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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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