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Quantum Sensors Market Size
- Report ID: GMI7088
- Published Date: Jun 2024
- Report Format: PDF
Quantum Sensors Market Size
Quantum Sensors Market was valued at over USD 311.4 million in 2023 in terms of sales revenue with an estimated volume surpassing 140 million units. It is anticipated to exhibit a compound annual growth rate (CAGR) of over 15% from 2024 to 2032.
The ongoing advancements in quantum technology coupled with substantial research initiatives & investments are driving the innovation and development of quantum sensors. Research institutions, governments, and private entities are actively investing in quantum technology, fostering breakthroughs in manipulating quantum states, improving sensor sensitivity, and expanding their application domains. For instance, in May 2024, the Pentagon’s Defense Innovation Unit established a new portfolio to integrate nascent technology into military operations. This effort involved seeking industry proposals for quantum sensors capable of offering alternative Position, Navigation, and Timing (PNT) capabilities.
Quantum sensors are poised to revolutionize the automotive industry, offering a new realm of possibilities for safety, navigation, efficiency, and vehicle autonomy. These sensors, leveraging their exceptional precision and sensitivity in measuring factors, such as magnetic fields and gravity variations, can significantly enhance autonomous driving systems. Their ultra-precise detection capabilities improve navigation accuracy, ensuring reliable positioning even in challenging environments.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Quantum Sensors Market Size in 2023: | USD 311.4 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 389 |
| Segments covered: | Type, Platform, End Use, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The development of compact quantum sensors to meet the growing demand for miniaturized sensors increases the complexity and cost. The compact design of sensors makes debugging difficult in case of any issue. Developing and designing application-specific sensors involves several steps & methods, such as consultancy, specification, system planning, circuit design, RF board design, and antenna design & simulation, which involve more time & cost at each step. Also, the installation of such quantum sensors for providing enhanced precision and accuracy requires a premium price range. For example, Brihanmumbai Municipal Corporation (BMC) allotted approximately 900 sqm of space for the installation of an advanced system of the Doppler quantum. It was developed to provide timely weather updates for safety measures for upcoming disasters.
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Quantum Sensors Market Scope
