With Market Size Valued at $547.3 Million by 2026, it's a Healthy Outlook for the Global Quantum Sensors Market
SAN FRANCISCO, Jan. 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Quantum Sensors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: December 2021
Executive Pool: 407
Companies: 56 - Players covered include AOSense, Inc.; Apogee Instruments, Inc.; GWR Instruments, Inc.; M Squared Lasers; Microsemi Corporation; Muquans; Oscilloquartz SA and Others.
Coverage: All major geographies and key segments
Segments: Product (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravity Sensors, Other Products); Application (Military & Defense, Automotive, Oil & Gas, Agriculture, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Quantum Sensors Market to Reach US$547.3 Million by the Year 2026
Leveraging the principle of quantum physics and computing, quantum sensing is emerging from the world of R&D and fiction into a technology of today, promising to revolutionize myriad areas ranging from biomedical imaging to autonomous driving. In other words, quantum sensing technologies are rapidly moving from the theoretical phase to commercial real-world applications, and display significant potential to transform a diverse spectrum of industry verticals in the coming years. Quantum sensing relies on quantum effects for achieving sophisticated functions that are almost impossible for traditional sensing options. With quantum sensing, it is now easy for construction companies to easily detect unknown underground structures, like tunnels or mine shafts, which until now posed a big risk for construction projects. Cost effective, cheap network of permanent gravimeters promise to emerge into a potential game changer in the field of seismology. Quantum sensors are expected to outperform the entire array of instruments and technologies currently used to monitor volcanoes such as seismometers, ground deformation recorders, gas monitors, infrared cameras and satellite imagers. Manufacturers of quantum sensors are adopting micro- and nano-fabrication techniques to make miniscule quantum gravimeters on silicon wafers at costs over 10 times cheaper than conventional models. The promise of falling prices brings with it the potential for rapid technology penetration in myriad industries. Autonomous vehicles are also in the spotlight for their focus on developing quantum Lidar as a replacement for classical-type lidar to provide next-generation self-driving cars with enhanced awareness to see through fog, smoke and over longer distances. Nanotechnology is increasingly converging with quantum sensors to enable the technology to become a good fit for medicine and healthcare.
Amid the COVID-19 crisis, the global market for Quantum Sensors estimated at US$419.8 Million in the year 2020, is projected to reach a revised size of US$547.3 Million by 2026, growing at a CAGR of 4.6% over the analysis period. Atomic Clocks, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$167.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Magnetic Sensors segment is readjusted to a revised 5.6% CAGR for the next 7-year period. This segment currently accounts for a 26.3% share of the global Quantum Sensors market. Numerous devices for measurement use quantum properties for probing measurements like atomic clocks. Entanglement is usable for enhancing atomic clocks or creating magnetometers that are more sensitive. Additionally, atomic clocks that are quantum-enhanced can support precision and time-dependent industries such as financial services, bringing resilience to satellite-based data networks that can be quite vulnerable to disruptive threats.
The U.S. Market is Estimated at $120.9 Million in 2021, While China is Forecast to Reach $79.1 Million by 2026
The Quantum Sensors market in the U.S. is estimated at US$120.9 Million in the year 2021. The country currently accounts for a 27.87% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$79.1 Million in the year 2026 trailing a CAGR of 5.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$43 Million by the end of the analysis period. Growth in the US market is driven by growing adoption of quantum sensing for defense purposes, replacing GPS in those areas that do not have coverage theoretically or are acting possibly with ISR abilities or for detecting subterranean structures, submarines and vehicles as also nuclear materials.
PAR Quantum Sensors Segment to Reach $109.9 Million by 2026
In the global PAR Quantum Sensors segment, USA, Canada, Japan, China and Europe will drive the 4.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$74.5 Million in the year 2020 will reach a projected size of US$101.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.1 Million by the year 2026. More
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