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Quantum Sensor Technology Market and Application till 2027
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Quantum sensors are technologies with features of credibility and high accuracy for applications in quantum cryptology and quantum cryptography. They are used for measuring gravity, rotation, and acceleration across various frequencies in magnetic and electric fields. The global Quantum Sensor Technology Market report by Market Research Future (MRFR) considers the vast potential of the industry with estimations on its growth for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its implications on research have also been explored in the report.
Market Scope
The global Quantum Sensor Technology Market is poised to expedite at a CAGR of 5.49% during the forecast period. It is projected to surpass a valuation of USD 300 Mn by 2023. The market is expected to leverage on the IoT boom for expanding its applications. The accuracy of measurement shown by quantum sensors in aerospace and automotive sectors can drive its demand till 2023.
Investments in quantum research by government research organizations for gaining military leverage can bode well for the market. Researchers at Birmingham University are developing quantum gravity sensors which can lessen the time required in construction and mining projects. Enhanced medical imaging and secure navigation are some of the application that can pave the market’s prospects in the forthcoming years.
Competitive Landscape:
The global Quantum Sensors Market is profiting from the competition among players like AOSense, METER Group Spectrum Technologies Inc., GWR Instruments Inc., and Adcon Telemetry Gmbh, and others. AOSense is already creating buzz by creating devices for NASA to help them understand the earth’s structure. MRFR analysts have considered their past moves to gauge what trends inspired them and how the market can benefit from it.
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Competitive Landscape
The key market players functioning in the global market as identified by MRFR are Gemalto (Netherlands), Paypal Inc, Intuit Inc. (U.S.), Square, Inc., Payanywhere Llc (U.S.), First Data Corporation (U.S.), CPI Card Group Inc. (U.S.), Paynear One Solutions (India), Infineon Technologies Ag (Germany), Mahindra Comviva (India) And Others.
Segmentation:
The global market report on the quantum sensor market has been segmented into product and vertical by MRFR analysts to get a comprehensive picture of how the market is planning to evolve.
By product, the global market report containing details of the quantum sensors includes a study of atomic clocks, photosynthetically active radiation (PAR) quantum sensors, gravity sensors, magnetic sensors, and others.
By verticals, the global study of the quantum sensors market includes military and defense, automotive, agriculture, oil and gas, healthcare, and others.
Regional Analysis
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).
The Europe quantum sensors market is set to post a strong growth during the forecast period. In 2017, the region accounted for over one-third market share. The decision to bring in quantum clocks and quantum gravity sensors by 2020 can pave the way for key market players. The region’s market value is expected to stand at over USD 100 Mn by the end of the forecast period. North America is likely to retain its second spot over 2023. Applications of material analysis and support of the U.S. government for development of advanced cryogenic sensors can bode well for the market.
APAC 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.
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