Global Quantum sensing Market Trends, Demand and Forecast to 2023
The report published by Market Research Future (MRFR) states that the global quantum sensing market is anticipated to exhibit notable growth at a CAGR of 5.49% during the forecast period of 2018-2023 and exceed the valuation of USD 300 Mn by the end of the assessment period. Rapid technological advancement is aiding in the development of highly advanced devices that are capable of functioning at optimum level. Quantum sensor is one such device that is extensively being utilized in various industrial sectors such as aerospace, automotive, military and defense, and others. The ability of these sensors to provide highly accurate information and sustain in extreme climatic conditions are inducing high demand for these sensors in the multiple industrial sectors, which is majorly propelling the expansion of the global quantum sensing market during the assessment period.
Global quantum sensing market: Segmental Analysis
The global quantum sensing market has been segmented on the basis of vertical and product. Based on vertical, the global quantum sensing market has been segmented into automotive, military and defense, oil and gas, healthcare, agriculture, and others. The military and defense segment commands the maximum share of the global quantum sensing market and is anticipated to surpass the market valuation of USD 50 Mn by the end of the assessment period. Increased adoption of quantum sensors for military applications is majorly driving the growth of this segment.
Based on product, the global quantum sensing market has been segmented into magnetic sensors, atomic clocks, photosynthetically active radiation (PAR) quantum sensors, gravity sensors, and others. The atomic clocks segment is projecting dominance over the global quantum sensing market and exceed the market valuation of USD 120 Mn by the end of the year 2023. The high accuracy of atomic clocks is driving their popularity of the several industrial domains. The photosynthetically active radiation (PAR) quantum sensor segment is projecting high growth potential during the forecast period owing to the increasing utilization of these sensors due to their high durability.
Global quantum sensing market: Regional Analysis
Geographically, the global quantum sensing market is segmented into five major regions such as North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East and Africa. The quantum sensing market in the Europe region commanded the dominant market share of 36% of the global quantum sensing market in the year 2017 and is anticipated to retain dominant position in the global market owing to the extensive research activities that are being carried out for the development of highly advanced devices that operate on quantum level by understanding the mechanism behind this technology. The North America region commanded the second largest share of 29% of the global quantum sensing market in the year 2017 owing to the increased investments for technological advancement and increased utilization of quantum sensors in space exploration programs. The Asia Pacific region is projecting notable growth in the global quantum sensing market owing to the increased space exploration activities that are being carried by the emerging economies and adoption of quantum sensors to strengthen the military and defense sector in the politically unstable countries of this region.
Global quantum sensing market: Competitive Analysis
The prime players profiled by MRFR that are operating in the global quantum sensing market are Adcon Telemetry Gmbh, Biospherical Instruments Inc., Skye Instruments Ltd., ADVA Optical, Spectrum Technologies Inc., Thomas Industrial Network Inc., GWR Instruments Inc., AOSense, Networking (Oscilloquartz), Radix, METER Group, M-Squared Lasers Limited, Impedans Ltd., Apogee Instrument Inc., Technology (Microsemi), Microchip and Muquans. The players in the global quantum sensing market are carrying out extensive research for developing optimum functioning quantum sensors. For instance, in January 2019, scientists from NASA and AOSense, Inc. have announced the demonstration of a new type of advanced quantum sensor that is capable of gathering highly accurate measurements on gravity. This sensor will be utilized for satellite gravimetry.
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