Quantum Sensor Market Size, Share & Trends Analysis Report By Product Type (Atomic Clocks, PAR Quantum Sensors), By Application (Healthcare, Automotive), By Region (Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

Quantum Sensor Market Size & Trends

The global quantum sensor market size was valued at USD 786.6 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. Quantum sensors are finding applications in emerging fields, such as autonomous vehicles, virtual reality, augmented reality, and the Internet of Things (IoT). For example, quantum sensors can be used for precise positioning and navigation in autonomous vehicles or to create more immersive virtual reality experiences. The expanding application areas, including defense, healthcare, aerospace, and research, open new market opportunities and drive the growth of the quantum sensor industry.

There is a growing trend towards miniaturization and integration of quantum sensors. As technology advances, researchers and manufacturers are working on developing compact and portable quantum sensors that can be easily integrated into existing systems or used as standalone devices. Miniaturization enables broader applications, increased accessibility, and cost reduction. Moreover, quantum sensors play a crucial role in quantum communication and cryptography. Quantum Key Distribution (QKD) systems rely on quantum sensors to detect and measure quantum states for secure communication.

As the demand for secure communication continues to grow, quantum sensors will be in high demand to support quantum encryption technologies.Governments and private investors are investing significantly in quantum technology research and development. These investments support market growth by fostering innovation, improving infrastructure, and promoting the commercialization of quantum technologies. For instance, in January 2023, the U.S. Department of Energy (DOE) announced $9.1 million in funding for 13 projects in Quantum Information Science (QIS) with relevance to nuclear physics.

Product Type Insights

The atomic clocks segment dominated the market in 2022 with a revenue share of 37.0%. Atomic clocks are highly precise devices that measure time-based on the oscillations of atoms, typically using the vibrations of atoms within a cesium or rubidium gas. These clocks have numerous applications, including satellite navigation systems, telecommunications, scientific research, and financial transactions. Atomic clocks have historically been a significant revenue generator in the market due to their crucial role in various industries. The increasing demand for precise timekeeping and synchronization in critical applications has contributed to the growth of atomic clocks.

The Photosynthetically Active Radiation (PAR) quantum sensors segment is expected to grow with the fastest CAGR during the forecast years. Controlled environment agriculture, such as vertical farming and greenhouse cultivation, is gaining traction to enhance crop production efficiency and address food security challenges. As controlled environment agriculture expands, the demand for PAR quantum sensors will likely increase. PAR quantum sensors are specialized quantum sensors used to measure the quantity and quality of light in the spectral range that plants can use for photosynthesis. These sensors are crucial in various fields, including agriculture, horticulture, and ecological research, where understanding and optimizing light conditions is essential for plant growth and productivity.

Application Insights

The healthcare segment dominated the market in 2022 with a revenue share of 37.0%. The ongoing technological advancements in quantum sensors are expected to drive further innovation and adoption of quantum sensors in healthcare, leading to improved diagnostics, treatment, and patient care. For instance, quantum sensors play a crucial role in MRI technology. Superconducting Quantum Interference Devices (SQUIDs), a type of quantum sensor, are used to detect and measure the weak magnetic fields generated by the body's tissues. This enables the creation of detailed and high-resolution images used for the diagnosis and monitoring of various medical conditions.

Quantum sensors, such as magnetometers based on atomic or superconducting technologies, can be employed as highly sensitive magnetic field sensors in automotive applications. These sensors can detect and measure the Earth's magnetic field or magnetic fields generated by nearby objects, enabling applications like compasses, detection of metallic objects, and collision avoidance systems. Moreover, these sensors can contribute to environmental monitoring in vehicles. For example, quantum sensors can detect and measure air pollutants, including Nitrogen Oxides (NOx) or Volatile Organic Compounds (VOCs). Integrating these sensors into vehicles can provide real-time information about air quality, allowing for more effective pollution control and improved health and safety for passengers.

Regional Insights

Europe dominated the market with a revenue share of 35.0% in 2022. Europe has shown significant interest and investment in quantum technology, including quantum sensors. The European Union’s Quantum Flagship program aims to position Europe as a global leader in quantum technologies. The Quantum Flagship program has allocated a significant budget of €1 billion over ten years (2018-2028). Moreover, European companies are exploring quantum sensor applications in the automotive, telecommunications, and energy sectors. The Asia Pacific region has seen considerable growth in the market. Countries like China, Japan, and South Korea have invested substantially in quantum research and development.

China has been actively promoting quantum technologies. For instance, the Chinese government launched the Quantum Science Satellite (QSS), also known as Micius, which is a Chinese satellite mission focused on quantum communication and quantum science experiments. The main objective of the QSS mission is to enable long-distance quantum communication using the phenomenon of quantum entanglement. These factors are expected to drive the regional market during the forecasted years.North America benefits from a strong presence of research institutions, universities, and technology companies focused on quantum technologies.

Government initiatives, such as the National Quantum Initiative Act based in the U.S., have supported research and development in quantum technologies. The region has witnessed collaborations between academia, industry, and government organizations to advance quantum sensor applications in various sectors, including defense, aerospace, and healthcare. For instance, in July 2021, Quantum Valley Investments (QVI), a Canadian investment firm focused on commercializing quantum technologies, collaborated with academic institutions, including the Institute for Quantum Computing at the University of Waterloo, to support research and development in quantum technologies including quantum sensors.

Key Companies & Market Share Insights

The industry is characterized by strong competition, with a few major worldwide competitors owningsignificant market shares. The major focus is on developing new products and collaborating among the key players. For instance, in August 2022, Q-CTRL, an Australian-based company that makes quantum technologies, established one of the largest quantum sensor divisions in the world. Their team debuted their abilities in front of the public for the first time at the Army Quantum Technology Challenge (QTC) in Adelaide. Some of the prominent players in the global quantum sensors market include:

• ADVA

• AdSense

• Biospherical Instruments Inc.

• GWR Instruments Inc.

• Microchip

• Microsemi Corp.

• Muquans SAS

• Robert Bosch GmbH

• Spectrum Technologies Inc.

• Thomas Industrial Network Inc.

Quantum Sensor Market Report Scope

Global Quantum Sensor Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this report, Grand View Research has segmented the global quantum sensor market report based on product type, application, and region:

• Product Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Atomic Clocks

  • Gravitational Sensors

  • PAR Quantum Sensors

  • Quantum MagneticSensors

  • Other

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Aerospace & Defense

  • Automotive

  • Oil & Gas

  • Healthcare

  • Other

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • Kingdom of Saudi Arabia (KSA)

    • UAE

    • South Africa