The Worldwide Quantum Sensors Industry is Expected to Reach $619.8 Million by 2028

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Dec 19, 2022, 05:30 ET

DUBLIN, Dec. 19, 2022 /PRNewswire/ -- The "Global Quantum Sensors Market Size, Share & Industry Trends Analysis Report by Product Type (Atomic Clocks, Gravimeters & Accelerometers, Magnetic Sensors and Photosynthetically active radiation (PAR) Quantum Sensors), Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Quantum Sensors Market size is expected to reach $619.8 million by 2028, rising at a market growth of 16.4% CAGR during the forecast period.

A quantum sensor is a device that employs aspects of quantum mechanics, like quantum interference, quantum entanglement, and quantum state squeezing, which enhance accuracy, outperform conventional sensor technology limitations and circumvent the uncertainty principle. Quantum sensing is concerned with the design and development of quantum sources as well as quantum measurements that can outperform conventional methods in a variety of technological applications.

This may be accomplished with photonic or solid-state technologies. Quantum sensors utilize quantum technologies or quantum states to measure physical quantities. These sensors are built on the concept of atomic superposition, granting them an exceptional degree of sensitivity. They are utilized in some of the most important applications, including space navigation as well as gravity measurements.

The atomic characteristics of quantum sensors remain fixed as they monitor relative environmental changes and hence, they do not have drift or noise concerns like traditional sensors. Quantum sensors are typically 10 times more sensitive to their surroundings than traditional sensors, making them incredibly accurate. Crucial applications, like automotive & transportation, military & defense, and healthcare are significantly utilizing quantum sensors nowadays.

The incorporation of NV-based ensemble quantum sensors in commercial chip designs is a fascinating step towards transforming quantum sensor generation into a versatile array of sensor goods by a number of industrial segments functioning in end consumer verticals throughout the sector.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted various economies all over the world. A number of businesses were disrupted due to the abrupt emergence of the infection. Governments all over the world-imposed lockdowns within their countries in order to regulate the spread of the COVID-19 pandemic. Due to these lockdowns, various manufacturing facilities, including quantum sensor production units all over the world were shut down. However, the software of these sensors has seen a surge in the need for new improvements. Therefore, the market, which was devastates by the COVID-19 pandemic, is estimated to grow significantly in the coming years

Market Growth Factors

An Increasing Number of Applications Within the Healthcare and Medical Sector

Recent research and development endeavors have been conducted by several corporations and research institutes to produce quantum sensors for healthcare and medical applications. These studies have demonstrated that quantum-enabled gadgets might improve the accuracy of medical testing and imaging procedures. The extremely precise data supplied by quantum devices can aid in the identification of chronic illnesses. Quantum sensors can also detect cancer in its earliest stages.

An Upsurge in Investments in The Space and Aerospace Industry

In addition to communication, geo-mapping, navigation channels, and other critical applications, the space industry utilizes a vast array of quantum sensor packages for communication, geo-mapping, and navigation channels. With such applications alongside contemporary space technology, expenditures in the development and deployment of quantum sensors expanded.

Marketing Restraining Factor:

Broad Availability of Affordable Alternatives

One of the major factors that are hampering the growth of the quantum sensors market is the wide availability of its substitutes at more affordable rates. Quantum sensors are manufactured using complex techniques and materials, making their development and production procedures costly. Thus, the availability of cost-effective and competitive alternatives to quantum sensors, particularly for non-critical uses and applications, may hinder the market growth of quantum sensors.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Strategies Deployed in Quantum Sensors Market

Chapter 4. Global Quantum Sensors Market by Application
4.1 Global Aerospace & Defense Market by Region
4.2 Global Automotive & Transportation Market by Region
4.3 Global Healthcare Market by Region
4.4 Global Construction & Mining Market by Region
4.5 Global Oil & Gas Market by Region
4.6 Global Agriculture & Environment Market by Region
4.7 Global Others Market by Region

Chapter 5. Global Quantum Sensors Market by Product Type
5.1 Global Atomic Clocks Market by Region
5.2 Global Gravimeters & Accelerometers Market by Region
5.3 Global Magnetic Sensors Market by Region
5.4 Global Photosynthetically active radiation (PAR) Quantum Sensors Market by Region

Chapter 6. Global Quantum Sensors Market by Region

Chapter 7. Company Profiles
7.1 OTT HydroMet (Danaher Corporation)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.2 Spectrum Technologies, Inc. (BAE Systems PLC)
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.3 ID Quantique SA
7.3.1 Company Overview
7.3.2 Recent Strategies and Developments
7.3.2.1 Partnerships, Collaborations, and Agreements
7.3.2.2 Product Launches and Product Expansions
7.4 MSquared LimitedT
7.4.1 Company Overview
7.5 Muquans SAS (iXblue) (Groupe Gorge)
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent Strategies and Developments
7.5.5.1 Partnerships, Collaborations, and Agreements
7.6 Apogee Instruments, Inc.
7.6.1 Company Overview
7.6.2 Recent Strategies and Developments
7.6.2.1 Product Launches and Product Expansions
7.7 AOSense, Inc.
7.7.1 Company Overview
7.8 Impedans, Ltd.
7.8.1 Company Overview
7.9 LI-COR, Inc.
7.9.1 Company Overview
7.10. Campbell Scientific, Inc.
7.10.1 Company Overview