Quantum sensors are enabled by quantum mechanics and can sense magnetic fields, electric fields, and temperature with great precision. Compared to classical sensors, quantum sensors offer better sensitivity and accuracy. They find applications in defense, oil & gas exploration, healthcare, transportation, and various industrial sectors. For instance, quantum gravimeters help detect underground oil reservoirs and map geological structures with high accuracy. The global Quantum Sensors Market is estimated to be valued at US$ 622.18 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of quantum sensors across various industrial applications
is expected to drive the market growth over the forecast period. Quantum
sensors not only offer better precision compared to traditional sensors but
also enable miniaturization of sensing devices. This makes them highly suitable
for applications requiring portable and compact sensing solutions. Further,
continuous technological advancements are helping improve the stability,
robustness, and efficiency of quantum sensors. This is increasing their
integration in consumer electronics such as smartphones and wearable devices
for applications including navigation, position tracking, and medical
monitoring. The rising demand for quantum technologies from industries such as
automotive, transportation, oil & gas is projected to present lucrative
opportunities for quantum sensor market players during the forecast period.
Segment Analysis
The global quantum sensors market is segmented based on product type,
application, industry vertical, and geography. Based on product type, the
market is segmented into atomic clocks, gravity sensors, magnetic sensors, and
imaging sensors. Among these, the atomic clocks segment is expected to dominate
the market during the forecast period, as it finds wide applications in
navigation, timing, and frequency synthesis. Atomic clocks provide extremely
precise and accurate time and frequency references which help in applications
such as GPS systems and timing systems for telecommunications networks.
Key Takeaways
The global Quantum
Sensors Market Growth is
expected to witness high growth during the period 2023-2030. The market size is
projected to reach US$ 622.18 Mn in 2023.
Regional analysis
Regionally, North America is expected to dominate the global quantum sensors
market during the forecast period. This is attributed to growing investments by
government organizations and private players in the development of quantum
technologies in the region. For instance, the US government has allocated
around US$ 1.3 Bn annually for quantum information science and technology
research and development programs. Asia Pacific is projected to witness the
highest CAGR during the forecast period due to growing focus of countries such
as China and India on quantum technologies.
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. LI-COR Inc. and
Robert Bosch GmbH have leading market shares due to their strong product
portfolio and widespread distribution networks. New players are focusing on
developing advanced atomic clock sensors with capabilities such as long
operation periods without recalibration.
For more insights, read- https://www.ukwebwire.com/quantum-sensors-market-trends-size-and-share-analysis/
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