The Quantum Sensors market is estimated to be valued at USD 470.05 million in 2021 and is expected to exhibit a CAGR of 15.50% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Quantum sensors are devices used to detect and measure physical phenomena at the quantum level. They utilize the principles of quantum mechanics, such as superposition and entanglement, to achieve unprecedented precision far beyond what classical sensors can achieve. Some common types of quantum sensors include gravitational sensors, magnetic sensors, electric field sensors, and atomic clocks. These sensors find widespread application in various industries such as oil & gas, transport, medtech, military & defense, and aerospace. For instance, quantum gravimeters are deployed for underground exploration and mineral mapping, while atomic clocks are crucial for 5G communication networks and deep space exploration.
Market Dynamics:
The growth of the Quantum Sensors market is being driven by the emerging wide range of applications such as underground infrastructure mapping in construction, navigation for autonomous vehicles, exploration for oil & gas resources, and gravity surveying for mineral mapping. Further, technological advancements are empowering quantum sensors to achieve sub-atomic precision level for temperature sensing, magnetic field detection, and gravity sensing among others. For example, recent advancements in cold atom technologies have enabled quantum gravimeters and magnetometers to achieve precision of 1 part in 10^12 and 1 part in 10^15 respectively. Meanwhile, the rising demand for high-precision systems from industries such as automotive, healthcare, aerospace & defense is also fueling the adoption of quantum sensors. However, the development of these sensors is still at a nascent stage which requires significant R&D investments along with the availability of experienced
Segment Analysis
The global quantum sensors market is divided into two key segments – atomic clocks and gravity sensors. Atomic clocks segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. The key factor driving its segmental growth is the high accuracy and stability attained by atomic clocks for applications such as timing and navigation. Atomic clocks find applications in areas such as satellite-based navigation systems, smart grids, financial trading, and defense.
PEST Analysis
Political: The government support for quantum computing and sensing technologies through funding of research programs is encouraging growth of the quantum sensors market. However, technology export restrictions by certain countries pose challenges.
Economic: Advancements in quantum technologies are expected to boost economic growth through new industrial applications. Increase in defense budgets of major economies also favor market growth. However, high initial investments required for commercialization of quantum sensors hamper their adoption.
Social: Growing popularity of mobile devices and wearables create demand for compact and power-efficient sensors. Consumers’ preference for precise timing solutions is fueling adoption of atomic clocks.
Technological: Advancements in fabrication of quantum devices and integration of sensing components at micro and nanoscale are expanding application scope. However, sensitivity of quantum states to external perturbations poses technological challenges.
Key Takeaways
The global quantum sensors market is expected to witness high growth, exhibiting a CAGR of 15.50% over the forecast period, due to increasing demand for high-precision sensing solutions across industrial, medical, and defense applications. The market was valued at USD 470.05 million in 2021.
Regional analysis: North America dominated the global market in 2021 owing to heavy investments in quantum computing research by government organizations as well as private companies in the U.S. and Canada. Asia Pacific is anticipated to witness fastest growth during 2022-2030 led by rising government funding for related technologies in countries such as China and India.
Key players: Key players operating in the quantum sensors market are LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS. These players are focused on developing new and innovative quantum sensors to expand their product portfolio and market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.