Quantum Sensors Market to Reach US$ 966.17 Million by 2030, Says Coherent Market Insights

Burlingame, June 21, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global quantum sensors market is estimated to be valued at US$ 470.05 million in 2022 and is expected to exhibit a CAGR of 15.05% during the forecast period (2023-2030).

Analysts’ Views on Global Quantum Sensors Market

Quantum sensors make use of quantum phenomena such as superposition, entanglement, and interference for measuring physical quantities with great precision. These sensors are capable of detecting magnetic field, temperature, electric field, rotation, acceleration, and time with extreme sensitivity compared any conventional measurement device. These sensors can be developed based on neutral atoms, photons, or trapped ions. However, they can also include novel approaches such as quibits and solid state devices.

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Key Trends and Analysis of the Global Quantum Sensors Market:

Trending military and defense applications of quantum sensors are anticipated to augment growth of the global quantum sensors market over the forecast period. The investment by military and defense sector in quantum sensors are increasing substantially, as these sensors can be used to obtain precise data for detecting submarines all over the world. The use of this technology also allows military personnel to detect nuclear materials or underground structures, as the sensors are highly sensitive to environmental disturbances. Thus, due to various advantages, military and defense applications for quantum sensors are increasing, which is further driving growth of this market.

Global Quantum Sensors Market – Drivers

Rise in investments in advancement of quantum technologies to boost the market growth

Quantum sensing R&D activities are increasing as several industry associations, market players, research institutions, and governments are making heavy investments in advancement of quantum technologies. These technologies are of different types categorized as quantum communication, quantum computing, and quantum sensing. The year-on-year investment in these technologies is on the rise all over the world. As a result, the global quantum sensors market is likely to witness significant growth in the coming future.

Quantum Sensors Market Report Coverage

Demand for quantum sensors in automotive applications to propel the market growth

With increasing demand for autonomous vehicles, the adoption of quantum sensors is rising in automotive applications. Use of these sensors in automobile applications offers reliable motion monitoring, which includes imaging, rotation, gravity, and acceleration, along with monitoring of magnetic and electric fields. Sensors are an essential part of advancements of automotive industry. The use of sensors has increased in cars due to trends of electric vehicles and autonomous vehicles. This factor is further expected to accelerate growth of the global quantum sensors market during the forecast period.

Global Quantum Sensors Market – Restrain

High cost of deployment and maintenance to limit growth of the market

There are different types of quantum sensors available in the market such as atomic clocks, magnetic sensors, and gravity sensors. The use and commercialization of these sensors is increasing rapidly all over the world. However, the deployment of these sensors requires high cost investments. Along with this, these technologies require timely maintenance, which again adds into overall cost of these sensors. This factor therefore limits adoption of quantum sensors, further hindering growth of the global quantum sensors market.

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Global Quantum Sensors Market – Opportunities

Increasing demand for quantum sensors in medical sector is expected to offer multiple growth opportunities in the global quantum sensors market during the forecast period. Several research institutes and organizations around the world are undertaking initiatives of R&D for development of quantum sensors for healthcare and medical applications. With research activities it has been found that devices with quantum technologies can enhance accuracy of medical imaging and testing processes. With the highly precise data obtained through these devices, the detection of chronic illnesses can be further improved. Thus, the demand for quantum sensors in medical sector is increasing, which is creating lucrative opportunities in the market.

Global Quantum Sensors Market - Key Developments

In December 2022, AOSense, a produce of advanced products for quantum gravimetry, completed development of first generation of quantum technology. The company revealed to continue developing quantum sensors in close collaboration with Goddard Space Flight Center of NASA for precision navigation.

In July 2022, Qnami AG, announced the installation of ProteusQ quantum sensors in the Center for Nanostructure Media lab of Queen’s University Belfast.

In June 2021, Apogee Instruments, Inc. announced plans to replace of its old models from the original quantum sensor series with X models. These models will come with a different internal detector.

Key Market Takeaways:

Global quantum sensors market is expected to exhibit a CAGR of 15.05% during the forecast period. The quantum sensors market is growing rapidly in response to the increasing investment in space communication technologies. The quantum sensors market is highly dependent on the advancements in quantum technology, as the market is subjected to same dynamics as that of the quantum technology market. With increase in demand for applications in space communications along with investments for the same, the global quantum sensors market is witnessing strong demand.

On the basis of Product Type, Atomic Clocks Segment is expected to dominate the market during the forecast period and this is attributed to the growing developments of sensing precisions that is driving the adoption of quantum phenomena. The use of atomic clocks is widespread in space exploration applications as well as research related to this field, as the field highly depends on use of sensors for science measurements and spacecraft operations. The demand for atomic clocks is likely to increase in the coming future driving growth of this segment.

On the basis of Application, Military and Defense Drugs Segment is expected to dominate the market during the forecast period and this is attributed to the rise in investment by government of various developed nations around the world in quantum technologies. This in turn is driving commercialization of quantum sensors, particularly in military and defense applications.

On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in trend and demand for autonomous vehicles, increasing R&D activities, and growing diseases such as cancer in the region. Along with this, the region is witnessing rising public and private investments in development of quantum entanglement and quantum technology. These factors are driving growth of the global quantum sensors market in the region.

Competitive Landscape:

Key players operating in the global quantum sensors market include Muquans SAS, LI-COR Inc., Robert Bosch GmbH, AOSense Inc., M Squared Lasers Ltd., Campbell Scientific Ltd., Skye Instruments Ltd., and Apogee Instrument Inc.

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Detailed Segmentation:

Global Quantum Sensors Market, By Product Type

• Atomic Clocks
• Magnetic Sensors
• PAR Quantum Sensors
• Gravity Sensors

Global Quantum Sensors Market, By Application

• Military and Defense
• Automotive
• Other Applications
  

Global Quantum Sensors Market, By Region:

• North America
  • By Country:
    • U.S.
    • Canada
• Latin America
  • By Country:
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
• Europe
  • By Country:
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
• Asia Pacific
  • By Country
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
• Middle East
  • By Country:
    • GCC Countries
    • Israel
    • Rest of Middle East
• Africa
  • By Country/Region:
    • South Africa
    • Central Africa
    • North Africa

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About Us:

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