Quantum Sensors Market Scope and Overview
The global quantum sensors market size is poised to expedite at a CAGR of 5.49% during the forecast period. It is projected to surpass a valuation of USD 300 Mn by 2023. The market is expected to leverage on the IoT boom for expanding its applications. The accuracy of measurement shown by quantum sensors in aerospace and automotive sectors can drive its demand till 2023.
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 application 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 products 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 extremely accurate clock device that uses electronic transition frequency. The increasing need for reliable and accurate sensors to improve the existing application and enable new ones is driving the atomic clock segment. Moreover, the increased used of the 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 above-average growth during the assessment period. Adoption of quantum technology has been expedited in military and defense applications. Quantum sensors find a wide range of applications 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 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 the development of advanced cryogenic sensors can bode well for the market.
APAC is also likely to 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), AdSense, 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.
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