Quantum Sensors Market worth $565 Million USD by 2027, at CAGR of 16.8%

September 22 17:28 2022
Quantum Sensors Market worth $565 Million USD by 2027, at CAGR of 16.8%
Quantum Sensors Market
Quantum Sensors Market size is expected to reach USD 565 million by 2027 from USD 260 million in 2022 to ; it is expected to grow at a CAGR of 16.8% from 2022 to 2027

According to the new market research “Quantum Sensors Market by Product Type (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors, Gravimeters & Accelerometers), Application (Aerospace & Defense, Oil & Gas, Agriculture, Automotive, Mining, Healthcare) and Region – Global Forecast to 2027” The global quantum sensors market size is projected to grow from USD 260 million in 2022 to USD 565 million by 2027 at CAGR of 16.8% during the forecast period. Quantum sensors measure physical quantities with the help of quantum technology or quantum states. These sensors are based on the principle of superposition of atoms, providing extreme sensitivity. They are being used in some of the most crucial applications, such as space navigation and gravity measurements. In quantum sensors, the atomic properties are unchanged while they measure the relative environmental changes; hence, they do not witness drift or noise issues like conventional sensors. Compared with conventional sensors, quantum sensors are approximately 10 times more sensitive to the environment, making them extremely precise. Thus, the demand for quantum sensors is expected to grow in critical applications such as aerospace, military & defense, automotive & transportation, and healthcare.

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Browse 138 market data Tables and 47 Figures spread through 172 Pages and in-depth TOC on “Quantum Sensors Market and Region – Global Forecast to 2027” View detailed Table of Content herehttps://www.marketsandmarkets.com/Market-Reports/quantum-sensors-market-61825400.html

Quantum Sensors Market

The market for magnetic sensors is expected to grow at a significant CAGR during the forecast period

A magnetic sensor converts the magnetic field variations into electric signals. The addition of quantum technology to the magnetic sensor improves the sensor sensitivity and reduces the size and weight of the sensor. The reduced size of magnetic sensors enables them to be used in various applications, such as microscopy, positioning systems, electric and magnetic field sensors, and communication technologies. These sensors are increasingly being used in the healthcare sector for magnetic brain mapping and dementia research. Magnetic sensors can be used in most complex brain research. Researchers at the UK Quantum Technology Hub Sensors and Timing are experimenting with magnetic sensors by applying quantum sensors to human brain imaging. The brain develops magnetic fields that can be detected by Optically Pumped Magnetometers (OPMs). This process is called magnetoencephalography (MEG). Magnetic sensors have a large scope in the field of brain research. Apart from the healthcare sector, magnetic sensors are also used in other fields, especially in mission-critical aerospace and defense applications. The identification of precise magnetic fields is crucial for space missions as well as other defense missions. Similarly, magnetic sensors play a vital role in the accurate navigation of rails and metro.

The market for construction & mining application is expected to grow at a significant CAGR during the forecast period

Construction of any structure involves digging, drilling, and underground activities to lay out the structure’s base. Underground may contain utility cables, such as telephone cables, electricity cables, gas pipelines, or water pipelines. Damage to these properties can cause massive disturbances and loss of capital. Hence, it is vital to perform an underground survey of the proposed site before starting construction. Various instruments are being used to survey the underground, but their area of survey beneath the ground is less, which causes major threats to the utility sector and health and safety concerns. Some critical pipelines are buried deep inside the ground, excluding conventional meters’ range. The quantum sensors can theoretically detect the earth’s core, so plans are being made to utilize quantum sensors in the construction sector. Hence, quantum sensors can be utilized in the infrastructure development of economies and for developing smart cities.

Asia Pacific to account for a significant share of the quantum sensors market in 2027

Asia Pacific includes developing and developed countries such as China, India, Japan, and South Korea. Strong industrial growth and high investments in the military & defense sector are the key factors driving the growth of the quantum sensors market in this region. The countries in the region are currently focused on research and development of quantum technologies and quantum sensors. They have made high investments in the development of quantum technologies. Besides, the countries in the region are major manufacturing hubs for the automotive and healthcare sectors. Thus, the expanding healthcare and automotive sectors are expected to drive the growth of the Asia Pacific quantum sensors market.

The major players include Campbell Scientific, Inc. (US), ID Quantique SA (Switzerland), LI-COR, Inc. (US), M Squared Ltd. (UK), and Muquans SAS (France).

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