Quantum Sensors Market Share, Size, Trends, Industry Analysis Report, By Product (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravimeters & Accelerometers); By Application; By Region; Segment Forecast, 2022 - 2030
The global quantum sensors market size is expected to reach USD 894.1 million by 2030, according to a new study by Polaris Market Research. The report “Quantum Sensors Market Share, Size, Trends, Industry Analysis Report, By Product (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravimeters & Accelerometers); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for quantum sensors for nuclear magnetic resonance spectroscopy, solar panel, lasers, and magnetic resonance imaging (MRI) is due to their ability to provide accurate and credible results to fuel market growth. Furthermore, increasing penetration of quantum sensors and quantum-related technologies in aerospace and defense industries also bolsters market growth.
Europe is also considered the highest contributor to the revenue growth of the market as it is the commercial hub for manufacturing military weapons and the growing deployment of quantum imaging, simulation, and sensing technologies across various industries. Furthermore, the United Kingdom quantum technology hub sensors and timing are focusing on developing sensors that provide accurate and precise results, improving the functionality of various autonomous vehicles and fueling the market growth.
In addition, quantum sensors are growing significantly in automotive industries as they offer precise dimensions and are used for navigation purposes in autonomous vehicles. The market is likely to be driven by Asia pacific as China is the primary producer and manufacturer of autonomous and electric vehicles, which will boost revenue growth. Moreover, the rising government investment in quantum technologies to accelerate the development of innovative sensors like atomic clocks, gravitometers, and low-noise quantum interference microscopy is also essential in driving the market growth.
The COVID-19 pandemic had a negative impact on the demand for quantum sensors owing to the negligible operation across various end-use industries and the declination of expenditure on the deployment of quantum technologies. The automotive industry being a consumer-centric sector, was a heavy contributor to increase revenue. Still, during the pandemic, there was a decrease in the manufacturing process due to the loss of raw materials and shortage of resources hampering the market growth.
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