The Global Quantum Sensors Market is estimated to account for US$ 470.05 Mn in terms of value by the end of 2021. Quantum sensors work by measuring the probability distribution of a quantum object. Quantum particles are entangled in a way that allows them to affect each other even when they are separated by a large distance. They can measure the effects of environmental conditions more accurately and reliably. Moreover, they can be used to detect early signs of multiple sclerosis. Quantum sensors are not only able to measure environmental conditions, however, they can also provide a more accurate image of molecular structures, proteins, and biological molecules.
Global Quantum Sensors Market: Drivers
Launch of novel products is expected to drive growth of the global quantum sensors market over the forecast period. Market players in quantum sensors are increasingly launching new products. For instance, as per the trends of quantum sensors market, Muquans SAS, a leading supplier of integrated quantum solutions from France revealed that the quantum differential gravimeter was operating in February 2020. This apparatus that was developed with LNE-SYRTE (National Laboratory of Metrology and Testing) in partnership is capable of measuring both gravity and its vertical gradient at the same time. As per the manufacturer, the equipment creates new and promising possibilities in the geophysics field. Thus, launch of such products is driving the market growth.
Global Quantum Sensors Market: Opportunities
Increasing demand from medical sector for quantum sensors is anticipated to create lucrative environment for growth opportunities in the global quantum sensors market during the forecast period. Many research institutes and organizations are undertaking R&D initiatives for the development of quantum sensors for healthcare and medical applications. With the research activities, it has been observed that quantum-enabled devices may improve precision in medical testing as well as image processing. This can further enhance the process of detecting chronic diseases. For instance, according to the researchers at the University of Stuttgart, quantum sensors are capable of detecting cancer at an early stage. Thus, these factors are driving the demand for quantum sensors in medical sector.
Global Quantum Sensors Market: Restraints
Technical challenges related to use of quantum sensors is projected to hamper growth of the global quantum sensors market during the forecast period. Quantum sensors are sensitive as they can make measurements at atomic and quantum states. Their high sensitivity makes them a preferable option in critical applications in defense and aerospace industry. However, due to their sensitivity, quantum sensors are hard to utilize in normal industrial applications. Thus, use of these sensors in controlled environment or outside of laboratory settings is challenging, which further impedes growth of the global quantum sensors market.
Global Quantum Sensors Market - Impact of Coronavirus (Covid-19) Pandemic:
The epidemic of Covid-19 and stringent nationwide lockdown regulations adversely impacted several industrial operations all over the world. This disrupted supply chains, created lack of raw material availability needed in manufacturing processes, fluctuation in cost of raw materials, and labor shortages in the industry. Thus, due to these factors the global quantum sensors market was negatively impacted by the Covid-19 pandemic. Although, near May 2020, several industries resumed their operations; however, due to the fluctuation occurred in the first four months of 2020 caused delays in orders and lead time in the supply chains of quantum sensors in 2020.
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Key Takeaways:
The global quantum sensors market was valued at US$ 470.05 Mn in 2021 and is forecast to reach a value of US$ 966.17 Mn by 2030 at a CAGR of 15.05% between 2022 and 2030.
Magnetic Sensors segment held dominant position in the global quantum sensors market in 2020, accounting for 47.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Quantum Sensors Market Trends:
Growth of automotive sector is boosting the demand for quantum sensors and this is expected to fuel growth of the global quantum sensors market. The increasing demand for autonomous vehicles is further boosting the demand for quantum sensors in automotive sector. The use of these sensors in automotive applications enables accurate measure of motions in magnetic and electric fields which also includes acceleration, gravity, and imaging. Quantum sensors play an important role in advancement of the automotive sector across the globe. The number of sensors used in vehicles is growing rapidly with growing trends of Electric Vehicles and Autonomous Vehicles.
Furthermore, increasing investment in quantum sensors in Europe is a growing trend in the global quantum sensors market. Europe is anticipated to witness high growth in the market due to increasing early investment in the quantum sensors market and strong presence of leading military powers such as Germany, which has led to highest rise in costs in terms of marketplace. This trend is likely to continue in the market in the forecast future.
Global Quantum Sensors Market: Competitive Landscape
LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS
Global Quantum Sensors Market: Recent Developments
In December 2019, Muquans SAS, with its partners, LPL and LNE-SYRTE and in the frame of the REFIMEVE+ projects, deployed an optical coherent link of 2x856 km between Grenoble and Paris, with the use of Renater provided fibers.
In November 2020, the French MoD in collaboration with ONERA selected Muquans to conduct a development program that aims at to supply shipborne quantum gravimeters to the service hydrographique et océanographique de la marine (SHOM).
