Wilmington, Delaware, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Quantum Sensors Market by Product Type (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors), and Application (Military and Defense, Automotive, Oil and Gas, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global quantum sensor market was valued at $0.3 billion in 2022 and is estimated to reach $1.11 billion by 2032, exhibiting a CAGR of 14.07% from 2023 to 2032.
Prime determinants of growth
The quantum sensor market is expected to witness notable growth owing to a rise in the number of research activities in the quantum field and an increase in investment in space communication. Moreover, the rise in demand for quantum sensors in the medical sector is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of deployment and maintenance limits the growth of the quantum sensor market.
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- 124 - Tables
- 47 - Charts
- 250 - Pages
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.3 Billion |
| Market Size in 2032 | $1.11 Billion |
| CAGR | 14.07% |
| No. of Pages in Report | 250 |
| Segments Covered | Product Type, Application, and region |
| Drivers | Growth in demand for secure communication |
| Surge in government investment in quantum research | |
| Opportunity | Technological advancements in quantum sensor |
| Restraints | High initial costs of production |
The magnetic sensors segment to maintain its leadership status throughout the forecast period
On the basis of product type, the magnetic sensors segment held the highest market share in 2022, accounting for more than two-fifths of the global quantum sensor industry revenue and is estimated to maintain its leadership status throughout the forecast period, as it is used for military and security applications such as detection, discrimination, and identification of ferromagnetic material, navigation, position tracking, and antitheft systems. lightweight design, flexibility, and efficiency. However, the atomic clocks segment is projected to manifest the highest CAGR of 15.03% from 2023 to 2032.
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The military and defense segment to maintain its leadership status throughout the forecast period.
On the basis of application, the military and defense segment held the highest market share in 2022, accounting for more than two-fifths of the global quantum sensor market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the automotive segment is projected to manifest the highest CAGR of 16.05% from 2023 to 2032, owing to the rise in trend and demand for autonomous vehicles. Quantum-sensor-enabled sensing can precisely measure motion, including imaging, rotation, gravity, and acceleration of magnetic and electric fields.
North America to maintain its dominance by 2032.
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the quantum sensor market revenue, owing to factors such as significant investments in research and development, the strong presence of key technology players such as Microsemi Corporation and others, and high adoption across various industries. However, Asia-Pacific is projected to manifest the highest CAGR of 15.30% from 2023 to 2032.
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Key Industry Development :
In May 2022, iXblue launched the first industrial compact and transportable Differential Quantum Gravimeter, a quantum sensor for precise underground mapping. These offer new viewpoints for near-surface geophysics, gravity-aided navigation, and civil engineering.
Leading Market Players :
- Robert Bosch GmbH
- Adtran Networks
- Biospherical Instruments Inc
- GWR Instruments Inc.
- Microchip technology
- Microsemi Corporation.
- Spectrum Technologies Inc
- AOSense Inc.
- Apogee Instrument Inc.
- M Squared Laser Limited
The report provides a detailed analysis of these key players in the global quantum sensor market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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