Quantum Sensors Market Scope
Quantum Sensors Market Size was valued at USD 0.19 billion in 2021. The Quantum Sensors market industry is projected to grow from USD 0.20 Billion in 2022 to USD 0.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.49% during the forecast period (2022 - 2030).
Investments in quantum research by government research organizations for gaining military leverage can bode well for the market. Researchers at Birmingham University are developing quantum gravity sensors which can lessen the time required in construction and mining projects. Enhanced medical imaging and secure navigation are some of the applications that can pave the market’s prospects in the forthcoming years.
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Global Quantum Sensors Market overview
Quantum sensors are technologies with features of credibility and high accuracy for applications in quantum cryptology and quantum cryptography. They are used for measuring gravity, rotation, and acceleration across various frequencies in magnetic and electric fields. The global quantum sensors market report by Market Research Future (MRFR) considers the vast potential of the industry with estimations on its growth for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its implications on research have also been explored in the report.
Quantum Sensors Market Segmentation
The global quantum sensors market is segmented on the basis of product and verticals. On the basis of product, the market has been segmented into photosynthetically active radiation (PAR) quantum sensors, atomic clocks, gravity sensors, magnetic sensors, and others. The atomic clocks segment holds the leading position in terms of market value. By the year 2023, it is expected to surpass a market valuation of USD 120 Mn. Atomic clocks are an extremely accurate clock device that use electronic transition frequency. The increasing need for reliable and accurate sensors to improve the existing application and enable the new ones is driving atomic clock segment. Moreover, increased used of atomic clock in GPS systems is driving its demand. On the other hand, the PAR quantum sensor segment is expected to exhibit the highest CAGR during the forecast period. The sensor can detect light intensity levels and gauge different stages of photosynthesis.
On the basis of vertical, the market has been segmented into healthcare, military and defense, oil and gas, automotive, agriculture, and others. The military and defense segment is expected to retain its top position till 2023. The segment stood at a market valuation of over USD 50 Mn and is projected to witness an above-average growth during the assessment period. The adoption of quantum technology has been expedited in military and defense applications. Quantum sensors find a wide range of application in the military and defense vertical. Quantum and radar sensors are used for monitoring satellites, vehicles, and surveillance.
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Quantum Sensors Market Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East Africa (MEA).
The Europe quantum sensors market is set to post a strong growth during the forecast period. In 2017, the region accounted for over one-third market share. The decision to bring in quantum clocks and quantum gravity sensors by 2020 can pave the way for key market players. The region’s market value is expected to stand at over USD 100 Mn by the end of the forecast period. North America is likely to retain its second spot over 2023. Applications of material analysis and support of the U.S. government for development of advanced cryogenic sensors can bode well for the market.
APAC is also likely present tremendous growth opportunities to market players during the review period. The market in region is set to witness strongest CAGR till 2023.
Quantum Sensors Market Competitive Outlook
METER Group, Impedans Ltd., Networking (Oscilloquartz), Skye Instruments Ltd., Spectrum Technologies Inc., GWR Instruments Inc., Microchip, Apogee Instrument Inc., Thomas Industrial Network Inc., Technology (Microsemi), AOSense, Radix, ADVA Optical, M-Squared Lasers Limited, Biospherical Instruments Inc., and Adcon Telemetry Gmbh are key players of the global quantum sensors market. Development of advanced products to gain a larger footprint and collaborations, service upgrades, and partnerships are certain strategies being used by players to gain leverage in the competition.