone of quantum machine-learning algorithms. Unlike classical circuits, quantum circuits perform ultra-secure communication and complex problem-solving tasks in record time. Meanwhile, rising investments in quantum computing by governments and private companies are accelerating practical applications and expanding market opportunities.
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Market Drivers & Trends
R&D in Quantum Circuits: June 2024 saw University of Ottawa's NexQT develop a new approach to evaluate quantum circuit performance, accelerating quantum computing breakthroughs. Quantum circuits quantum analogs of digital circuits enable simultaneous, high-fidelity processing of complex quantum computations, directly benefiting photonics architectures.
Surge in Quantum Computing Investments: Global funding by governments and private entities is rising sharply. In February 2024, Fujitsu unveiled a quantum computing platform achieving 200x faster circuit computations, aiming to integrate photonic components for finance and drug discovery sectors. France-based C12 raised €18 million in June 2024 to advance scalable quantum processors, underpinned by photonic interconnects.
Demand for Secure Communication: Growing cyber threats boost interest in Quantum Key Distribution (QKD), which uses photon-based encryption to secure data transfers. Enterprises and defense organizations are prioritizing quantum-safe communication.
Latest Market Trends
Integrated Photonic Chips: Miniaturization of photonic circuits on silicon substrates is reducing size, cost, and power consumption. On-chip photonics start-ups, such as Cambridge's Wave Photonics, secured £4.5 million in June 2024 for next-gen sensing and data-center applications.
Hybrid Quantum Architectures: Combining superconducting qubits with photonic interconnects enhances scalability. MIT researchers in 2023 demonstrated high-fidelity links between superconducting processors using photonic interfaces, laying the groundwork for modular quantum computers.
Commercialization of Quantum Sensors: Quantum photonic sensors offer unprecedented precision in navigation, medical imaging, and geological surveying. Early adopters in aerospace and defense are integrating these sensors into prototypes, signaling near-term market entry.
Key Players and Industry Leaders
The competitive landscape features established technology giants, specialized photonics firms, and deep-tech start-ups:
Amazon Web Services, Inc.
AOSense, Inc.
Crypta Labs Limited
ID Quantique
M Squared Lasers Limited
Menlo Systems
Microchip Technology Inc.
NEC Corporation
Nordic Quantum Computing Group AS
Nippon Telegraph and Telephone Corporation
Nu Quantum
ORCA Computing
Psi Quantum
Quandela
Thorlabs, Inc.
These industry leaders are investing heavily in R&D, strategic partnerships, and acquisitions to build programmable, scalable optical quantum computers and secure photonic networks.
Recent Developments
May 2024: ID Quantique, in collaboration with HEQA Security, LuxQuanta, Quantum Optics Jena, and ThinkQuantum, launched a quantum-safe communication ecosystem, accelerating adoption of nationwide quantum networks.
April 2024: M Squared Lasers and University of Strathclyde published a joint study on a new computational method, enhancing the commercial viability of M Squared's Maxwell Quantum Computing platform.
February 2024: Fujitsu's hybrid quantum platform achieved a 200-fold speed increase in circuit computations, positioning Fujitsu as a frontrunner in quantum-photonic integration.
June 2024: C12's €18 million funding bolstered development of processor designs leveraging photonic interconnects for improved speed and stability.
Market Opportunities and Challenges
Opportunities:
Expanded R&D Funding: Government initiatives in the U.S., EU, China, and Japan continue to allocate billions to quantum research, stimulating demand for photonic components.
Cross-Industry Applications: Sectors such as healthcare (quantum imaging), agriculture (quantum sensing for environmental monitoring), and BFSI (quantum risk analysis) are potential growth frontiers.
Quantum Internet: Development of a global quantum communication network will require vast photonic infrastructure, from photon sources to detectors and repeaters.
Challenges:
Technical Complexity: Integrating disparate quantum systems (superconducting qubits, trapped ions) with photonic networks demands ultra-low temperature operation and cryogenic photonic packaging.
Scalability Barriers: Scaling from lab prototypes to commercial systems requires overcoming photon loss, decoherence, and fabrication yield issues.
High Cost of Entry: Capital expenditure for advanced fabrication facilities and cryogenic setups remains high, limiting participation to well-funded players.
Future Outlook
Over the next decade, quantum photonics is poised to transition from research labs to pilot deployments in secure communications, high-performance computing, and precision sensing. Innovations in heterogeneous integration and error correction will unlock larger, fault-tolerant quantum systems. By 2034, quantum photonics could underpin global quantum internet backbones, revolutionizing data security and computational paradigms.
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Market Segmentation
By Offering:
Systems
Services
By Application:
Quantum Communication
Quantum Computing
Quantum Sensing & Metrology
By Industry Vertical:
Aerospace & Defense
BFSI
Healthcare
Transportation & Logistics
Agriculture
Others (Environment, etc.)
Regional Insights
North America: Led by the U.S. with over US$ 918 million in QIS R&D funding in 2022, North America dominated the market share in 2023. Government programs such as the National Quantum Initiative Act fuel ecosystem growth.
Europe: Investments in on-chip photonics design and deep-tech R&D Wave Photonics' £4.5 million grant highlights the trend is strengthening Europe's position.
Asia Pacific: China's public quantum funding of US$ 15.3 billion dwarfs other regions, catalyzing photonics adoption across national labs and telecom operators.
Why Buy This Report?
Comprehensive Analysis: Detailed market size, forecasts, and trends spanning 2020-2034.
Strategic Insights: In-depth drivers, restraints, opportunities, Porter's Five Forces, value chain, and competitive strategies.
Company Profiles: Thorough coverage of 15+ key players with financials, product portfolios, and recent developments.
Customizable Data: Electronic PDF and Excel formats enable slicing by region, segment, and application for tailored decision-making.
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