The global quantum sensors market size was valued at USD 470.05 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 15.50% from 2022 to 2030. Increasing usage of quantum technology in various sectors, especially in the military and defense sector, is expected to drive the global quantum sensors market. The market will also be driven by the growing consumer shift towards IoT devices. Moreover, increased funding by the government will also boost the market. Asia-Pacific is expected to witness the growth of the quantum sensors market, due to the increasing consumer shift towards IoT devices. The market will also benefit from the rapid growth of the automotive industry.
Global Quantum Sensors Market: Regional Insights
Among regions, North America is anticipated to dominate the global quantum sensors market over the forecast period. Quantum sensing is increasingly becoming a popular and distinct research branch in North America within the area of quantum science and quantum technology. The market is witnessing strong growth in the region due to ongoing research for development of applications of quantum sensors in different sectors. Several private vendors and universities in the region are focusing on investment in development of advanced instruments by implementation of quantum sensors in order to attain a competitive edge in this rapidly expanding market. Thus, the region is expected to dominate the global quantum sensors market in the near future.
Moreover, Asia Pacific is expected to witness significant growth in the global quantum sensors market during the forecast period. China is dominating the market in Asia Pacific region in terms of research and investment in quantum sensors for the development of novel quantum sensing devices applicable in different fields. In the coming future, quantum technology will become a significant part of multiple military aspects. And thus, China is focusing on using this quantum sensor technology for military applications and is aiming to become the leading country in terms of quantum information science. This in turn is expected to drive growth of the quantum sensors market in Asia Pacific region, during the forecast period.
Figure 1: Global Quantum Sensors Market Share (%), By Region, 2021
Global Quantum Sensors Market Drivers:
Rise in number research activities in quantum field is expected to fuel growth of the global quantum sensors market over the forecast period. Growing R&D activities associated with quantum technology will create several opportunities for market players in various fields such as electric and magnetic field sensors, positioning systems, microscopy, communication technology, seismology, and mineral prospecting along with applications in construction, military, and automotive industry etc. Due to high accuracy and credibility of quantum sensors, the technologies are becoming more accessible in various sectors, and this is further driving growth of the market across the globe.
Furthermore, rise in investment in space communication is also projected to propel growth of the global quantum sensors market over the forecast period. The quantum sensors market depends majorly on the developments in the global quantum technology market and the market is subjected to similar dynamics. The growing demand for applications in space communications and rise in investments in the same is driving the demand for quantum sensors market. For instance, in November 2020, Astrogate Labs, a communication startup in India, raised an undisclosed amount of funding in a pre-Series A round, which was led by Speciale Invest, an deep-tech focused investment fund based in Chennai, India. The company aims to use this investment for the launch of its flight terminals into space and for building space heritage in 2021.
Global Quantum Sensors Market Opportunities:
Rise in technological development and ongoing research about the quantum sensors is expected to generate several growth opportunities in the global quantum sensors market during the forecast period. The major concerns related to use of quantum sensors are energy consumption and size, as compared to any other sensors. With rising technological development in manufacturing as well as growing research activities related to the materials will overcome these challenges soon in the future. For instance, the most advanced sensors such as MEMS that are available today, offer dimensions in the range of micrometers, and consist structural imperfections that limit them. The use of quantum sensors can overcome errors like these and increase the performance beyond the limitations of conventional sensor technologies. Thus, the market will witness several growth opportunities in the near future.
Furthermore, increasing popularity of quantum internet is also creating growth opportunities in the global quantum sensors market. Such trends of quantum internet will significantly increase demand for quantum sensors. These sensors play a major role in information exchange. Space-based quantum internet that uses ‘satellite constellations’ is increasingly becoming a mass reality. Thus, these factors are generating lucrative opportunities in the quantum sensors market.
Quantum Sensors Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 470.05 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||15.05%||2030 Value Projection:||US$ 966.17 Mn|
LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS.
|Restraints & Challenges:||
Global Quantum Sensors Market Trends:
Increasing focus of researchers and scientists on commercialization of their technology is a growing trend in the global quantum sensors market. The quantum sensors market is still in its emerging stage, and several research organizations and companies are exploring quantum sensors’ potential applications. Several researchers are scientists are collaborating with companies for commercialization of their quantum sensor technology and it is expected to grow in the coming years. This trend is expected to continue in the global quantum sensors market over the forecast period.
Increasing number of manufacturers entering the market is trending in the global quantum sensors market, which is expected to boost the market growth in the near future. Countries such as China, United States, Germany, United Kingdom, and Japan will be at the forefront of quantum technologies. Several manufacturers in Asia specifically in from China were entering the market rapidly, which is likely to reduce the cost of overall quantum sensors. For instance, several researchers from China are focused on development of ultra-secure communications, highly-precise sensors and superfast computers with the use of quantum technology. Thus, these factors will support the market growth in the coming future.
Global Quantum Sensors Market Restraints:
High cost of deployment and maintenance is one of the major factors expected to hinder growth of the global quantum sensors market over the forecast period. Quantum sensors are of different types such as magnetic sensors, atomic clocks, gravity sensors, and quantum sensors are increasingly being utilized and commercialized all over the world. However, the cost of deployment of these sensors is high and the maintenance required for the technology made with these sensors is expensive. Thus, this factor is expected to hamper the market growth in the future.
Furthermore, availability of low-cost alternatives is another factor expected to obstruct growth of the global quantum sensors market during the forecast period. The manufacturing process of quantum sensors involves complex methods and advanced materials that makes the research and manufacturing processes of these materials expensive. Several alternative products with low cost, thus are available for applications of quantum sensors and such markets for alternative technologies have strong presence across the globe. This further affects the demand for quantum sensors in the market and further affects the market growth negatively.
Figure 2: Global Quantum Sensors Market Share (%), By Train Type, 2021
Global Quantum Sensors Market Segmentation:
The global quantum sensors market report is segmented into Product Type, Application, and Region.
Based on Product Type, the market is segmented into Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, and Gravity Sensors. Out of which, Atomic Clocks is expected to dominate the global market over the forecast period and this is attributed to the rise in development of sensing precisions leading to increasing adoption of quantum phenomena. Atomic clocks are majorly used in space exploration applications and research related to it, due to the dependability of these areas on sensors for spacecraft operation and science measurements. Thus, increasing development in sensing precision is driving growth of the segment in the global quantum sensors market.
Magnetic Sensors segment is also expected to witness significant growth in the near future and this is owing to the growing commercialization of quantum sensors for defense and military applications as well as rise in investments by governments in several emerging countries leading to high demand for quantum sensors and related technologies.
Based on Application, the market is segmented into Military and Defense, Automotive, Other Applications. Out of which, Military and Defense is expected to dominate the global market over the forecast period and this is attributed to the growing interest of government of several developed countries in quantum technologies leading to commercialization of quantum sensors, especially in defense and military applications.
Automotive segment is also expected to witness significant growth in the near future and this is owing to the rise in trend and demand for autonomous vehicles are boosting the demand for quantum sensors in automotive segment. The quantum-sensor-enabled sensing can precisely measure motion including imaging, rotation, gravity and acceleration of magnetic and electric field. Thus, these sensors are high in demand in automotive industry.
Global Quantum Sensors Market: Key Developments
In December 2018, AOSense Inc. collaborated with NASA and successfully built and demonstrated a prototype quantum sensor that can obtain highly sensitive and precise measurement of gravity and it will be helping in next-generation hydrology, geodesy, and climate-monitoring missions in space.
In June 2020, M Squared Laser Ltd. established a new office in Berlin located in the Science and Technology Park, Berlin Adlershof. The company plans to grow the business rapidly in Germany and provide substantial employment opportunities in the region.
Global Quantum Sensors Market: Key Companies Insights
The global quantum sensors market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global 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.
Unlike conventional detectors, quantum sensors are made from particles that behave like waves, allowing them to detect tiny changes in electric and magnetic fields. They can also be used to probe the environment and measure changes in temperature, pressure and time. These devices can be used in medical diagnosis, positioning systems, and communication technology.
Frequently Asked Questions