Quantum Sensors Market Size, Share & Trends Analysis Report By Product (Atomic Clocks, Magnetic Sensors, PAR Quantum Sensors), By Application  (Military & Defense, Automotive) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global quantum sensors market size is to grow to USD 1021 million by 2030 at a CAGR of 9% from the early figures of USD 470 million in 2021.

Quantum sensors are mainly used in industries such as automotive, space, healthcare, and military & defense. The applications of such quantum sensors in the military and defense sector range from providing highly accurate positioning data to detecting submarines in the ocean. Also, these quantum sensors are becoming an important part of the automobile industry as well with their ability to provide highly accurate dimensions. They are mostly used for navigation in automobiles.

These emerging techniques in quantum sensing are expected to development of the quantum sensors technology that ranges from atomic clocks, sensitive quantum gravitometers, and low noise quantum interference microscopy. One of the major factors driving the quantum sensors market is the increasing government investment in quantum research to gain economic and military advantage.

Various industrial segments operating in the end-user verticals around the world are trying to integrate the NV-based ensemble quantum sensors into commercial chip packages, which is a great step towards transforming quantum sensing technology into a versatile range of sensor products. However, factors like the lack of awareness high cost of research and development, coupled with high implementation and maintenance costs, are restraining the market's growth during the forecast period.

Market Dynamics

Market drivers

• Increasing investment in space communication key drivers for the global quantum sensors market

Expanding research and formative exercises connected with quantum technology are supposed to give sufficient chances to showcase development in various fields, for example, positioning frameworks, electric and magnetic field sensors, communication innovation, microscopy, mineral prospecting, and seismology, alongside applications in the military, development industry, automotive, and so on. Highlights like high credibility and accuracy are making this innovation available across different areas. A significant exploration that is progressing in this field is in the area of dispatches.

 For case, an exploratory study conducted by the US Army Research Laboratory revealed the advances in the amount of detector technology that could enable their soldiers to detect communication signals over the entire radio frequency, from 0 to 100 GHz. Traditionally, similar wide frequency spectral content was insolvable by a single antenna with a traditional receiver system. The exploration development has avoided the demand for multiple systems of individual antennas, amplifiers, and other factors. Further, research studies are also being conducted with a focus on the manufacturing and production of quantum sensors.

For instance, a research study conducted by the University of Bristol revealed the discovery of a new method that could be employed to build quantum sensors with ultra-high precision. A conducted research said that such quantum sensors were able to avoid the presence of vibrations due to solid materials that are, in fact, much larger objects and are usually considered to be detrimental.

• Increased investments in the space communication driving  the global quantum sensors market growth

With the highly advanced quantum sensors and the applications it caters to, the space industry also finds a huge range of applications of such quantum sensors for geo-mapping, communication and navigation channels, and other important applications. With such applications and the latest space technology, there has been a substantial increase in investments in the development and utilization of quantum sensors.

The said market of quantum sensors is mostly dependent on the advancements taking place in quantum technology and similar dynamics. The increasing demand for space communication applications and increasing investments in the same are expected to boost the need for the market studied.

• Growing number of applications in the medical and healthcare sector

Several businesses and research institutions have recently worked to build quantum sensors for use in the medical and healthcare industries. This research has shown that quantum-enabled devices may increase the precision of diagnostic and imaging processes. Quantum devices can help identify chronic diseases by providing exact data. Cancer can be found early on, thanks to quantum sensors.

Market restraints

• High deployment and maintenance costs hindering growth of quantum sensors market

Various types of quantum sensors, together with atomic clocks, magnetic sensors, par quantum sensors, and gravity sensors, are being used and are witnessing extreme industrial reputation. But, the high costs of deployment and high upkeep prices could prevent the market boom all through the forecast duration.

There is a high level of preliminary investment required in end-user industries for integrating such sensors in packages, along with self-sufficient riding or autonomous driving, advanced imaging technologies both at short and lengthy distances, clinical progress, and permitting the distinct mapping of the underground. The excessive expenses of putting in place these structures are concerned with proper setup, design, and fabrication. Also, the operational and maintenance cost of those sensors is on a piece higher aspect.

The gathering of accumulated dust and different soluble deposits on these sensors requires everyday cleaning, simplest by means of water and/or a slight detergent, which include dish-washing soap and vinegar for maintenance. Such cleaning exercise is quite essential to ensure the accuracy of the calibration. Regular protection is needed to avoid negative outcomes at the cosine reaction of the sensor for the reason that acrylic fabric utilized in some of the quantum sensors may be crazed with exposure to alcohol or natural solvents.

Market opportunity

• Growing r&d activities

Throughout the forecast period, an increase in quantum-related research activities is anticipated to drive market growth for quantum sensors. Growing R&D efforts related to quantum technology will open up opportunities for market players in several industries, including construction, the military, automotive, positioning systems, microscopy, seismology, and mineral exploration. Due to the high accuracy and reliability of quantum sensors, the technologies are becoming more widely available in various industries, further fueling the global market's expansion.

Regional Analysis

The global quantum sensors market share is primarily divided into three main regions, viz. North America, Europe, and Asia-Pacific.

Europe is the leading market shareholder with a revenue generation of USD 167 million in 2021 and is expected to reach USD 350 million by 2030 at a CAGR of 9%. Europe being the industrial hub and with major military powers like Germany, has the highest growth rate in terms of the quantum sensors market.

After Europe, the second most dominating region in the Asia-Pacific region, which accounts for a market share of USD 147 million in 2021 and is expected to grow to USD 332 million in 2030 at a CAGR of 10%. Asia is one of the growing regions with the heavily increasing economies like India and China has a great sale of such quantum sensors as both the countries have one of the top army power.

The third and the least revenue-generating region among the listed regions in North America, which accounts for USD 115 million in 2021 and grows to USD 239 million by 2030 at a CAGR of  9%.

Asia is one of the growing regions with heavily increasing economies like India. China has a great sale of such quantum sensors as both countries have one of the top army power. Quantum technology will play a significant role in several military issues shortly. To become the world leader in quantum information science, China is concentrating on leveraging this quantum sensor technology for military purposes. The market for quantum sensors in the Asia Pacific is anticipated to expand during forecasting.

In quantum physics and quantum technology, quantum sensing is increasingly becoming a well-liked and specific research topic in North America. The region's market is expanding rapidly due to continuous research into the potential uses of quantum sensors in several industries. To gain a competitive edge in this quickly increasing sector, several private vendors and universities are concentrating their investments on creating cutting-edge devices by utilizing quantum sensors.

Segmental Analysis

The global quantum sensors market share is segmented by product and by application, where the by-product segmentation is further classified into atomic clocks, magnetic sensors, and PAR quantum sensors. The magnetic sensors segment is dominating the global market with a market share of USD 222 million in 2021 and is expected to grow to USD 515 million by 2030 at a CAGR of 10%. The magnetic sensors are mostly used for military and security applications like detection, discrimination, and identification of ferromagnetic materials, navigation, position tracking, and antitheft systems.

The upward thrust within the commercialization of quantum sensors for military and defense programs and increasing investments from governments in many developing international locations are the cause of the increased demand for quantum sensors and their technology. Magnetic sensors are essential for many security applications, as the magnetic field is invisible and penetrates through maximum materials.

Conventional magnetic sensors, inclusive of fluxgates, induction coils, and resonance magnetometers, at the moment, are being complemented with the aid of new sensor types, such as sr (Anisotropic Magneto Resistors), GMR (massive Magneto-Resistance), SDT (Spin-dependent Tunneling), and GSR (large Magneto-Impedance) sensors. The second dominant segmentation by-product is the atomic clocks, which account for a market share of USD 169 million in 2021 and will grow to USD 338 million in 2030 at a CAGR of 8%. Atomic clocks discover major applications in space exploration activities and related studies, as those areas depend on sensors for technological know-how measurements and spacecraft operation.

With the growing advancements in sensing precisions, quantum phenomena are being used more and more, as it's far predicted that sensors utilizing quantum homes will offer new and drastically progressed abilities. As an example, launched in 2019, NASA's Deep Space Atomic Clock is a vital step toward permitting spacecraft to safely navigate independently in the deep space area as opposed to depending on the time-consuming system to acquire directions from Earth. The Deep space Atomic Clock will enable a shift to an extra green, flexible, and scalable clock structure to be able to gain destiny navigation and radio technology.

The third segment under the product is the PAR quantum sensors, USD 60 million in 2021 and reaching USD 121 million by 2030 at a CAGR of 8%. Quantum (PAR) sensors are well-known for the size of photo-synthetically active radiation (PAR), on the whole, used by agricultural professionals. One of the standard packages of quantum sensors includes Photosynthetic Photon Flux (PPF) size over plant canopies in outdoor environments or greenhouses and growth chambers.

Light is an essential element of photosynthesis, and it influences several factors, consisting of plant shape and structure, and reproduction. Increasing calls for plant and crop research and measuring energetic photosynthetic radiation for agriculture and industrial horticulture programs is growing the demand for the market studied.

When segmented by application, the said market is classified based on the use of such quantum sensors in the military & defense, and automotive industries. The military and defense segmentation has a major market share of USD 142 million in 2021 and is expected to grow to USD 304 million by 2030 at a CAGR of 9%. Military and defense are currently the number one programs of quantum sensors, attributable to the high rate of investments by way of private and government navy and defense businesses in the development of quantum technology.

In recent years, quantum technology is gaining growing interest from governments of many developed international locations, which is also growing the commercialization of quantum sensors, mainly for navy and protection packages.

The increasing investment through army and defense businesses in digital conflict (EW) technology is a major driving force of the studied segment's boom. Within the last decade, many evolved army businesses were discovering quantum technology, particularly for enhancing communications, precision navigation, and precision timing. The automotive industry is the second dominant segmentation of the global quantum sensors market, which accounted for a market value of USD 97 million in 2021 and is anticipated to grow to USD 226 million by 2030 at a CAGR of 10%.

Quantum sensor-enabled sensing can measure motion with extreme accuracy, including imaging, rotation, gravity, and magnetic and electric field acceleration. As a result, the automotive industry has a significant demand for these sensors.

Impact of covid-19

The call for and deployment of quantum sensors have been additionally affected during the Covid-19 pandemic because the automotive, as well as other products, are experiencing a surprising and intense effect because of COVID-19. This automotive industry is an extensive consumer of these sensors that may greatly improve the overall performance and could remodel the navigation and positioning talents of unmanned vehicles. Since autonomous automobiles are considered ideal during the pandemic situation, the software of those sensors has witnessed a newfound call.

The COVID-19 outbreak and the imposed lockdown restrictions have affected the economic activities internationally, highlighting supply chain disruptions, loss of availability of raw materials used within the production procedure, resource shortages, and fluctuating fees that would motivate the manufacturing of the very last product to inflate and go past budget, shipping issues, and so forth. Even though around May 2020, a lot of these industrial sites resumed their operations, the fluctuation prompted, in the beginning, four months in 2020 delays and lead time throughout the quantum sensor supply chain during the pandemic period.

Recent Developments

• In November 2022, The UK's first commercial neutral atom quantum computing system was unveiled by M Squared. This advancement carries on M Squared's goal of developing technology to solve complex global issues.
• In August 2022, Bosch purchased two SLM500s, accelerating its growth.
• In October 2022, First contactless cards for the quantum realm are delivered by Mastercard and partners.