Global Quantum Sensor Market Size, Share & Trends Analysis Report By Product Type, By Application, By Region Forecasts, 2024 - 2032

Global Quantum Sensor Market Size, Share & Trends Analysis Report By Product Type, By Application, By Region Forecasts, 2024 - 2032

Global Quantum Sensor Market was valued at US $ 786.6 million in 2023 and is expected to reach US $ 1300 million by 2032 growing at a CAGR of 7.8% during the forecast period 2024 – 2032.

The primary cause of the rise in the demand for quantum sensor is the growing need for it in a number of industries, including transportation, automotive, and healthcare. The development of these quantum sensors for military and defence applications is also greatly aided financially by the governments of several nations, which drives the market's expansion. Canada invested US$360 million and plans to introduce the national quantum strategy in April 2021. The goal of the Dutch government's 2019 National Agenda on Quantum Technologies was to establish the country as a global hub for the quantum ecosystem. Similarly Germany committed USD 701 million set aside for quantum platform technology.

Quantum sensors are a good fit for satellites since they are precise, robust, and small. High-precision quantum interference measurements and fundamental atomic properties make precision navigation, timing, and positioning possible. A consortium comprising Bosch, Q.ANT, TRUMPF, and the German Aerospace Centre announced in August 2022 that they want to leverage quantum technology to improve satellite measurement stability. It is anticipated that a team tasked with improving internet access, particularly in remote areas, will create attitude sensing appropriate for astronautic applications.

“Atomic clocks segment, by product type, to be dominating market from 2023 to 2030.”

The industry with the largest revenue share in 2023, atomic clocks, amounted to 37.0% of the total. Utilising the vibrations of cesium and rubidium atoms, which are contained inside of a vacuum, atomic clocks are extremely accurate measuring devices. These devices are utilised for many different things than financial transactions, scientific research, telecommunications, and satellite navigation systems. Since atomic clocks are used in many industries, they have historically shown to be highly profitable in the market. Because of this, atomic clocks have grown increasingly powerful throughout time, becoming necessary for the majority of critical applications.

In the next years, the photosynthetically active radiation (PAR) quantum sensors market is expected to develop at the highest compound annual growth rate. In light of food insecurity, examples of controlled environment agriculture that are gaining popularity for boosting crop output include greenhouse and vertical farming. It is anticipated that the need for PAR quantum sensors would rise as a result of controlled environment agriculture. The quality and intensity of light within a spectrum that is accessible to plants are measured and analysed using specialised PAR sensors, also known as PAR quantum sensors. The sensors are useful in environmental research, horticulture, and agriculture, where better understanding and control of lighting conditions are essential for enhancing plant development and productivity.

“Healthcare segment, by application, to be dominating market from 2023 to 2030.”

With a revenue share of 37% in 2023, the healthcare industry led all others in this regard. It is anticipated that as quantum sensor technology advances, more creativity and applications of these tools in healthcare will be spurred, improving patient care and diagnosis as well as therapy. For example, in the realm of MRI technology, the quantum sensor is essential. Superconducting quantum interference devices (SQUID) are quantum detectors that are used to measure the tiny fields that occur within the cells of the human body. It enables the creation of precise, high-quality images required for the detection and monitoring of various disorders.

Atomic and superconducting magnetometers, which can provide extremely high sensitivity for magnet detection in automotive applications. These sensors sense the magnetic field of the Earth and any other magnetic fields created by surrounding objects, enabling metal detectors, compasses, and collision avoidance systems. The installation of these sensors in automobiles may also help with environmental monitoring. Quantum sensors, for instance, can detect and quantify the amounts of pollutants like NOx in addition to measuring VOCs. Auto-sensors will identify air pollution from traffic and other problems that compromise passenger safety.

“Europe to be largest region in Quantum Sensor market.”

In 2023, Europe accounted for 35.0% of the revenue market. Europe has demonstrated significant interest in and investment in quantum technology, of which quantum sensors are an essential component. To establish Europe as a global leader in quantum technologies, the European Union launched the Quantum Flagship initiative in this regard. The European Union's Quantum Flagship Programme has allocated around 963 million euros over a ten-year period (2018 – 2028). A few European businesses are also researching the potential applications of quantum sensors in the energy, automotive, and telecommunications industries. The Asia-Pacific area has experienced notable market expansion. For example, nations like South Korea, Japan, and China are leading the way in quantum R&D.

Quantum Sensor Competitive Landscape

The competitive landscape of the Quantum Sensor market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Quantum Sensor technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Quantum Sensor market is highly competitive, with numerous companies vying for market share. Prominent companies in the Quantum Sensor Market include:

Major Players:

ADVA, Thomas Industrial Network Inc., AdSense, Spectrum Technologies Inc., Biospherical Instruments Inc., Robert Bosch GmbH, GWR Instruments Inc., Muquans SAS, Microchip, Microsemi Corp.

Recent Developments:

January 2023: The Canadian government has unveiled a national quantum strategy that will influence the development of quantum technology in the nation and create thousands of jobs. This budgetary commitment of USD 360 million will support a plan aimed at bolstering Canada's global leadership in quantum research, the creation of Canadian quantum technology, corporate entities, and workforce.

January 2023: Through its partnership with World View, Inflection, a global player in the quantum space, has developed patented stratospheric balloon systems and compact quantum device technology that are intended to serve as a test bed for more rapidly and affordably evaluating new quantum applications. A new era of quantum testing is being heralded by this stratospheric testing technique, which will be essential for applications like hyperspectral sensing, over-the-horizon communication, and accurate navigation and timing. World View and Inflexletion intend to keep working on creating fresh approaches that possible clients in the defense industry, civic society, and governmental institutions might use.