Quantum Sensor Market Size to Surpass USD 1,170.81 Million by 2033

The global quantum sensor market size is calculated at USD 156.48 million in 2023 and is projected to reach around USD 1,170.81 million by 203 with a solid CAGR of 25.06% from 2024 to 2033.

Key Statistics

• North America dominated the market with the largest share of 38.65% in 2023.
• Europe is observed to witness the fastest rate of growth during the forecast period.
• Asia Pacfic is observed to witness a significant growth in the predicted timeframe.
• By type, the atomic clocks segment held the dominating share of 41.62% in 2023.
• By type, the others segment is expected to witness the fastest rate of expansion during the forecast period.
• By application, the others segment held the largest share of 62.11% in 2023.
• By application, the magnetic field sensing segment held the second largest share while contributing for 37.89% in 2023.
• By end-user, the navigation and transportation segment held the largest share of the market in 2023.
• By end-user, the healthcare segment is observed to expand at the fastest pace during the forecast period.

Because of the enormous expenditures being made by governments and commercial companies, the market for quantum computing is booming. There has been a noticeable increase in the number of government efforts supporting quantum information processing during the past several years, particularly after 2014. Additionally, a number of countries are heavily subsidizing research and development in the area of quantum computing, which is fostering industry expansion.

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The market is keeping track of various significant changes happening mostly in North America but also elsewhere. In order to acquire a competitive edge in the quantum computing sector, private companies are also investing heavily in the technology. For instance, North American businesses like Microsoft Corporation, Google LLC, and International Business Machines (IBM) Corporation are working hard to create and market this technology.

Similar to this, China’s top online retailer, Alibaba Group Holding Limited, is constructing its own quantum computing center. Additionally, the Chinese government is constructing a $10 billion national facility for quantum research in Hefei, with an opening date of 2020. A significant increase in simulation work for quantum computing is also being seen in the market for quantum computing solutions. Market participants are actively trying to create numerical simulation of quantum systems since it is crucial for the advancement of scientific knowledge. But greater processing power is necessary for the development of these systems. In fields like quantum chemistry and superconducting materials, models that represent many important and crucial systems cannot be accurately solved numerically or analytically by conventional computers.

Report highlights

• The system sub-segment type is anticipated to have a prominent market share in the worldwide market because to the growing need for quantum computing in several industries, including machine learning, AI, and radar manufacturing.
• Due to the fast use of quantum computing technologies across a number of industries in the Europe region, including chemicals, healthcare, utilities, and pharmaceuticals, the Europe quantum market is anticipated to earn the most revenue in sales.
• The fastest market growth is anticipated for the category of global consulting solutions, which will primarily be driven by its growing use in drug research, the formulation of innovative compounds, aerospace & defense, material science, chemicals, energy & power, and healthcare.
• The BFSI has a sizable market share based on end use and is expected to grow considerably over the next years.

Quantum Sensor Market Scope

Regional Snapshots

The market share for quantum computing is expected to be dominated by North America due to its early adoption of cutting-edge technology. Market size in North America, which was USD 57.60 billion in 2023, is anticipated to grow significantly. Additionally, the existence of a competitive market and end-user acceptance of cutting-edge technology may promote market growth. Sales are anticipated to increase throughout Europe as a result of the rise of multiple startups, favorable legislative conditions, and the growing use of cloud technology. In addition, it is anticipated that leading companies’ company expansion would accelerate market growth.

The market is anticipated to grow in Asia Pacific as a result of the growing need for quantum computing solutions for simulation, optimization, and machine learning. Additionally, it is anticipated that widespread industrial use of innovative technology would accelerate industry development.

Global Quantum Sensors Market, By Region ($Million)

Type Outlook

The Quantum Sensor Market encompasses several key types, each leveraging quantum mechanics for precise measurements in various domains. Atomic clocks are fundamental, using atomic oscillations to provide unparalleled timekeeping accuracy vital for scientific research and global navigation systems. Magnetic sensors utilize quantum principles to detect and measure magnetic fields with exceptional sensitivity, benefiting applications from medical diagnostics in MRI machines to environmental monitoring and geophysical surveys. Gravity sensors, another crucial type, employ quantum technology to measure gravitational acceleration precisely. They find extensive use in aerospace and defense for navigation and geological surveys, where detecting subtle gravitational variations is essential.

Application Outlook

Across diverse sectors, Quantum Sensors are pivotal for precise data acquisition and analysis. In defense and aerospace, these sensors facilitate accurate navigation, gravitational field mapping, and inertial sensing, supporting critical military and space missions. In healthcare, Quantum Sensors play a crucial role in magnetic resonance imaging (MRI), enabling high-resolution medical diagnostics and neurology research by capturing detailed images of anatomical structures and neural activity. Additionally, Quantum Sensors contribute to environmental monitoring and agricultural practices, enhancing soil nutrient analysis and pollutant detection for sustainable farming and environmental conservation efforts.

Global Quantum Sensors Market, By Application ($ Million)

End-user Outlook

Quantum Sensors cater to a broad spectrum of end-users, underscoring their versatility and applicability across industries. Research institutes and laboratories rely heavily on these sensors for advancing quantum computing, communication, and metrology. Industries harness Quantum Sensors for automation, quality control, and process monitoring, enhancing manufacturing efficiency and product quality in sectors such as electronics, automotive, and semiconductor fabrication. Moreover, Quantum Sensors support telecommunications and IT infrastructure, enabling secure communication through quantum cryptography and facilitating the development of quantum networks for next-generation communication technologies.

Global Quantum Sensors Market, By End User ($ Million)

Quantum Sensor Market Dynamics

Drivers

To support the expansion of the quantum computing industry, more people should use quantum computing as a service (QCaaS). Based on what it has to offer, the services category is anticipated to control a large portion of the market. This is due to the increasing use of quantum computing as a service (QCaaS) in a variety of industries, including finance, chemicals, defense, and the pharmaceutical and healthcare industries. Calculations can be completed by quantum computers in a matter of seconds. As a result, they are heavily utilized in various businesses, particularly BFSI, to speed up the operations.

In the meanwhile, the market has benefited from the growing usage of this technology in optimization, simulation, and machine learning applications across a range of end-use sectors. The development of network quantum information technologies (NQIT) is anticipated to accelerate the inclusion of optimization methods for resolving issues that arise during the practical applications of quantum computing during the course of the forecast period.

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Restraints

Technical and implementation issues limit market expansion. Research is still being done on quantum computer engineering. There are several technological difficulties in putting quantum computing technology into real-time applications. Since any environmental contact will cause the state function to collapse, quantum computers are particularly sensitive to environmental interactions. The creation of physical universal computers that can be utilized for real-time applications has only been theoretically shown, and it is yet unclear exactly how quantum computing solutions will affect the way that information is now processed. These are the driving forces behind the gap that has grown between research institutions, investment firms, and the corporate environment, which is predicted to have a negative impact on the development of the global quantum computing industry.

Opportunities

The quantum computing business is expanding quickly and provides prospects in practically every discipline, but its ability to assist farmers in increasing agricultural productivity and output is the most important aspect. A quantum computing platform might also aid in the development of the chemicals needed to make fertilizers that use less energy. These elements are to blame for the explosive uptake of quantum computing technology in the agricultural industry. Additionally, governments all around the world are sponsoring and funding researchers in quantum computing. Additionally, a software startup called Quantum provides quantum computing softwares to provide cutting-edge agricultural solutions that help farmers better manage their farming operations. Such corporate endeavors and governmental assistance might in the future provide considerable market potential for the worldwide quantum computing industry in agriculture.

Challenges

Since qubits are delicate and easily disrupted by fluctuations in ambient temperature, frequency and noise, it has been hard to maintain their quantam mechanical state for a very longer time. Commercializing quantum computers is a challenging, complex undertaking. A number of systems based on online ledgers employ the elliptic curve digital structuring approach, is presently not quantum secure. The strength of these services lies in their ability to store a complex state in one bit. This aspect also contributes to the challenge of building, testing, and designing quantum systems. The fragility of quantum states necessitates precision in manufacture and frequent operation of bits at very low temperatures.

Quantum Sensor Market Companies

• Q-CTRL
• Qnami
• Robert Bosch GmbH
• BAE Systems
• QuantumDiamonds
• Apogee Instruments, Inc.
• ColdQuanta, Inc.
• Miraex
• Zurich Instruments AG
• Q.ANT GmbH

Recent Developments

• In November 2023, Munich-based QuantumDiamonds, a startup in quantum sensing, reported that they had raised USD 7.54 million in early money. The fundraising was spearheaded by €3 million from UK-based venture capital firm VC IQ Capital and pan-European venture capital firm Earlybird, known for their investments in N26 and UiPath. Onsight Ventures, First Momentum, Creator Fund, UnternehmerTUM, and several angel investors from the semiconductor sector made further investments. The remaining €4 million came from grant financing from the Bavarian state and the European Innovation Council (EIC) Accelerator.
• In February 2022, after seven years of research into quantum sensing, Robert Bosch GmbH (Bosch), a global engineering and technology corporation based in Germany, announced the formation of an internal startup dedicated to producing quantum sensor devices. The recently founded company will combine the findings of its current study and turn them into goods.
• In January 2023, a leading global provider of quantum ecosystems, Infleqtion, and pioneer in stratospheric exploration and flight, World View, announced their collaboration to enable quicker, more affordable quantum application testing by combining Infleqtion’s compact quantum technology with World View’s patented stratospheric balloon systems.

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