quantum sensor technology market size
According to a new report by Market Research Future, the global quantum sensor technology market size is anticipated to expand at 11% CAGR over the assessment period (2017-2023). The market is expected to touch USD 661 million by 2023 owing to the development of next-generation sensors. The quantum sensors are majorly used in automotive, military and defense, oil and gas, and agriculture. The quantum cryptography is highly used in the banking sector for securing communication between banks. Such sensors are extensively used in aerospace solutions since researchers and scientists are using these sensors to measure and detect PAR levels in real time.
Future Constraints and Drivers Affecting the Market Growth
With the development of next generation sensors, the global market for quantum sensors is likely to flourish over the review period. The growing penetration of GPS system is extensively used in automotive and aerospace sectors. For instance, GPS devices are utilised in satellite offering GPS coordinates. With the growing demand for GPS navigation, the market for such sensors are likely to boom. Moreover, sensors available for applications such as photosynthetic photon flux fluence rate and photosynthetic photon flux density are gaining high demand in the quantum sensor technology market size.
There has been an increasing adoption of quantum sensors in various sectors like transportation, defense, construction, oil and gas, and others. For instance, GPS sensors enabling night-vision image sensors with the help of image sensor technology can be replaced by quantum sensing image sensors. Such image sensors provide better image quality than night-vision image sensors. Such factors are propelling the market growth over the assessment period.
Moreover, the gravity sensors are also gaining high demand in the global market as it helps to improve oil and mineral exploration, drive climate research, searching water resources, and helps to map the urban archaeology and infrastructure. Such quantum sensors are likely to gain a huge demand in the market and is anticipated to expand during the review period since it can be used to determine snow cover of the mountains, oil and gas recovery process, and magnitude of ocean currents.
Global quantum sensor technology market size Segmentation
The global market for quantun sensors have been segmented on the basis of application, verticals, product, and region.
By mode of product, the global market for quantum sensors have been segmented into PAR quantum sensors, atomic clocks, magnetic sensors, gravity sensors, and others. Among these, the atomic clock segment is anticipated to diminate the global market. Gravity sensors is also expecetd to witness a steady growth in terms of value.
By mode of application, the global market for quantum sensors have been segmented into coral aquarium, greenhouse, and others.
By mode of verticals, the global market for quantum sensors have been segmented into automotive, military and defense, agriculture, healthcare, oil and gas, and others. Among these, the segment for military and defense is expecetd to show traction during the assessment period.
North America is One of the Leading Regions
Geographically, the market for quantum sensors have been spanned across Asia Pacific, North America, Europe, and the Rest-of-the-World. Among these nations, North America is one of the leading regions in terms of market share. The quantum sensor technology market size has a high demand in this region owing to the adoption of quantum technology in the automotive segment.
In the European region, the market for quantum sensors is expected to witness a rapid growth rate over the assessment period owing to the increasing commercialization of technology in this region. Moreover, countries such as Japan, China, and India are the emerging regions for quantum sensors and is expected to expand at the highest CAGR over the review period.
Industry News
The Ram group has launched its end-to-end platform incorporating of quantum sensor technology, global production facilities, and R&D labs, bringing quantum sensing from dream to reality. The sensing platform uses the Gallium Nitride in cunjunction with proprietary materials creating a sensor which is one million times sensitive in signal-to-noise ratio than anything else in the market.
Comopetitive Analysis
Some of the prominent players operating the global market for sensors are Decagon Devices Inc. (U.S.), Apogee Instruments (U.S.), ThomasNet (U.S.), M-Squared Lasers Limited (U.K), Muquans (France), Biospherical Instruments Inc. (U.S.), Spectrum Technologies Inc. (U.S.), Radixx International Inc. (U.S.), Oscilloquartz (Switzerland), Microsemi Corporation (U.S.), Impedans Ltd (U.S.), GWR Instruments Inc.(U.S.), AOSense Inc. (U.S.), Skye Instruments Ltd. (U.K), Adcon Telemetry Gmbh (Austria), and others.
Browse Complete Report "quantum sensor technology market size Research Report- Forecast till 2023" @ https://www.marketresearchfuture.com/reports/quantum-sensors-market-5273
