July 15, 2024
Quantum Sensors Market
Ict

Global Quantum Sensors Market Driven By Increasing Demand For Quantum Sensors In Quantum Computing And Communication Industries

The global quantum sensor market has witnessed significant growth in recent times due to the increasing demand for quantum sensors in quantum computing and communication industries. Quantum sensors are used in a wide range of applications like quantum communication, quantum metrology, quantum imaging, detection of gravitational waves, weak forces, magnetic fields, and electric fields. Quantum sensors leverage the properties of quantum mechanics and perform sensing with greater precision and accuracy compared to traditional sensors. With advancements in the field of quantum technologies, quantum sensors are getting incorporated in new devices used for quantum computers, communication systems, imaging equipment, microscopes, etc. This growing adoption of quantum sensors across diverse industries is fueling the growth of the global quantum sensor market. The global Quantum Sensors Market is estimated to be valued at US$ 622.18 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The demand for quantum sensors in the quantum computing industry is one of the key trends driving the growth of the global quantum sensor market. Quantum computing is considered the next big breakthrough in the field of computing technology. Quantum computers utilize quantum bits or qubits that use quantum mechanics phenomena like quantum superposition and quantum entanglement to perform computing operations. Emerging quantum computer companies are developing advanced quantum processors that incorporate quantum sensors to manipulate and read qubits during computation. This boosts the computing power and scalability of quantum computers. Major technology giants like IBM, Microsoft, Google among others are heavily investing in quantum computing and this increasing R&D activity is positively impacting the adoption of quantum sensors. Other notable trends include growing deployment of quantum sensors for early disease detection, biological research, material science, and defense applications. Overall, the rising demand from diverse end-use industries across the globe is estimated to propel the quantum sensors market over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate given the high capital requirements for R&D and manufacturing quantum sensors. However, newer startups focused on niche applications can enter more easily.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are a few established players in the quantum sensors market. However, buyers can leverage competition between players to negotiate on price and delivery terms.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers for quantum sensors have limited bargaining power due to availability of substitute materials.
Threat of new substitutes: The threat of new substitutes is high given the rapidly evolving nature of quantum technologies. Newer quantum technologies and sensors could emerge as substitutes.
Competitive rivalry: Competition in the quantum sensors market is high among the major players due to their global presence and wide product portfolio. Players focus on new product launches and expanding applications to gain market share.

Key Takeaways

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The global Quantum Sensors Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. North America is expected to dominate the quantum sensors market during the forecast period owing to the presence of major players and growing quantum technology adoption in the region. Key players operating in the quantum sensors market are LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS. Regional analysis related content comprises
The North America regional market is expected to hold the largest share in the global quantum sensors market due to strong presence of quantum sensor manufacturers and high investment by government and private organizations for quantum technology R&D. The Asia Pacific quantum sensors market is anticipated to witness the fastest growth rate during the forecast period owing to growing research in countries like China, Japan, and India. Key players operating in the quantum sensors market are LI-COR Inc., AOSense Inc., Campbell Scientific Ltd., Apogee Instrument Inc., Skye Instruments Ltd., M Squared Lasers Ltd., Robert Bosch GmbH, and Muquans SAS. These players focus on new product launches and expanding their manufacturing facilities to cater to the growing demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it