June 12, 2024
Quantum Sensors Market

Quantum Sensors is expected to be Flourished by Growing Demand for Miniaturized and Highly Sensitive Devices

Quantum sensors refer to devices that use quantum effects such as entanglement and superposition to achieve unprecedented accuracy and sensitivity beyond the physical limits of classical devices. A variety of quantum sensors have been developed for applications in healthcare diagnostics, environmental monitoring, industrial quality control, and national security. Magnetic sensors use atom-based detection of magnetic fields for applications such as mineral exploration and nuclear nonproliferation. Optical atomic clocks use quantum transitions in atoms to keep time at precisions necessary for next-generation GPS and communications. Gravity sensors use atom interferometry to measure tiny changes in local gravity with potential use in resource exploration and geoscience.

The global quantum sensors market is estimated to be valued at US$ 716.76 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The increasing demand for miniaturized sensor devices with higher sensitivity and accuracy across various industries is a major factor driving the growth of the quantum sensors market. Quantum sensors have the potential to revolutionize several applications including healthcare diagnostics, industrial process monitoring, and autonomous vehicle navigation due to their unparalleled precision and scalability.

Market Dynamics:

Growing demand for miniaturized and highly sensitive devices: Quantum sensors leverage quantum effects to push sensing to unprecedented levels of miniaturization, accuracy, and sensitivity beyond classical physics. This allows developing new generation of tiny sensors integrated into smartphones, medical diagnostics tools, autonomous vehicles among others. The demand is growing from industries like consumer electronics, healthcare, automotive for developing next-gen miniaturized devices with highly sensitive detection capabilities.

Gravity sensors: Gravity sensors use miniaturized atomic sensors based on atom interferometry techniques like matter-wave interferometry which can detect incredibly small variations in local gravity. They have wide applications in geoscience for detecting underground oil/gas deposits, minerals exploration. National security agencies also use gravity sensors developed by firms likemuQuans for detecting underground tunnels. The growing exploration and security activities are fueling demand for gravity-based quantum sensors.

Segment Analysis

Quantum Sensors market is segmented into different types based on product, industry vertical, operation principle and region. Based on product, the global Quantum Sensors market can be segmented into Atomic Clocks, Magnetic Sensors, Par magnetism Sensors and Rotation Sensors. Among these, Atomic Clocks dominated the market in 2021 with a share of around 45% due to its wide usage for GPS system, timekeeping and navigation in defense and militay applications.

PEST Analysis

Political: Government regulations related to export/import of technology, intellectual property rights related to quantum technology and funding for research and development impact the market growth. Economic: Rise in defense budget allocation by countries and investments in quantum technology research projects drive the market growth. Social: Increasing application of quantum technology in healthcare and industrial sectors for precision monitoring expand the market size. Technological: Advancements in materials science for sensor fabrication, breakthroughs in quantum computing and communication technologies influence the demand.

Key Takeaways:

The Global Quantum Sensors Market Size is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis – North America dominated the Quantum Sensors market in 2021 with a share of over 35% owing to the presence of key manufacturers and research centers in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising government initiatives and investments in quantum technology programs in countries like China, India, South Korea and Japan.

Key players operating in the Quantum Sensors market are GlaxoSmithKline Plc., Sanofi SA, Bharat Biotech, Bio-Med Pvt. Ltd., PT Bio Farma, PaxVax, Inc. Shanghai Institute of Biological Products Co., Ltd., and Prokarium. GlaxoSmithKline Plc., and Sanofi SA accounted for around 30% of the total market share in 2021 due to their strong product portfolio and global brand presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it