From the period of 2022 to 2028, the Global Quantum Sensors Market is expected to reach USD 714.2 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 7.9%.
Rapid technological proliferation and increasing digitization are expected to propel the demand for advanced technologies over the forecast period. This trend is expected to drive investments in the technological research sector and will further bolster the Quantum Sensors Market potential in the long run. The increasing scope of application for Quantum Sensors in multiple end use industries such as defense, automotive, communication, agriculture, etc. is projected to boost the Quantum Sensors Market potential in the long run. However, the high costs associated with the development and manufacturing of Quantum Sensors are expected to have a hampering effect on the Global Quantum Sensors Market growth. The presence of low-cost alternatives will further slowdown the Quantum Sensors Market growth through 2028.
Key Highlights from the Report
- On the basis of Product Type, the market is segmented into Gravity Sensors, Atomic Clocks, PAR Quantum Sensors, and Magnetic Sensors. In 2021, the magnetic sensors segment held a dominant market share and is projected to maintain this stance over the forecast period as well. The increasing scope of application of magnetic sensors in multiple end-use industries is projected to boost growth in this segment through 2028.
- On the basis of Application, the market is segmented into Military and Defense, automotive, Oil and Gas, Healthcare, and Others. The military and defense segment are projected to exhibit the most lucrative revenue opportunities over the forecast period and this trend will be driven by increasing investments in defense technology research across the world.
- Asia Pacific is the fastest regional segment in terms of growth and revenue over the forecast period. The Asia Pacific Quantum Sensors Market will be driven by rapid technological proliferation and increasing digitization in this region. Majorly the Quantum Sensors Market will be driven by the economies of India, Japan, and China where extensive investments in technology research are expected to be seen over the forecast period. Increasing investments in defense technology and the rising use of Quantum Sensors in the automotive industry will further boost Quantum Sensors Market potential over the forecast period.
Some of the key players in the 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.
Increasing Investments in Technology Research
Technological advancements have picked up the pace on a global scale and this trend is expected to prominently influence the Quantum Sensors Market potential over the forecast period. As technology becomes a crucial aspect of all of the infrastructure there have been major efforts undertaken by technology companies and governments to boost advancements and make this technological infrastructure better and this will further boost the Quantum Sensors Market potential. Increasing use of quantum sensing technology in automotive applications will further boost the Quantum Sensors Market growth over the coming years.
Rising Trend for Industry Automation and Industry 5.0
Industry 4.0 boosted the trend of automation and bolstered the demand for multiple electronic components and sensors. This is expected to be taken a step further by the introduction of industry 5.0 in the near future. Changing trends of industries and increased technological proliferation will provide new opportunities for Quantum Sensors manufacturers over the forecast period and this trend will also majorly influence the Quantum Sensors Market growth beyond the forecast period.
Over the projection period, Europe is expected to have tremendous growth and is expected to account for a substantial share of the Global Quantum Sensors Market share. This region will hold a dominant stance over the forecast period owing to rising investments in technology development by government and companies as well. The increasing scope of application in multiple industries and the rising popularity of automation in the region will further boost sales of Quantum Sensors through 2028. The United Kingdom is expected to be a prominent market in this region through 2028. Germany is also expected to provide lucrative opportunities from its automotive manufacturing industry which is growing exponentially and changing under the paradigm shift towards electric vehicles.