Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Quantum Sensors Market Report (2023-2028)," the market is estimated at USD 608.90 million in 2023. It is expected to register a CAGR of 12.90% during the forecast period.
Quantum sensors are used in various industries like military, automotive, space, and healthcare. They provide accurate measurements for purposes such as positioning in the military, navigation in cars, and measuring photosynthesis in plants. Quantum sensors also have the potential for advanced applications like chemical detection, blood protein analysis, and even detecting diseases like COVID-19 in the future.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 608.90 million |
| Market Size (2028) | USD 1.11 billion |
| CAGR (2023-2028) | 12.90% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Government investments in quantum research. |
| Increasing industry applications. |
Who are the Top Companies in the Global Quantum Sensors Market?
The market for quantum sensors is competitive because there are many big companies involved. These companies are using different strategies like partnerships, mergers, investments, and acquisitions to improve their products and stay ahead of their competitors.
The major quantum sensors companies in the global market in 2023 are,
- AOSense Inc.
- Apogee Instrument Inc.
- M Squared Laser Limited
- Muquans SAS
- Robert Bosch GmbH
- Skye Instruments Ltd
- Campbell Scientific Ltd
- LI-COR Inc.
Other Reports That Might Be of Your Interest:
- Optical Sensor Market Report - The optical sensors market is expected to register a CAGR of 6.33% over the next five years.
- Capacitive Proximity Sensor Market Report - The capacitive proximity sensor market is expected to register a CAGR of 7.21% over the next five years.
Key Highlights from the Global Quantum Sensors Market Report:
Increasing Military and Defense Applications
- Quantum sensors accurately detect submarines, underground structures, or nuclear materials, enhancing electronic warfare capabilities.
- Quantum cryptography, lithography, and the new laser and optical technologies are some emerging applications of quantum sensors in the military sector.
- With defense expenditure rising, the demand for wireless sensors, including quantum sensors, is growing within the defense industry worldwide.
Fast-paced Growth and Developments in Asia-Pacific
- Scientists in the Asia-Pacific are making remarkable progress in atomic clocks, quantum sensors, communication networks, and computers through experimental and theoretical research.
- China is heavily investing in quantum sensors and conducting research to develop new devices with applications in various fields, particularly in military operations.
- India is investing significantly in quantum technologies, planning to allocate USD 1 billion over the next five years for various quantum programs.
What are the Latest Developments in the Global Quantum Sensors Market?
- In January 2023, the Government of Canada launched the National Quantum Strategy, which will shape the future of quantum technologies in Canada and help create thousands of jobs. It is backed by an investment of USD 360 million.
- In January 2023, Infleqtion, a global player in the quantum ecosystem, announced a partnership with World View. The partnership aims to offer faster and more affordable testing of quantum applications.
Mordor Intelligence has Segmented the Global Quantum Sensors Market Based on Product Type, Application, and Geography.
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Atomic Clocks
- Magnetic Sensors
- PAR Quantum Sensors
- Gravity Sensors
- Other Product Types
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Military and Defense
- Automotive
- Oil and Gas
- Healthcare
- Other Applications
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
-
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Quantum Sensors Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Infrared Sensor Market Report – The global infrared sensor market is expected to register a CAGR of 12.5% over the next five years.
- Chemical Sensor Market Report - The global chemical sensor market is expected to register a CAGR of 7.51% over the next five years.
- Current Sensor Market Report - The global current sensor market size is estimated at USD 3,247.50 million in 2023 and is expected to reach USD 5,019.64 million by 2028, with a CAGR of 9.10% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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