Global Quantum Sensors Market Size, Share & Industry Trends Analysis Report By Product Type (Atomic Clocks, Gravimeters & Accelerometers, Magnetic Sensors and Photosynthetically active radiation (PAR) Quantum Sensors), By Regional Outlook and Forecast, 2022 - 2028
The Global Quantum Sensors Market size is expected to reach $619.8 million by 2028, rising at a market growth of 16.4% CAGR during the forecast period.
A quantum sensor is a device that employs aspects of quantum mechanics, like quantum interference, quantum entanglement, and quantum state squeezing, which enhance accuracy, outperform conventional sensor technology limitations and circumvent the uncertainty principle. Quantum sensing is concerned with the design and development of quantum sources as well as quantum measurements that can outperform conventional methods in a variety of technological applications.
This may be accomplished with photonic or solid-state technologies. Quantum sensors utilize quantum technologies or quantum states to measure physical quantities. These sensors are built on the concept of atomic superposition, granting them an exceptional degree of sensitivity. They are utilized in some of the most important applications, including space navigation as well as gravity measurements.
The atomic characteristics of quantum sensors remain fixed as they monitor relative environmental changes and hence, they do not have drift or noise concerns like traditional sensors. Quantum sensors are typically 10 times more sensitive to their surroundings than traditional sensors, making them incredibly accurate. Crucial applications, like automotive & transportation, military & defense, and healthcare are significantly utilizing quantum sensors nowadays.
The incorporation of NV-based ensemble quantum sensors in commercial chip designs is a fascinating step towards transforming quantum sensor generation into a versatile array of sensor goods by a number of industrial segments functioning in end consumer verticals throughout the sector.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted various economies all over the world. A number of businesses were disrupted due to the abrupt emergence of the infection. Governments all over the world-imposed lockdowns within their countries in order to regulate the spread of the COVID-19 pandemic. Due to these lockdowns, various manufacturing facilities, including quantum sensor production units all over the world were shut down. However, the software of these sensors has seen a surge in the need for new improvements. Therefore, the market, which was devastates by the COVID-19 pandemic, is estimated to grow significantly in the coming years
Market Growth Factor
An Increasing Number of Applications Within the Healthcare and Medical Sector
Recent research and development endeavors have been conducted by several corporations and research institutes to produce quantum sensors for healthcare and medical applications. These studies have demonstrated that quantum-enabled gadgets might improve the accuracy of medical testing and imaging procedures. The extremely precise data supplied by quantum devices can aid in the identification of chronic illnesses. Quantum sensors can also detect cancer in its earliest stages.
An Upsurge in Investments in The Space and Aerospace Industry
In addition to communication, geo-mapping, navigation channels, and other critical applications, the space industry utilizes a vast array of quantum sensor packages for communication, geo-mapping, and navigation channels. With such applications alongside contemporary space technology, expenditures in the development and deployment of quantum sensors expanded.
Market Restraining Factor
Broad Availability of Affordable Alternatives
One of the major factors that are hampering the growth of the quantum sensors market is the wide availability of its substitutes at more affordable rates. Quantum sensors are manufactured using complex techniques and materials, making their development and production procedures costly. Thus, the availability of cost-effective and competitive alternatives to quantum sensors, particularly for non-critical uses and applications, may hinder the market growth of quantum sensors.
By Application, the Quantum Sensors Market is categorized into Aerospace & Defense, Oil & Gas, Agriculture & Environment, Construction & Mining, Automotive & Transportation, Healthcare, and Others. In 2021, the oil & gas segment registered a significant revenue share of the quantum sensors market. The sensors employed in the oil and gas business must be reliable and precise since they detect flammable chemicals. Exploration, manufacturing, and transport of these commodities are dangerous and undertaken in difficult circumstances, posing obstacles for the sector.
Product Type Outlook
On the basis of Product Type, the Quantum Sensors Market is segmented into Atomic Clocks, Magnetic Sensors, Photosynthetically active radiation (PAR) Quantum Sensors, and Gravimeters & Accelerometers. In 2021, the atomic clock segment witnessed the biggest revenue share of the quantum sensors market. A basic clock, whether mechanical or quartz, is a device that measures the repeat of an event. Similarly, an atomic clock measures the repeat of an event by counting the electrical transition from one state to the next with the aid of atoms.
Region-Wise, the Quantum Sensors Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the quantum sensors market. Due to its increasing applications within the aerospace & military industry and autonomous cars, the North American quantum sensor market is anticipated to rise at a rapid rate over the next several years. North America's largest market for quantum sensors is the United States.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OTT HydroMet (Danaher Corporation), Spectrum Technologies, Inc. (BAE Systems PLC), ID Quantique SA, MSquared Limited™, Muquans SAS (iXblue) (Groupe Gorgé), AOSense, Inc., Impedans, Ltd., LI-COR, Inc., Campbell Scientific, Inc. and Apogee Instruments, Inc.
Strategies Deployed in Quantum Sensors Market
May-2022: ID Quantique introduced the Clavis XG, an addition to its XG Series, The new solution aimed to offer QKD as a Service to a broad range of customers in order to meet the increasing demand for extended range interconnection or high key transmission rate within for production environments. Moreover, the new solution provides a complete suite of solutions.
Jan-2022: ID Quantique released the ID1000, a Time Controller Series. The new range aimed to allow customers to frequently record arrival times for a higher number of detected photons while also generating customizable pulse trigger signals along with customizable pulse trigger signals through four integrated pulse/delay generator channels.
Jun-2021: Apogee Instruments rolled out the new Apogee Original X Series, a range of sensors with the new detector. The new product range aimed to calibrate to sunlight in order to eliminate the requirement for electric calibrated models.
Apr-2021: ID Quantique came into a partnership with Thales Trusted Cyber Technologies, a business area of Thales Defense & Security. Through this partnership, the companies aimed to offer quantum randomness-built high-assurance key protection through the integration of Thales's Luna T-series Hardware Security Modules and IDQ’s quantum random number generation.
Apr-2020: Muquans partnered with Pasqal, a French developer of quantum processors. With this partne4rship, the companies aimed to bring advanced and cutting-edge laser and control solutions in order to expand the technological boundaries of quantum computing. In addition, this partnership would also offer various new prospects to the companies to unlock and leverage new technologies as well as expertise for the design, integration, as well as validation of cutting-edge quantum solutions.
Feb-2018: ID Quantique entered into a partnership with SK Telecom, a South Korean wireless telecommunications operator. Following this partnership, the companies aimed to strengthen the position of IDQ within the quantum-safe cryptography and quantum sensing solutions market. Moreover, this partnership would also aid IDQ to continue its focus on the development of global markets and partnerships.
Scope of the Study
Market Segments covered in the Report:
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