Quantum Sensors Market
Quantum Sensors Market - Global Industry Assessment & Forecast
- By Product Type Gravity Sensors, Atomic Clocks, PAR Quantum Sensors, Magnetic Sensors
- By Application Military and Defense, Automotive, Oil and Gas, Healthcare, Others
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 486.80 Million|
|Revenue 2030:||USD 881.21 Million|
|Revenue CAGR (2023 - 2030):||7.70%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Europe|
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The Global Quantum Sensors Market is valued at USD 486.80 Million in the year 2022 and is projected to reach a value of USD 881.21 Million by the year 2030. The Global Market is forecast to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.70% over the forecast period.
Quantum Sensors Market Size, 2022 To 2030 (USD Million)
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Quantum Sensors are highly advanced and sensitive sensors that operate on the principles of quantum technology and are expected to see high demand owing to rising advancements in the quantum technology field across the world. Quantum Sensors provide advantages such as fast communication, faster processing speeds, and increasing scope of application in advanced technologies such as artificial intelligence, machine learning, deep learning, etc. The Quantum Sensors Market experienced a negative growth trend in the pandemic as restrictions were imposed to control the spread of coronavirus. The market is expected to make a good recovery and evolve at a high CAGR over the forecast period.
Increasing demand for quantum sensing technologies in autonomous driving applications is expected to majorly boost the Quantum Sensors Market potential in the long run. Rapid technological advancements and increasing investments in technology are projected to further bolster the Quantum Sensors Market potential over the forecast period. The increasing use of Quantum Sensors in IoT is expected to crucially drive the Quantum Sensors Market growth over the forecast period. The rising scope of application in multiple end use industries will also provide new opportunities in the long run.
The complexity and high costs of these Quantum Sensors are expected to have a restraining effect on the Global Quantum Sensors Market growth. The presence of low-cost alternatives will also have a hampering effect on the Quantum Sensors Market potential in the long run. Quantum Sensors manufacturers are focusing on investing in the development of new products that will be more cost-effective in order to expand their business scope in the long run.
The Quantum Sensors Market is segmented on the basis of product Type and application. On the basis of product type, the market is segmented into Gravity Sensors, Atomic Clocks, PAR Quantum Sensors, and Magnetic Sensors. On the basis of application, the market is segmented into Military and Defense, automotive, Oil and Gas, Healthcare, and Others.
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Based on Product Type
The magnetic sensors segment is projected to lead the Global Quantum Sensors Market over the forecast period. The increasing scope of application of magnetic sensors in applications such as magnetic field sensors, communication technology, microscopy, positioning systems, etc. is expected to boost the Quantum Sensors Market potential through 2028
Based on Application
The global market is anticipated to be led by the increasing scope of use of Quantum Sensors in military and defense applications. Increasing investments in research and development of new technology across the world will prominently drive the growth in this segment. Increasing investments in defense sectors will also favor growth. The automotive segment is also expected to exhibit lucrative opportunities as the trend of autonomous driving increases in popularity on a global level.
Europe Accounted for the Largest Market Share
The Europe region accounted for the largest market share during the year 2021 and holds a dominant share of 35.30% in the global landscape. Increasing investments in research and development activities and rising technological proliferation are expected to boost the Quantum Sensors Market potential in this region over the forecast period. The United Kingdom is projected to be a notable market in this region due to rising support from the government. Meanwhile, the Asia Pacific region is projected to rise at the fastest pace over the coming years. The Quantum Sensors Market in this region will see high demand from emerging economies of China and India who are investing in the development of technology as digitization picks up pace in this region over the forecast period. Japan is anticipated to be a lucrative market owing to its technologically advanced infrastructure and will be the most notable market for Quantum Sensors over the years to come.
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Key players operating in the Global Quantum Sensors Market include- Apogee Instrument Inc., GWR Instruments Inc., Thomas Industrial Network Inc., Networking (Oscilloquartz), Adcon Telemetry Gmbh, METER Group, Microchip Impedans Ltd., M-Squared Lasers Limited, Spectrum Technologies Inc. and others.
Segmentation of the Global Quantum Sensors Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
|Pricing and purchase options||Avail of customized purchase options to meet your exact research needs. Explore purchase options|
Frequently Asked Question
What is the global demand for Quantum Sensors in terms of revenue?
The global Quantum Sensors valued at USD 486.80 Million in 2022 and is expected to reach USD 881.21 Million in 2030 growing at a CAGR of 7.70%.
Which are the prominent players in the market?
The prominent players in the market are Apogee Instrument Inc., GWR Instruments Inc., Thomas Industrial Network Inc., Networking (Oscilloquartz), Adcon Telemetry Gmbh, METER Group, Microchip Impedans Ltd., M-Squared Lasers Limited, Spectrum Technologies Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 7.70% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Quantum Sensors include
- The rising use of IoT is a crucial demand
Which region accounted for the largest share in the market?
Europe was the leading regional segment of the Quantum Sensors in 2022.