|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global Quantum Sensors Market was valued at USD 439.76 million in 2020, and it is expected to reach USD 702.16 million by 2026, registering a CAGR of 8.4% during the period of 2021-2026. The COVID-19 outbreak and recent lockdown restrictions have affected the industrial activities across the world, highlighting supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems, etc. Although, around May 2020, many of these industrial sites resumed their operations, the fluctuation caused in starting four months in 2020 resulted in order delays and lead time across the quantum sensor supply chain during 2020.
- The application of quantum sensors is mainly found in industries such as military and defense, automotive, space, and healthcare, among others. For instance, the applications of quantum sensors in the military and defense industry range from providing highly accurate positioning data to detecting submarines in the world’s oceans. Similarly, these sensors are becoming an important part of the automobile industry. Owing to their ability to provide highly accurate measurements, they are increasingly being used for precision navigation in automobiles.
- While the sensing methods of the first quantum revolution (20th century) were applicable for technologies such as magnetic resonance imaging (MRI), nuclear magnetic resonance spectroscopy, and for the development of transistors, LEDs, solar panels, and lasers, the second quantum revolution builds on the control and detection of individual quantum states in microscopic systems.
- Such emerging techniques in quantum sensing are expected to lead to the improvement of multiple sensing technologies, ranging from accurate atomic clocks, sensitive quantum gravitometers, and low-noise quantum interference microscopy.
- One of the typical applications of quantum sensors includes Photosynthetic Photon Flux (PPF) measurement over plant canopies in outdoor environments or greenhouses and growth chambers. Light is an essential element of photosynthesis, and it impacts numerous factors, including plant form, structure, and reproduction. Therefore, the PAR meter is a quantum sensor widely used for measuring active photosynthetic radiation and thus driving the market.
Scope of the Report
The study characterizes the quantum sensors market based on the type of products that include atomic clocks, magnetic sensors, PAR quantum sensors, and gravity sensors. The study is limited to products that are offered by the majority of vendors, with a range of applications in military, defense, and automotive. The scope of the study is currently focused on key regions across the world, such as North America, Europe, Asia-Pacific, and the Rest of the World that includes Latin America and the Middle East & Africa. The study also offers an assessment on the impact of COVID-19 on the industry.
|PAR Quantum Sensors|
|Military and Defense|
|Rest of World|
Key Market Trends
Automotive Sector is Expected to Drive the Market
- The growing demand and trend for autonomous vehicles are some of the major factors driving the demand for quantum sensors in automotive applications. In automotive applications, quantum sensor-enabled sensing can accurately measure motion– including rotation, imaging, acceleration, and gravity – electric and magnetic fields.
- The sensor is playing a significant role in the advancement of the global automotive sector. With trends like autonomous vehicles (AV) and Electric vehicles (EV), the number of sensors per vehicle almost exponentially grew. Most of the sensor manufacturers globally are highly targeting the advanced automotive sector due to these advantages. France-based automotive supplier, Valeo, reported that sensors amounted to about 20% of the company's global automotive sales in 2019.
- Autonomous vehicles will depend on GPS for safety and high navigation. Automotive sensor manufacturers are investigating quantum gyroscopes to enhance driving accuracy and reduce reliance on satellite navigation. The researchers at the UK Quantum Technology Hub Sensors and Timing are developing precise and accurate quantum sensors for enhancing autonomous vehicle functionalities in cars, ships, trains, or planes.
- With the advent of trends like ADAS, Vehicle-to-everything (V2X), and Sensor fusion, quantum sensors are expected to witness growth adoption in the future. The sensor fusion market in autonomous vehicles globally is expected to cross USD 1563.5 million by 2025.
- Furthermore, the proliferation of technologies embedded in connected and autonomous vehicles also increases the potential of cyber-attacks, creating a massive threat for passenger safety and automotive companies. Companies are also developing quantum-safe cryptography solutions that can be used to secure car safety systems against cyber-attacks.
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Europe is Expected to Dominate the Market
- Europe is expected to dominate the market because Europe is one of those regions which started investing in the market early and have also made some strategic plans for the coming future.
- The United Kingdom was an early mover in quantum technologies. Additionally, the UK government recognized the potential of new quantum technologies and announced in the 2013 Autumn Statement GBP 270 million to set up the National Quantum Technologies Programme.
- The program is a coordinated effort between the Department for Business, Innovation and Skills (BIS), the Engineering and Physical Sciences Research Council (EPSRC), Innovate the UK, and the National Physical Laboratory (NPL), in partnership with the Defence Science and Technology Laboratory (DSTL) and the National Technical Authority for Information Assurance (CESG).
- The national program is supported by several public bodies, and GBP 120 million has been invested in a series of quantum technology hubs. The country supports a solid foundation of science that is flexible enough to respond to new opportunities, which is focused on the challenges faced by those seeking to exploit quantum technologies commercially.
- The quantum technology hub focuses on applications in geophysics, navigation, brain imaging, and precision timing. Each of these applications has the potential to create significant economic and societal benefits.
- For instance, the Glasgow-led quantum hub, which works at enhanced imaging, was awarded an additional GBP 28 million in the new round of funding. The hub’s research showcases include a digital camera that captures photons 10,000 times faster than conventional cameras and cameras capable of looking around corners and seeing clearly through the smoke. The hub has incubated three start-ups, QLM (which has developed a drone-mounted sensor capable of remotely detecting and quantifying minute methane leaks), Raycal (which provides consulting services in quantum technologies), and Sequestim (which is working on terahertz imaging technology for security screening applications).
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The quantum sensors market is at its initial stage, and thus, the competition among the players is moderately low. This market offers enormous opportunity, and because of this, many players are entering the market. Product launch and partnership are the major strategies followed by the vendors to gain a competitive advantage. Few recent developments are:
- March 2021 - Australian startup Q-Ctrl is developing a quantum sensor to send to Earth orbit, the moon, and eventually Mars. The company is working with Australian nanosatellite startup Fleet Space Technologies to develop quantum sensors to mount on the nanosatellites. The company is also developing quantum sensors to detect liquid water and mineral deposits and quantum-enhanced precision navigation and timing systems.
- May 2020 - M Squared announced significant new financing of EUR 32.5 million, as it expanded its backers to support its growth and technology developments. According to the company, this investment from the newly established Scottish National Investment Bank would enable M Squared to further advance its research and development activities. This is key to upscaling its pioneering work in quantum innovation alongside its technologies to help tackle climate change.
- February 2020 - Muquans SAS announced that its quantum differential gravimeter was operational. Developed in collaboration with LNE-SYRTE, this instrument is capable of providing a simultaneous measurement of both gravity (g) and its vertical gradient (dg/dz). According to the company, the instrument opens new fantastic perspectives in the field of geophysics. It expects this combined measurement to provide enriched information for the monitoring of geophysical processes and the detection of underground cavities.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the Market
4.5 Market Drivers
4.5.1 Increasing Research Activities in the Quantum Field
4.5.2 Increasing Investment in Space Communication
4.6 Market Restraints
4.6.1 High Deployment and Maintenance Cost
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Atomic Clocks
5.1.2 Magnetic Sensors
5.1.3 PAR Quantum Sensors
5.1.4 Gravity Sensors
5.2.1 Military and Defense
5.3.1 North America
5.3.4 Rest of World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.2 Apogee Instrument Inc.
6.1.3 M Squared Ltd
6.1.4 Muquans SAS
6.1.5 Robert Bosch GmbH
6.1.6 Skye Instruments Ltd.
6.1.7 Campbell Scientific Ltd.
6.1.8 LI-COR, Inc
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Quantum Sensors Market market is studied from 2019 - 2026.
What is the growth rate of Quantum Sensors Market?
The Quantum Sensors Market is growing at a CAGR of 8.4% over the next 5 years.
Which region has highest growth rate in Quantum Sensors Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Quantum Sensors Market?
Europe holds highest share in 2020.
Who are the key players in Quantum Sensors Market?
AOSense, Apogee Instruments, Inc., M Squared Lasers, Robert Bosch GmbH, Muquans SAS are the major companies operating in Quantum Sensors Market.