PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320115
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320115
Quantum sensor market size was valued at USD 610.7 Million in 2022, expanding at a CAGR of 13.8% from 2023 to 2030.
Quantum sensors are devices that are used to convert incoming photons directly into an electrical signal. Additionally, they are used in various industries, including automotive, military and defense, healthcare, and space. Moreover, autos, they are increasingly being used for precision navigation due to their ability to produce highly exact measurements. Furthermore, in atomic clocks, quantum technologies are used to offer exceptionally accurate and stable frequency standards. As a result, in an integrated navigation system the technology can be employed for timekeeping and communication applications.
In automotive applications, the major factors driving quantum sensors market opportunity include growing trends and demand for autonomous vehicles. Additionally, in automobile applications quantum sensor-enabled sensing can reliably monitor motion, including acceleration, imaging, rotation, and gravity along with magnetic and electric fields. The sensor is an essential part of the global automotive industry's advancement. Moreover, owing to the developments like electric cars (EVs) and autonomous vehicles (AV) the number of sensors per vehicle has increased exponentially. Based on such advantages, the majority of sensor manufacturers are concentrating their efforts on the high-end automobile sector However, high maintenance costs and the high cost of deployment are expected to hinder the market growth. Furthermore, cyberattack risk is increased by the technology development used in connected and autonomous vehicles, posing a serious threat to passenger safety and automakers. Companies are also developing quantum-safe cryptography solutions to protect automotive safety systems from cyber-attacks.
The global quantum sensor market is segmented on the basis of product type, application, technology, and region.
The market is divided into four categories based on product type: magnetic sensors, atomic clocks, gravity sensors, and par quantum sensors. The atomic clocks segment is attributed to maintaining the highest revenue share. To measure the repetition of an event atomic clocks are used, but with the help of atoms. In atomic clocks, technological advancements have improved accuracy and reduced their size. This in turn used in several applications including space navigation, geological navigation, and communication tool.
The market is divided into four categories based on application: oil and gas, military and defense, healthcare, automotive, and others. The military and defense segment is likely to maintain its dominance. The segment is investing in quantum sensors as they deliver accurate data to detect submarines worldwide. Additionally, owing to their expected extreme sensitivity to environmental disturbances, military, and defense also enable military personnel to detect underground structures or nuclear materials. They also offer alternative positioning, timing, and navigation options that theoretically allow militaries to continue to work at full performance in GPS-denied or GPS-degraded environments.
The market is divided into seven categories based on platform: optomechanics, defects in diamonds, trapped ions, photons, superconductors, neutral atoms, and nuclear magnetic response. The photons segment is expected to hold the largest revenue share over the forecast period. One of the typical applications of quantum sensors is photosynthetic photons flux (PPF) over plant canopies in greenhouse and outdoor environments or growth chambers. Moreover, the PAR is a quantum sensor that is continuously utilized to gauge active photosynthetic radiations.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The increased demand from the automotive, defense, electronics, and healthcare industries is growing quantum sensors market growth. Moreover, quantum technology's enormous potential, including credibility and high precision, makes these sensors appealing in numerous industrial fields. Furthermore, market players are constantly focusing on various strategies such as mergers & acquisitions, contracts, R&D activities, and collaborations. These factors of quantum sensors are gaining a foothold in the market. For instance, in August 2022, Q.ANT, Bosch, TRUMPF, and the German Aerospace Center (DLR) have come into partnerships to develop space-qualified attitude sensors. Additionally, the aim is to achieve high-precision attitude control of miniaturized satellites and improve worldwide data communications by using these quantum technology-based sensors.
For instance, in February 2022, Robert Bosch GmbH (Bosch) announced the launch of an in-house startup. Additionally, that will be concentrated on quantum sensor products following seven years of research on quantum sensing. The newly established startup will quickly pool the research results and translate them into products.
The scope of this report covers the market by its major segments, which include as follows: