New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Quantum Sensors Market Research Report: By Product, By Verticals, And By Region – Market Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 0.29 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.49% during the assessment timeframe.
Quantum Sensors Market Key Players
Players active in the global quantum sensors market include
- GWR Instruments Inc.,
- Spectrum Technologies Inc.,
- METER Group,
- Adcon Telemetry Gmbh,
- Apogee Instrument Inc.,
- Thomas Industrial Network Inc.,
- Impedans Ltd.,
- M-Squared Lasers Limited,
- Skye Instruments Ltd.,
- Biospherical Instruments Inc., and
- ADVA Optical, among others.
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Quantum technologies can escalate ultra-sensitive gravitational and magnetic measurements, opening the possibility of using anomaly maps to aid inertial navigation. Atomic clocks use quantum technologies, providing highly stable and accurate frequency standards. Hence, the technology can be used in an integrated navigation system for timekeeping and communication applications.
Quantum sensing is a less known yet more extensive field quickly moving toward the market. The next generation of sensor technology is poised to offer super-exact navigation and communication for automated vehicles. Quantum sensing would make secure navigation and enhance medical imaging. And soon, Quantum sensors could bring precise navigation to detect gravity changes and uncover volcanic movement, environmental change, and earthquakes.
|Revenue forecast in 2030||USD 0.29 Billion|
|Growth Rate||CAGR of 5.49% from 2022 to 2030|
|Key Market Opportunities||Implementation of quantum entanglement in the healthcare sector|
|Key Market Drivers||Growing use in the automotive sector for providing highly accurate positioning data Rising investments in research and development (R&D) activities|
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The rising penetration of wearable and smart connected devices boosts the quantum sensors industry. The increasing demand for excellent viewing and hearing experience creates vast market demand. With the rising innovations in quantum technologies, the market is projected to garner significant traction in future years.
Rising demand from the automotive, electronics, healthcare, and defense sectors drives the quantum sensors market growth. Other major factors bolstering market share include the high adoption of quantum sensors in smart devices and advanced cloud-based technologies used in industrial sectors. Also, the growing demand from various industry verticals, including smartphones, healthcare devices, and IT & telecommunications, fosters the quantum sensors market size.
The world is poised to witness the second quantum revolution. Quantum sensors are increasingly used in modern electronic devices, transistors, and lasers. These sensors could transform industries ranging from communications and energy to medicine and defense. This has triggered major funding for various special programs. Quantum sensors offer outrageous levels of accuracy by harnessing the quantum nature of matter.
Quantum sensors could be groundbreaking in empowering self-ruling vehicles, early-warning systems for volcanic activity & earthquakes, underwater navigation systems, and portable scanners. Most quantum-sensing frameworks are costly, larger than usual, and complex; however, another generation of smaller, more affordable sensors should open new applications. The quantum sensors industry is likely to grow exponentially over the next few years.
Rising demand from the electronics, automotive, healthcare, and defense sectors drives the quantum sensors industry growth. Besides, the immense potential of quantum technology, such as high accuracy and credibility, makes these sensors popular in various industrial domains.
Quantum technologies, including quantum cryptography and quantum cryptology, find various industrial applications. These technologies are also used in the development of next-generation sensor technology. In the future, quantum sensor application areas will likely expand even further.
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Quantum Sensors Market Segments
The quantum sensor market report is segmented into products, verticals, and regions. The product segment is sub-segmented into gravity sensors, atomic clocks, photosynthetically active radiation/ PAR quantum sensors, and magnetic sensors. The vertical segment is sub-segmented into oil & gas, automotive, military & defense, healthcare, agriculture, and others. The region segment is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
Europe heads the global quantum sensors industry, witnessing vast demand. Besides, the rising uptake of quantum sensors in the burgeoning military & defense sector in the region boosts the market growth. Government initiatives to encourage investments in developing quantum sensors push market revenues. Additionally, the extensive pool of medical device manufacturers and high healthcare spending in the region induce market opportunities.
North America holds the second-leading share in the global quantum sensors industry. The extensive pool of medical device manufacturers and high healthcare spending in this region induce the quantum sensors market opportunities. Additionally, the burgeoning manufacturing sector in the region accelerates considerable growth. Factors such as the rising demand for quantum sensors and the burgeoning military & defense sector in the region push the growth of the market.
APAC is also emerging as a prominent market for quantum sensors. Factors such as the growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive quantum sensors market growth. Besides, growing uses of consumer electronics and medical devices, alongside the rising production and sales of luxury cars, boost the quantum sensors market demand in the region. The APAC quantum sensors market is projected to post the highest CAGR throughout the review period.
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Quantum Sensors Market Competitive Landscape
Highly competitive, the global quantum sensors market appears fragmented, with the presence of several well-established players. Players incorporate strategies such as mergers & acquisitions, collaborations, expansions, and product & technology launches to gain a larger competitive advantage. Industry players sign MoUs with universities to advance quantum technologies and develop quantum security & quantum sensor technologies jointly.
Such partnerships mark the development and testing of quantum technologies for commercial applications. They also explore research collaboration opportunities in new materials and designs for quantum sensing. The success of such collaborations also bolsters the attractiveness of testbeds and springboards for deploying new quantum technologies.
For instance, on Jan. 31, 2023, Q-CTRL (Australia) announced that it has raised another US$27.4 million in funding to expand its quantum-sensing software that helps reduce errors on quantum computers. This discovery is a key innovation that will help the startup transform quantum computer performance, delivering enhanced utility to end users. In November 2021, Q-CTRL raised $25 million in a Series to make major discoveries and demonstrations of its technology.
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