Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on "Atomic Clock Market Size Report, Growth, Trends, and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography," the market is expected to grow from $511.54 million in 2022 to $745.79 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.
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Global Atomic Clock Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 511.54 Million in 2022 |
| Market Size Value by | USD 745.79 Million by 2028 |
| Growth rate | CAGR of 6.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 146 |
| No. of Tables | 54 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | AccuBeat Ltd, Excelitas Technologies Corp, IQD Frequency Products Ltd, Leonardo SpA, Microchip Technology Inc, Orolia, Oscilloquartz SA, Stanford Research Systems Inc, Tekron, VREMYA-CH JSC |
Browse key market insights spread across 146 pages with 54 list of tables & 72 lists of figures from the report, "Atomic Clock Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rubidium Atomic Clock and CSAC, Cesium Atomic Clock, and Hydrogen Maser Atomic Clock) and Application (Space and Military/Aerospace, Scientific and Metrology Research, Telecom and Broadcasting, and Other Applications)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/atomic-clock-market
Based on geography, the global atomic clock market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. North America held the largest atomic clock market share in 2021, followed by Europe and Asia Pacific. Also, APAC is anticipated to be the fastest-growing region during the forecast period. APAC is anticipated to grow at the highest CAGR during the forecast period. APAC's atomic clock market growth can be attributed to the growing popularity and adoption of smart homes, autonomous vehicles, and smart grids. The ever-increasing research and development activities and government support are also anticipated to propel the atomic clock market growth in the coming years.
Despite economic slowdowns in the UK and the EU, Europe witnessed rising investments by technology companies in 2021. Capital invested by European technology companies reached US$ 34.3 billion in 2021. With higher income levels among residents, Western Europe is renowned for its improved living conditions. The rise in smart city projects and modernization of the region's infrastructure are other factors expected to boost the development of the atomic clock market during the forecast period. The European atomic clock market growth is attributed to the increasing number of projects focusing on atomic clock development.
In May 2022, AccuBeat (a leading provider of Rubidium oscillators, Time Servers, and GPS disciplined atomic clock) announced that it was selected to develop and produce an Ultra Stable Oscillator (USO) for the European Space Agency’s (ESA) JUICE (Jupiter Icy Moons Explorer) mission as Space missions and deep space exploration programs rely on high precision atomic clocks. Europe has the presence of satellite communication solutions providers such as Satcom Global Ltd and Holkirk Communications Ltd. However, the onboard atomic clocks driving satellite-navigation signals on the European Galileo network have noticeably failed, and 9 clocks have stopped working on 18 satellites in orbit. These factors hinder the growth of the atomic clock market size in Europe.
In November 2022, the final module of China's Tiangong space station docked with its core structure completing landmark moment in the country's space ambitions. The module carried scientific equipment used to study microgravity and carry out experiments in fluid physics, materials science, combustion science, and fundamental physics, along with the world's first space-based cold atomic clock system that will form the most precise time and frequency system in space, not losing one second in hundreds of millions of years. Such developments are anticipated to propel the growth of the atomic clock market size in Asia Pacific.
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Impact of COVID-19 Pandemic on Global Atomic Clock Market Growth:
The COVID-19 pandemic hampered the atomic clock market share due to a decline in industrial activities and failed planned investments in various sectors. The MEA is especially affected by the impacts of the COVID-19 pandemic due to uncertainty regarding oil requirements and prices. Hence, the decline in economic growth and impacts of the COVID-19 pandemic on the growth of various industries in the region have hindered the demand for atomic clock systems. However, in the post-pandemic scenario, the growing number of initiatives to boost the manufacturing sector in the MEA is likely to propel the demand for atomic clocks. In October 2021, the Abu Dhabi Department of Economic Development (ADDED) announced a smart manufacturing initiative to attract foreign companies. The “Industry 4.0” initiative of the UAE Ministry of Industry and Advanced Technology has highlighted its goals to accelerate the digital capabilities of local manufacturers through partnerships with leading tech companies across the globe. Furthermore, the goal of the initiative is to boost manufacturing in the UAE by 30% and increase its GDP by US $6.8 billion by 2031. Such initiatives are estimated to encourage the production and sales of atomic clocks and their components in the MEA in the coming years.
Global Atomic Clock Market: Type Overview
Based on type, the atomic clock market is segmented into rubidium atomic clock and CSAC, cesium atomic clock, and hydrogen maser atomic clock. Rubidium atomic clock is one of the most commonly used atomic clocks in recent years as the rubidium clock offers the advantage of portability and high accuracy in a transportable instrument. Rubidium atomic clocks are designed specifically for space applications where a highly stable and extremely reliable atomic clock is required. Advantages of rubidium atomic clocks such as high performance, small size, light weight, and power advantages are anticipated to propel the atomic clock market growth in the segment during the forecast period.
Global Atomic Clock Market: Competitive Landscape and Key Developments
Microchip Technology Inc., Orolia, Excelitas Technologies Corp., Leonardo, and Oscilloquartz are among the five key players operating in the atomic clock market. Several other essential market players were analyzed to get a holistic view of the atomic clock market and its ecosystem. The atomic clock market report provides detailed market insights, which will help the key players strategize the growth in the coming years. A few initiatives taken by the key atomic clock market players are mentioned below.
In June 2019, MHM-2020 launched security and a modern touch panel display to the world's most deployed fleet of active hydrogen maser atomic clocks.
In June 2020, Oscilloquartz launched an ePRC optical cesium atomic clock solution to protect synchronization networks during GNSS disruptions. The OSA 3350 ePRC+ provides vital backup for mission-critical infrastructures that depend on satellite-based timing, such as mobile networks and power utilities.
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