Quantum Sensing Market - Forecast(2024 - 2030)

Report Code: AIR 0351 Report Format: PDF + Excel

Quantum Sensing Market Overview

Quantum Sensing Market is forecast to reach $328.5 Million by 2026, growing at a CAGR of 15.5% during the forecast period from 2021 to 2026. The Quantum Sensing Market is driven primarily by the factors such as increasing growth of quantum technology as well as rising research and development activities. Moreover, advanced technological growth in gravity sensors and magnetic sensors can also cause major growth for the Quantum Sensing Market. Usage of PAR quantum cryptography and sensors helps in effective and more efficient calculation of minimum radiation quantity involved in absorption of photosynthetic pigments and many such areas, called PPFD measurement. Since these next generation sensors are designed for continuous PPFD measurements across indoor and outdoor environments, its causing higher adoptability in agriculture research fields.

Quantum Sensing Market Report Coverage

The report: “Quantum Sensing Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Quantum Sensing Market.

By Product Type: Magnetic sensors, Gravity sensors, PAR sensors, atomic clocks
By End Users: Automotive, Military and Defense, Oil and Gas, Healthcare, Agriculture& Others
By Geography: North America (U.S, Canada and Mexico), Europe (U.K, Germany, France, Italy and Others), Asia-Pacific (China, Japan, Australia, India, South Korea and Others), South America (Brazil, Argentina and Others), RoW (Middle East and Africa)

Key Takeaways

  • PAR quantum sensors have been facing higher demands due to growing agricultural research works and projects.
  • Key market players such as Skye Instruments Ltd. and M Squared Lasers have been helping towards significant market growth in Europe.
  • Increasing dominance from healthcare sector along with rising technological growth are some of the major driving factors affecting the growth of Quantum Sensing Market.

Quantum Sensing Market, By Geography, 2020

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Quantum Sensing Market Segment Analysis – By Product type

Based on product type, quantum sensing has been classified under atomic clocks, PAR quantum sensors, magnetic and gravity sensors. PAR quantum sensors have been facing higher market demands at 3.2% share in 2020 due to growth of agriculture sector. With increasing amount of agriculture related studies and research works, PAR sensors are getting highly deployed, thus boosting its market growth. PAR quantum sensors provide a variety of demanding applications in such research works such as Photosynthesis photon flux density (PPFD) measurements over plant canopies in greenhouses, outdoor environments.  With rapid technology advancements, agriculture industry also has been shifting towards usage of quantum based technologies to improve their work productivity. Such rising adoption is also propelling the market demands for PAR quantum sensors in the quantum.

Quantum Sensing Market Segment Analysis – By End Use Industry

Quantum sensing is used in used in medical imaging technique to detect the cancer cells which drives this market at 17.5% CAGR through 2026. Moreover, it is used in lab animals to evaluate the performance of cancer treatments. The growing cancer in every second person is demanding for more effective methods for the treatment hence, booming the Quantum Sensing Market. The application type segment of the Medical Sensor Market has Monitoring, Diagnostic, Therapeutic, Imaging, Fitness and Others. The integration of different types of monitoring devices with smart devices and other wireless medical sensor devices for patient care are driving the growth of wireless or remote monitoring devices. The therapeutic segment is also set to have growth owing to the demand of blood glucose sensors, which are used for diabetes.

Quantum Sensing Market Segment Analysis – By Geography

Europe is expected to have a major growth in the Quantum Sensing Market during the forecast period from 2021 to 2026 at 16.2% CAGR. High investments towards research and development activities along with rising adoption of quantum technology across various industry verticals have been fuelling the growth for Quantum Sensing Market. Moreover, presence of some key players such as Skye Instruments Ltd., Campbell Scientific Ltd and M Squared Lasers are acting as major drivers for the growth of Quantum Sensing Market.

Quantum Sensing Market Drivers

Growing demands from medical sector

Rising demands from medical industry is acting as a major driving factor towards higher market growth of quantum sensing. Usage of quantum sensing helps the medical sector to enhance their medical testing processes. Since quantum sensing offers higher accuracy, using it for detection of diseases can further improve the productivity across medical organizations. Moreover, detection of degeneration diseases is a bit difficult through conventional techniques like Magnetic Resonance Imaging (MRI). Quantum sensing can act as a better and much more efficient way to detect such diseases easily. Deployment of quantum sensing can help in creating portable systems unlike large MRI scanners for monitoring magnetic fields of patient brains. This helps in collecting more valuable data with less efforts both beneficial for patients as well as doctors.

Rising technological growth

Rapid growth and advancements in technology is acting as a major growth factor towards Quantum Sensing Market. With higher adoptability of quantum sensing for various demanding applications across major industry verticals, advanced technology like IoT and many others can affect the market growth. Moreover, quantum sensing merged with such advanced technologies such as IoT, AI and many others will be able to foster the market growth and increase its deployment. Higher accuracy and efficiency will be further improved using new technologies, causing a significant market rise in the near future.

Quantum Sensing Market Challenges

High costs

Quantum Sensing has been majorly deployed across various industry verticals due to their highly beneficial features such as accuracy, efficiency, and many others. But, the higher costs towards its research and development are hampering its market growth. Quantum sensing comprises of advanced technologies which makes it a bit costly to manufacture. Higher costs act a major factor which slows down the development from smaller companies. Quantum sensors are to be made very accurately and require usage of various high technologies, restraining the market growth.

Quantum Sensing Market Landscape

Partnerships and acquisitions along with product launches are the key strategies of the players in the Quantum Sensing Market. The major key players in the Quantum Sensing Market include Apogee Instruments Inc., AOSense Inc., LI-COR Inc., ADVA Optical Networking SE,GWR Instruments Inc., Microsemi Corporation,Skye Instruments Ltd, Adcon Telemetry Gmbh, Campbell Scientific Ltd and M Squared Lasers.

Partnerships/Product Launches/Acquisition

  • In April 2020, Caltech and JPL had collaborated to launch hybrid high rate quantum communication systems. This joint collaboration helped both to demonstrate novel clock technology for enhancing performance through quantum entanglement.
  • In November 2019, RAM Group had partnered up with IGSS GAN Pte Ltd. in order to launch an advanced quantum sensor. This quantum device sensor is the world’s first clinically validated sensor which offers non invasive and continuous organ system monitoring of whole body. This sensor uses artificial general intelligence engine for producing new level of data sets with immediate hyper accurate disease diagnosis or disorders in the heart, lungs and others.

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1. Quantum Sensing Market Overview
   1.1 Definitions and Scope
2. Quantum Sensing Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Application
    2.3 Key trends segmented by Geography
3. Quantum Sensing Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Quantum Sensing Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Quantum Sensing Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Quantum Sensing Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Quantum Sensing Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Quantum Sensing Market – By Product Type (Market Size -$Million/Billion)
    8.1 Atomic Clock
    8.2 Gravity Sensor
    8.3 Magnetic Sensor
    8.4 PAR Sensor
    8.5 Others
9. Quantum Sensing Market – By Application (Market Size -$Million/Billion)
    9.1 Automotive
    9.2 Military and Defense
    9.3 Oil and Gas
    9.4 Healthcare
    9.5 Agriculture
    9.6 Others
10. Quantum Sensing Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 U.S
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 Germany
        10.2.2 France
        10.2.3 UK
        10.2.4 Italy
        10.2.5 Spain
        10.2.6 Russia
        10.2.7 Netherlands
        10.2.8 Others
    10.3 APAC
        10.3.1 China
        10.3.2 Japan
        10.3.3 South Korea
        10.3.4 India
        10.3.5 Australia
        10.3.6 Indonesia
        10.3.7 Malaysia
        10.3.8 Others
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Chile
        10.4.4 Colombia
        10.4.5 Others
    10.5 RoW
        10.5.1 Middle East
        10.5.2 Africa
11. Quantum Sensing Market - Market Entropy
    11.1 New product launches
    11.2 M&A's, collaborations, JVs and partnerships
12. Quantum Sensing Market – Industry Competitive Landscape (Premium)
    12.1 Market Share – Global
    12.2 Market Share by Region
    12.3 Market Share By End Use Industry
13. Quantum Sensing Market – Key Company List by Country Premium (Premium)
14. Quantum Sensing Market - Company Analysis
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10