The global quantum sensors market size is expected to reach USD 894.1 million by 2030, according to a new study by Polaris Market Research. The report “Quantum Sensors Market Share, Size, Trends, Industry Analysis Report, By Product (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravimeters & Accelerometers); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for quantum sensors for nuclear magnetic resonance spectroscopy, solar panel, lasers, and magnetic resonance imaging (MRI) is due to their ability to provide accurate and credible results to fuel market growth. Furthermore, increasing penetration of quantum sensors and quantum-related technologies in aerospace and defense industries also bolsters market growth.
Europe is also considered the highest contributor to the revenue growth of the market as it is the commercial hub for manufacturing military weapons and the growing deployment of quantum imaging, simulation, and sensing technologies across various industries. Furthermore, the United Kingdom quantum technology hub sensors and timing are focusing on developing sensors that provide accurate and precise results, improving the functionality of various autonomous vehicles and fueling the market growth.
In addition, quantum sensors are growing significantly in automotive industries as they offer precise dimensions and are used for navigation purposes in autonomous vehicles. The market is likely to be driven by Asia pacific as China is the primary producer and manufacturer of autonomous and electric vehicles, which will boost revenue growth. Moreover, the rising government investment in quantum technologies to accelerate the development of innovative sensors like atomic clocks, gravitometers, and low-noise quantum interference microscopy is also essential in driving the market growth.
The COVID-19 pandemic had a negative impact on the demand for quantum sensors owing to the negligible operation across various end-use industries and the declination of expenditure on the deployment of quantum technologies. The automotive industry being a consumer-centric sector, was a heavy contributor to increase revenue. Still, during the pandemic, there was a decrease in the manufacturing process due to the loss of raw materials and shortage of resources hampering the market growth.
Quantum Sensors Market Report Highlights
- The growing demand for atomic clocks segment is due to its accurate time and frequency standards. The increasing penetration of these clocks for global time distribution services is the primary reason complementing the market growth. They have a wide application to control wave frequency in radio transmitters, television broadcasts, and GPS satellites, supporting segment growth.
- The aerospace & defense sector accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to rising investment by private and public governments to develop quantum technology. In addition, these investments have led to the growing commercialization of quantum sensors in the navy and defense sector, propelling market growth.
- North America dominated the market and is expected to grow over the forecast period owing to the growing penetration of quantum technologies in the defense sector to detect subterranean structures, vehicles & submarines with nuclear materials. Moreover, increasing projects in the automotive and space industries are also expected to fuel market growth.
- Major players operating in the industry include Adcon Telemetry GmbH, AdSense, ADVA, AOSense Inc., Apogee Instrument Inc., Biospherical Instruments Inc., Campbell Scientific Ltd, GWR Instruments Inc, Impedance Ltd, LI-COR Inc, M Squared Laser Ltd, METER GROUP, Microchip, Microsemi Corp., Muquans SAS, and Radix.
Polaris Market Research has segmented the quantum sensors market report based on product, applications, and region:
Quantum Sensors, Product Outlook (Revenue – USD Million, 2018 – 2030)
- Atomic Clocks
- Magnetic Sensors
- Photosynthetically Active Radiation (PAR) Quantum Sensors
- Gravimeters And Accelerometers
Quantum Sensors, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Aerospace & Defense
- Oil & Gas
- Agriculture & Environment
- Construction & Mining
- Automotive & Transportation