June 18, 2024
Quantum Sensors Market

A Robust Growth in Quantum Technology Applications is Driving the Quantum Sensors Market

Quantum sensors are used widely in various applications such as magnetometry, electrometry, gravity measurement, imaging, timing, and pressure sensing among others. Quantum sensors offer enhanced sensitivity, precision and accuracy over classical sensors. They find usage in diverse industries like automotive, healthcare, defense, transportation and telecommunications. The increasing demand for quantum technologies from consumers and businesses is boosting the adoption of quantum sensors. Also, the rising investments by national governments and private companies in quantum computing and quantum communications are fueling the growth of the quantum sensors market.

The global Quantum Sensors Market is estimated to be valued at US$ 622.18 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the quantum sensors market is the increasing preference for optical quantum sensors. Optical quantum sensors offer advantages like smaller size, longer operation lifetime, higher sensitivity, stability and scalability over other types of quantum sensors. Due to these advantages, optical quantum sensors find wide usage in applications like imaging, magnetic field sensing, force sensing and navigation systems. Also, continued improvements in fabrication techniques are enabling production of more robust and reliable optical quantum sensors, thus fueling the demand. Another notable trend is the rising collaborations between technology companies and research institutions to accelerate product development and commercialization of quantum technologies including quantum sensors. This will help address various technological challenges and enable faster adoption of quantum sensors across end use industries.

Porter’s Analysis

Threat of new entrants: The quantum sensors market requires substantial R&D investments and the technology has high switching costs which makes the entry difficult for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players operating in the market providing varied options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is high due to high costs of raw materials and components required for manufacturing quantum sensors.

Threat of new substitutes: There is a low threat from substitutes as quantum sensors provide cutting-edge technology with no close substitute.

Competitive rivalry: The market has high competitive rivalry owing to the presence of global technology giants.

Key Takeaways

The Global Quantum Sensors Market Size is expected to witness high growth.

Regional analysis: Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to increasing research activities and funding for quantum technology by governments of various Asian countries including China, India, and Japan.

Key players: Key players operating in the quantum sensors market are GlaxoSmithKline Plc., Sanofi SA, Bharat Biotech, Bio-Med Pvt. Ltd., PT Bio Farma, PaxVax, Inc. Shanghai Institute of Biological Products Co., Ltd. These companies are focusing on new product launches and enhancing their global presence through mergers and acquisitions.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it