Quantum Sensing Market Size Forecast to Reach $328.5 Million by 2026

October 01 22:20 2021
Quantum Sensing Market Size Forecast to Reach $328.5 Million by 2026
Quantum Sensing Market
Increasing Dominance From Healthcare Sector Along With Rising Technological Growth Are Some of the Major Driving Factors Affecting the Growth of Quantum Sensing Market.

Global 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 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.

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Quantum Sensing Market Segment Analysis – By Geography

Europe is expected to have a major growth in the global 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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