The global Quantum Sensors Market is estimated to be valued at US$ 470.05 million in 2022 and is expected to exhibit a CAGR of 15.50% over the forecast period, 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Quantum sensors are devices that utilize quantum effects such as superposition and entanglement to achieve unprecedented precision and sensitivity compared to classical sensors. These sensors are used in various applications such as military, homeland security, medical diagnostics, industrial monitoring, and automation. Quantum sensors offer significant advantages over conventional sensors such as higher accuracy, precision, and sensitivity down to the atomic scale. They have the potential ability to miniaturize sensors while maintaining or increasing their performance. The need for highly precise instruments and equipment has been driving the demand for quantum sensors across industries.
Market key trends:
Quantum metrology emerged as the largest trend in the market as these sensors provide ultra-high precision for measurements in areas like time, electric current, voltage, magnetic field, electric field, acceleration, and temperature. Companies are significantly investing in R&D of quantum gravimeters which are touted to be 100 times more sensitive than classical devices. Furthermore, quantum imaging is gaining traction with the development of quantum laser ranging, LIDAR, and infrared cameras with applications in medical, defense, and automotive industries. Quantum optomechanics is also evolving with nanomechanical systems coupled to quantum circuits promising novel quantum devices and highly sensitive quantum sensors.
Porter’s Analysis
The threat of new entrants: The quantum sensors market requires high initial capital investments which poses significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power owing to the presence of several established players offering similar product offerings in this market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to low switching costs and availability of component substitutes in the market.
Threat of new substitutes: Threat from new substitutes is low as quantum sensors provide unmatched advantages over traditional sensors.
Competitive rivalry: The quantum sensors market is highly competitive with vendors differentiating their offerings on the basis of innovations, quality, and pricing.
Key Takeaways
The global quantum sensors market is expected to witness high growth, exhibiting CAGR of 15.50% over the forecast period, due to increasing application in military and defense sectors. North America dominated the market with over 35% share in 2021 owing to presence of most key players and investments in R&D activities in the region.
The Asia Pacific region is anticipated to be the fastest-growing market during the forecast period. Countries like China, India, and Japan are major contributors to the growth of the regional market due to increasing government initiatives and focus on quantum technologies.
Key players operating in the quantum sensors market include LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS. The market players are extensively investing in the development of new and advanced quantum sensing solutions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it