Quantum sensors offer higher precision and accuracy compared to normal classical sensors by utilizing quantum effects. Quantum sensors help detect minute physical properties such as magnetic fields, temperature changes, pressure, electric fields etc. at extremely high precision owing to their ability to measure quantum states. They are being increasingly used in industries like defense, transportation, healthcare, IT & communication and aerospace among others. Quantum gravimeters help detect gravity changes at ultra-high sensitivity and find applications in geoscience and basic physics research. Quantum thermometers and magnetic sensors offer unprecedented accuracy levels down to nano-Kelvin or atto-Tesla scales respectively. Quantum magnetometers are integral parts of MRI machines for highly accurate detection of magnetic fields. The growing demand for detection and measurement of tiny physical changes and improvements in accuracy levels across industries is expected to drive the growth of the global quantum sensors market.
The global Quantum Sensors Market is estimated to be valued at US$ 716.76 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the main trends in the quantum sensors market is the miniaturization of quantum sensors. Traditionally quantum sensors were large laboratory-scale prototypes and not viable for commercial use. However, researchers are now developing quantum sensors that can be integrated onto very small chip-sized platforms similar to classical microelectromechanical systems (MEMS). Chip-scale quantum sensors enable the development of portable quantum sensing devices and instruments which can be deployed for field use across various industries. Another major trend is the integration of fiber optic technologies with quantum sensors. Optical fibers help transport quantum states over long distances and interface quantum systems with the outside world. Fiber-based quantum sensors promise distributed quantum sensing capabilities over telecommunication networks. This allows creation of resilient sensing grids for applications like infrastructure monitoring, border security etc. Continuous development of quantum technologies, materials and manufacturing is expected to make quantum sensors more affordable and commercially viable over the coming years.
Threat of new entrants: The quantum sensors market requires significant investments in R&D for technological advancements, which makes it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as quantum sensors have applications in diverse industries like defense, automotive, medical etc. However, established manufacturers have the technological edge.
Bargaining power of suppliers: Major components require specialized manufacturing facilities limiting the number of suppliers. This gives them moderate bargaining power.
Threat of new substitutes: Alternate sensing technologies like MEMS sensors pose minimal threat currently due to limitations like size, cost and accuracy benefits of quantum sensors.
Competitive rivalry: Being an emerging sector, competition is still fragmented with major focus on R&D. However, collaboration between key players is driving innovation at a rapid pace.
The Global Quantum Sensors Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America is projected to dominate the global quantum sensors market during the forecast period owing to heavy investments in defense, aerospace and automotive sectors in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to a large consumer base in countries like China, Japan and India.
Key players operating in the quantum sensors market include GlaxoSmithKline Plc., Sanofi SA, Bharat Biotech, Bio-Med Pvt. Ltd., PT Bio Farma, PaxVax, Inc. Shanghai Institute of Biological Products Co., Ltd., and Prokarium.These players are focusing on new product launches and collaborations for technological advancements in quantum sensors.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it