The global quantum dots market is anticipated to grow significantly over the forecast period. Increased demand for optimized devices with better performance and high resolution is expected to be a key driver for the quantum dots market in various application areas. Quantum dots (QD) exhibit a brightness which is 10-20 times higher than organic dyes. Owing to the shrinkage of semiconductor materials to quantum-dot level, the material gets converted from insulator to conductor due to alteration in the light wavelength. This conversion property enables quantum dots to be integrated in numerous devices instead of searching for new semiconductors possessing a special chemical composition. Blue quantum dots are smaller than other colors of quantum dots in size. Complicated manufacturing process of such blue quantum dots is expected to be a major restraint for the quantum dots market in display and monitor products.
This technology has been incorporated in numerous products such as QD medical devices, QD laser devices, QD chips, QD LED display devices, QD sensors, QD photovoltaic devices and QD LED lighting Devices. QD medical devices are used for medical imaging applications, which help in the detection of cancer cells. These devices are expected to dominate the quantum dots market due to continuous development for over two decades. QD LED display devices are used in ultra-flat panel displays and are more efficient as well as structurally simpler than traditional cathode ray tubes (CRT) and liquid crystal displays (LCD). The display drivers are expected to witness the highest growth rate owing to higher efficiency and enhanced color quality. QD laser devices are used in biological tagging of cells. QD photovoltaic devices are used in applications such as power stations, buildings, solar roadways, transports, and rural electrification among others. QD sensors are used in the detection of chemicals and biochemical molecules.
The quantum dots market can be segmented into applications such as biological imaging, quantum optics, optoelectronics, renewable energy, and security and surveillance. In biological imaging, quantum dots are used in in-vitro imaging and in-vivo imaging, primarily used for the detection of cancer cells. In the field of optoelectronics, quantum dots are utilized in new generation LED drivers having higher efficiency and a more vivid color range as compared to traditional LCD and LED drivers. The optoelectronics market is expected to witness the highest growth over the forecast period. Quantum optics is applied in quantum information, which utilizes the laws of quantum mechanics in information technology. Quantum dot solar cells are expected to be a source of renewable energy in the near future. The renewable energy application is expected to be the next fastest growing application in the quantum dots market.
North America is expected to account for considerable revenue share followed by Europe due to the early adoption of QD technology. Asia Pacific is expected to witness the highest growth rate due to high technological advancements in this region. Japanese companies QD Laser Inc. and Fujitsu Ltd were conferred upon the Green IT Award in 2010 for their quantum dot semiconductor laser technology.
Key quantum dots market vendors include Sony Corporation, Samsung Electronics Co. Ltd, LG Display, Altair Nanotechnology Inc., Life Technologies Corporation, QD Laser Inc., Nexxus Lighting, Invisage Technologies Inc., Evident Technologies, Quantum Material Corporation, Microvision Inc., Nanosys Inc., Nano Axis LLC, Ebioscience Inc., and Sigma-Aldrich Co. LLC among others. As QD is an evolving technology, leading companies have resorted to the formation of collaborations and partnerships for sharing expertise and developing better QD based solutions and products.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.