ID: MRFR/SEM/3835-CR | February 2020 | Region: Global | 94 pages
Global Quantum Sensors Market is expected to reach USD 300 Million by 2023, registering a 5.49 % CAGR during the forecast period (2018-2023).
Quantum technologies can escalate ultra-sensitive gravitational and magnetic measurements, opening the possibility of using anomaly maps to aid inertial navigation. Atomic clocks use quantum technologies, providing highly stable and accurate frequency standards. Hence, the technology can be used for time-keeping and communication applications in an integrated navigation system.
Rising demand from the electronics, automotive, healthcare, and defense sectors drives the quantum sensors market growth. Besides, the immense potential of quantum technology, such as high accuracy and credibility, makes these sensors popular in various industrial domains.
Quantum technologies, including quantum cryptography and quantum cryptology, find various industrial applications. These technologies are also used in the development of next-generation sensor technology. In the future, application areas of quantum sensors are likely to expand even further.
The COVID-19 outbreak had affected the quantum sensors market severely, causing huge revenue losses to end-use industries like healthcare, automotive, electronics, and more. However, post lockdown limitations getting relaxed with time, the quantum sensors market is again gearing up gradually. Industry experts assert that the potential impact of quantum sensors is broad and considerable, from positioning systems, ultra-high-precision microscopy, clocks, gravitational, electrical, and magnetic field to an optical resolution beyond the wavelength limit.
Many types of measurement devices use quantum properties in one way or the other. Atomic clocks have become smaller and commercially available in fingernail size. Innovative industry players actively started to look for increasing quantum sensors application areas, turning to atomic transitions at optical or even ultraviolet frequencies and using single quantum systems to develop even more accurate clocks.
The global quantum sensors market is witnessing significant traction mainly due to the rising adoption of these sensors in various measuring devices covering electric and magnetic fields, such as motion, rotation, imaging, acceleration, and gravity. The need for highly precise sensing capabilities in connected devices influences market growth. GPS is also a prominent application for quantum sensors, widely used in the aerospace and automotive sectors.
The quantum sensors market outlook appears promising, demonstrating tremendous opportunities in the automotive, consumer electronics, healthcare, industrial, and aerospace & defense sectors. The rising automation due to the spurring rise in various industries influences the dynamics of the sensors industry. Additionally, emerging trends, such as the miniaturization of sensors, the rising development in IoT & IIoT technology, and the proliferation of industry 4.0 and the advent of 5.0, would foster the market growth.
Quantum sensing is a less known yet more extensive field that is quickly moving toward the market. The next-generation of sensor technology is poised to offer super exact navigation and communication for automated vehicles. Quantum sensing would make secure navigation and enhance medical imaging. And soon, Quantum sensors could bring totally precise navigation that can detect gravity changes and uncover volcanic movement, environmental change, and earthquakes.
Restraints & Challenges
New-age measuring devices exploit the extreme sensitivity of quantum sensing but making them practical is a challenge. Another common challenge in quantum sensing is the conflict between isolating the sensitive quantum states from external disturbances, all the while being able to manipulate the quantum states and expose them to measure the physical quantity.
Quantum sensors have the potential to deliver far more accurate measurements than conventional sensors. However, to become commercially attractive, this advantage must be realized in practice at a reasonable price. This factor, as a result, restrains the market growth, acting as a major headwind.
Cumulative Growth Analysis
Market Size to Expand at a Strong Rate
The world is on the verge of a second quantum revolution. Quantum sensors are increasingly used in modern electronic devices, transistors, and lasers. These sensors could potentially transform industries ranging from communications and energy to medicine and defense. This has triggered major funding for various special programs. Quantum sensors offer outrageous levels of accuracy by harnessing the quantum nature of matter.
Quantum sensors could be groundbreaking in empowering self-ruling vehicles, early-warning systems for volcanic activity & earthquakes, underwater navigation systems, and portable scanners. Most quantum-sensing frameworks are costly, larger than usual, and complex; however, another generation of smaller, more affordable sensors should open up new applications. Resultantly, the global quantum sensors market is expected to witness exponential growth over the next few years.
The market is segmented into five major dynamics, by product, by verticals, and by region. By product, the market is sub-segmented into atomic clocks, gravity sensors, photosynthetically active radiation (PAR) quantum sensors, magnetic sensors, and other sensors. Among these, the atomic clocks segment is expected to account for the largest market share throughout the review period, reaching USD 120 MN by the end of 2023. The high accuracy of atomic clocks is a major factor driving their popularity in several industrial domains.
Also, atomic clocks are low cost, compact, and developed as per the international standards. They are extensively used as a part of compliant holographic technology and complex laser systems. Another major segment is PAR quantum sensors, which is expected to witness significant growth during the assessment period. PAR quantum sensors are increasingly used for measuring photon irradiance and quantity of PAR light. These are relatively more durable, allowing their application in tougher conditions.
By verticals, the market is sub-segmented into automotive, oil & gas, military & defense, agriculture, healthcare, and others. Among these, the military & defense segment holds the largest market share and is expected to surpass a valuation of USD 50 MN by 2023. Rapid adoption of quantum sensors in military & defense devices used for surveillance and monitoring purposes drives the growth of the segment.
By region, the market is bifurcated into Americas (US, Canada, Mexico, Rest-of-North America), Europe (Germany, UK, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World. Among these, Europe holds the largest market share, followed by North America and the APAC region.
Europe has remained the market leader since 2017 and could continue to maintain its winning streak throughout the assessment period. The European quantum sensors market accounted for 36% share of the global market in 2017 and likely to retain its dominating position during the anticipated period. Factors such as the rising demand for quantum sensors and the burgeoning military & defense sector in the region push the growth of the market.
North America holds the second-leading share in the global quantum sensors market. North America accounted for 29% share of the global market in 2017. The extensive pool of medical device manufacturers and high healthcare spending in the region induce the quantum sensors market opportunities. Additionally, the burgeoning manufacturing sector in the region accelerates the considerable growth.
APAC is also emerging as a prominent market for quantum sensors. Factors such as the growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive quantum sensors market growth. Besides, growing uses of consumer electronics and medical devices, alongside the rising production and sales of luxury cars, boost the quantum sensors market demand in the region. The APAC quantum sensors market is expected to register the highest CAGR during the forecast period.
The quantum sensors market appears extremely competitive, considering the strong presence of established industry players. Global vendors are increasingly facing fierce rivalry from each other and from local firms, who are growing aware of the industry's regulations and suppliers. Therefore, eminent players seek opportunities to integrate across the extended value chain while focusing on the expansion of production facilities, R&D investments, and M&A activities to gain impetus.
Key Companies Covered in the Report
The report features unique and relevant factors expected to significantly impact the quantum sensors market during the forecast period. The detailed and considerable amount of information in the report would help industry players understanding the market better. The MRFR report elaborates on the historical and current trends boosting the growth of the quantum sensors market.
Besides, the analysis of COVID-19 impact on the quantum sensors market is also included in the report. Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling in the region enables users to evaluate company shares analysis, emerging product lines, the scope of the product in new markets, pricing strategies, innovation possibilities, and much more.
|Market Size||USD 300 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Verticals|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Radix, AdSense, GWR Instruments Inc., Networking (Oscilloquartz), Technology (Microsemi), Spectrum Technologies Inc., Adcon Telemetry Gmbh, METER Group, Apogee Instrument Inc., Microchip, Impedans Ltd., Thomas Industrial Network Inc., M-Squared Lasers Limited, Biospherical Instruments Inc., Skye Instruments Ltd., ADVA|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The quantum sensors are expected to gain a significant market share owing to the precision and credulity of the products that are being deployed in several industries.
AOSense, one of the companies profiled in the report, has developed a quantum sensor, which NASA is using to detect changes in the earth’s structure. Some of the other key competitors in the market are GWR Instruments Inc. Spectrum Technologies Inc., METER Group and Adcon Telemetry Gmbh to name a few.
The market stands to rake in incomes worth USD 319.6 million by the year 2023.
The sectors that are actively increasing the use of quantum sensors are automotive, healthcare, and military & defense.
The European region is expected to display a robust growth pace in the course of the forecast period.
Quantum Sensors Market Summary
Quantum technology has a very high strategic and tactical interest for industries. The technology covers technical capacities of sensing, simulation, computing and imaging. Sensors are a major segment of quantum technology. Quantum sensing facilitates various type quantum correlations. Demand for quantum sensors is springing up owing to its functional superiority over traditional systems. The global quantum sensors market is poised to expedite at a compound annual growth rate of 5.49% between 2018 and 2023.
Quantum sensing allows accurate and reliable monitoring for a wide range of applications. The popularity of quantum sensors is increasing at rapid pace in various industrial verticals, including healthcare, military and defense, automotive, oil and gas and transportation and navigation. The high accuracy offered by such sensors is making them a sough-after device. As manufacture techniques continue to evolve, demand for advance and future-ready measurement technology becomes stronger. Quantum sensors are used in monitoring, sensing, and detecting applications.
Increasing penetration of quantum cryptography and quantum cryptology in automotive, healthcare and military & defense is supporting the growth of the quantum sensors market. At the same time, development of advanced sensor devices is creating growth opportunities for the market. In future, it is likely to find more diverse industrial application. Quantum technology is yet to gain the desired mileage, as the technology is still new. Presently, there is limited expertise for industrial applications of quantum sensors, which is hindering the growth of the market.
Segmental analysis of the global quantum sensors market is based on product and verticals. On the basis of product, the market has been segmented into atomic clocks, photosynthetically active radiation (PAR) quantum sensors, gravity sensors, magnetic sensors, and others. The atomic clocks segment holds the leading position in terms of market value. By the year 2023, the market is expected to surpass a market valuation of USD 120 Mn. Atomic clocks are an extremely accurate clock device that use electronic transition frequency. They fall under electromagnetic spectrum, typically in the microwave, optical, and ultraviolet range. The increasing need for reliable and accurate sensors to improve the existing application and enable the new ones is driving atomic clock segment. Moreover, increased used of atomic clock in GPS systems is driving its demand. The PAR Quantum Sensor segment is expected to exhibit the highest CAGR during the forecast period.
On the basis of vertical, the market has been segmented into military and defense, automotive, agriculture, oil and gas, healthcare, and others. The military and defense segment is expected to retain its top position over 2023. The segment stood at a market valuation of over USD 50 Mn and is projected to witness an above-average growth during the assessment period. Adoption of quantum technology has been fasters in military and defense applications. Quantum sensors find a wide range of application in the military and defense vertical. Quantum and radar sensors are used for monitoring satellites, vehicles, and surveillance. Some of the features of the technology such as measuring frequency, time, rotation, gravity, and magnetic field are highly relevant to military application. Such factors make the military and defence segment highly attractive.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA). Europe quantum market is set to post a strong growth during the forecast period. Europe currently holds that largest market share. In 2017, the region accounted for over one-third market share. The region’s market is expected to stand at over USD 100 Mn by the end of the forecast period. Asia Pacific is also likely present tremendous growth opportunities to market players during the review period. The market in region is set to witness strongest CAGR till 2023. Meanwhile, North America is likely to retain its second spot over 2023.
Some of the notable companies operating in the global quantum sensors market are Radix, AOSense, Apogee Instrument Inc., GWR Instruments Inc., Microchip, Technology (Microsemi), M-Squared Lasers Limited, Muquans, ADVA Optical, Networking (Oscilloquartz), Spectrum Technologies Inc., Impedans Ltd., Thomas Industrial Network Inc. Skye Instruments Ltd., METER Group, Biospherical Instruments Inc., and Adcon Telemetry Gmbh.
The quantum sensor market consists of various privately held consulting firms. Growing penetration of quantum technology including quantum cryptography and quantum cryptology in healthcare and growing modifications and developments of next-generation sensors is positively impacting the quantum sensor market. The manufacturing firms compete with each other to provide cost-efficient and technologically advanced sensors to businesses and customers. The quantum sensor manufacturers and providers offer a wide range of quantum sensors ranging from gravimeters to PAR sensors. However, according to MRFR analysis, the growth of the quantum sensor manufacturers is dependent on market conditions, digitization, as well as industrial development.
AOSense (US), Radix (India), Apogee Instruments Inc. (US), GWR Instruments Inc. (US), Microchip Technology (US), M-Squared Lasers Limited (UK), Muquans (UK), ADVA Optical Networking (Germany), Spectrum Technologies Inc. (US), Impedans Ltd. (UK), Thomas Industrial Network Inc. (US), Skye Instruments Inc. (UK), METER Group (US), Biospherical Instruments Inc. (US), and Adcon Telemetry Gmbh (Austria) are some of the prominent players competing in the market to provide better and technologically advanced products in order to increase their geographical presence and enhance customer and business engagement.
These companies follow an organic as well as inorganic growth approach through product and service upgrades, partnerships, and collaborations to offer sensors for companies to sustain competition. The prominent players are highly focused on offering products to provide accurate and secure sensors in various military and defence, automotive, healthcare, transportation and navigation, and other verticals. Additionally, it is witnessed that improvements of the global economic scenario combined with technical advancements along with an increase in the need for business and industrial centric sensors is fueling the growth of the market. The niche environment in the market is likely to intensify to get competitive due to the increasing technological innovations, and mergers and acquisitions.
AOSense engages in the development and manufacturing of quantum technology along with inertial and gravity sensors. The company specializes in atom optic techniques. The optic techniques are used in the development of a variety of systems and devices, used for navigation, timekeeping, gravity measurement, quantum computing, and geophysical exploration. Additionally, the company recently launched a navigation-system which combines the traditional atomic inertial and solid-state sensor technology.
Radix engages in manufacturing a variety of sensors, instruments, control panels, automation, and gauges for monitoring pressure and temperature. The company offers comprehensive SCADA and PLC automation solutions. Furthermore, the company engages in system integration along with the construction of control panels. The sensors offered by Radix are customized for every client according to end-use application.
Apogee Instruments Inc. engages in the creation of instruments comprising sensors, cables, radiometers, and others. These instruments are used for measuring climate changes, renewable energy, monitoring and developing renewable energy, and sustainable food production. The company is also associated with the manufacturing and production of sensors including quantum sensors, UV sensors, NDVI and PRI sensors, photometric sensors, temperature sensors, oxygen sensors, and others. Apogee Instruments Inc. launched a solution for field logging with full-spectrum quantum USB sensor.
GWR Instruments Inc. engages in the manufacturing of superconducting gravimeters. These gravimeters are sensors which are designed especially for geophysical research, including hydrology, seismology, volcanology, sea level change, tectonics, and lunar laser ranging. The company includes applications for geothermal, low frequency, hydrological, and volcanic monitoring.
Microsemi is a subsidiary of Microchip Technology Inc. which engages in the development and manufacturing of semiconductor products. The company operates through two segments: technology licensing and semiconductor products. The semiconductor products segment offers designing, manufacturing, developing, and marketing tools, microcontrollers, semiconductors, and analog interface products. Microchip Technologies Inc. adopts organic as well as inorganic growth strategy as the company focuses on providing enhanced technology products and solutions to customers worldwide. The company strategizes its reach to customers by providing specialized semiconductor products, solutions, and applications with embedded solutions, software, and analog interface tools.