The Quantum Batteries Market is estimated to be valued at US$ 42.84 Bn in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the Quantum Batteries Market. Coherent Market Insights’ analyst projected the quantum batteries market to be valued at US$ 42.84 Bn in 2031. It is expected to exhibit a CAGR of 20.1% over the forecast period 2024 -2031.

Rising demand for electronics and increasing R&D activities in the field of energy storage drives market growth. Quantum batteries store significantly higher energy density as compared to conventional batteries which makes them suitable for applications in consumer electronics, electric vehicles, and grid-level energy storage.

Growing investments by public and private players to develop viable quantum battery technologies will further support the market growth over the forecast period.

Key market trends include:  Quantum computing and quantum communication are emerging applications adopting quantum batteries due to their energy storage benefits. These batteries can power quantum computers for a longer duration and function reliably in extreme temperature conditions. Spin-based quantum batteries are gaining popularity due to relatively easier manufacturing processes.

Quantum batteries offer significantly more capacity compared to traditional lithium-ion batteries of the same size. Their unique energy storage mechanism allows much more energy to be packed in a smaller space. This rising need for higher battery capacities across various end use industries is expected to drive increased demand for quantum batteries during the forecast period.

Quantum Batteries Market Opportunities: The electric vehicles market has been witnessing rapid adoption globally in efforts to reduce emissions. However, a major challenge for wider EV adoption is range anxiety due to current battery capacities.

Quantum batteries have the potential to offer 2-3 times more range compared to lithium-ion batteries of the same physical size. This makes them highly suitable for EVs. With many projections expecting EVs to dominate new vehicle sales by 2030, the rapid growth of the EV industry is expected to create significant opportunities for quantum batteries over the next decade.

Key Market Takeaways: The global quantum batteries market size is anticipated to witness a CAGR of 20.1% during the forecast period 2024-2031. This is owing to increasing investments and technological advancements in this emerging technology.

On the basis of technology type, the quantum dot batteries segment is expected to hold a dominant position. This is owing to ability to pack more energy and charge at faster rates compared to other technologies.

On the basis of type, quantum dots segment holds the largest market share currently. This is due to wider research focus on this material for next gen batteries.

By application, the electric vehicles segment is projected to witness fastest growth during the forecast period. This is driven by the rising EV adoption globally.

North America is expected to hold a dominant position over the forecast period.  This is owing to presence of key players and steady funding in the region for quantum technologies.

Competitor Insights: Key players operating in the quantum batteries market include QuantumScape Corporation, Quantum Instruments, Google, Volkswagen AG, StoreDot, and SolidEnergy Systems.

Recent Developments: In late 2020, QuantumScape went public after merging with Kensington Capital Acquisition, a special purpose acquisition company (SPAC). Driven by a wider increase in IT and EV stocks, the stock’s market value jumped to almost US$50 billion in December 2020, but it has since leveled out. More information in full report