Quantum Sensors Market annual growth rate (CAGR) of 13.2% during the period, 2019-2024

The global quantum sensors market should grow from $161.0 million in 2019 to $299.9 million by 2024 with a compound annual growth rate (CAGR) of 13.2% during the period, 2019-2024.

Report Scope:

The quantum sensors market is segmented into the following categories:

– By product type: atomic clocks, magnetic sensors, photosynthetically active radiation (PAR) quantum sensors, and gravity sensors.
– By application: military and defense, automotive, healthcare, agriculture, oil and gas, and others.
– By region: North America is segmented into the United States, Canada, and Mexico; Europe is segmented into the United Kingdom, Russia, Italy, Germany, and Rest of Europe; Asia-
Pacific is segmented into China, Japan, India, and Rest of Asia-Pacific; Rest of the World (RoW) is segmented into Brazil, the Middle East, Africa, and Rest of RoW.

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In addition to industry and competitive analyses of the quantum sensors market, this report also provides an exhaustive patent analysis and a listing of company profiles of key players active in the global market.

Report Includes:

– 34 data tables and 47 additional tables
– Brief overview of the global quantum sensors market and applications of quantum entanglement for communications
– Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Identification of segments with high growth potential and understand future applications in these segments
– Comprehend opportunities and highlights of the innovation-driven quantum sensors market and the major regions and countries involved in market developments
– Assessment of key trends related to the global market and the various product types and end-use applications that will influence the quantum sensors industry
– Examination of major stakeholders in the market and the competitive landscape for market leaders and their growth strategies
– An exhaustive patent analysis with relevant patent data
– Company profiles of key players active in the global market, including AOSense, Apogee Instruments Inc., GWR Instruments Inc., Microsemi Corp., M Squared Laser Ltd., Sea-Bird Scientific and Skye Instruments Ltd.

Summary

Quantum technology has been highly anticipated, mainly because of its tremendous potential. As this technology continues to develop and is showing promising progress, substantial investment is being witnessed on a global scale. Very soon, new improvements are expected to be seen in financial risk assessment, the discovery of new medications, machine learning models, and efficiency of chemical catalysts. As governments across the world, scientists and companies are rushing to invest in this new era of quantum technology, a vital part of the wave of innovation is quantum sensors. Enhancing these devices could consequently result in technological advances that scientists have not yet even predicted,
more powerful computers, and better detectors of disease. One of the first widespread applications of quantum technology was measuring time with unprecedented precision. Now the technology is making its way into the Earth’s orbit, with substantial economic benefits expected. A new generation of telecommunication or navigation satellites would strongly benefit from atomic clocks. In terms of fullfledged commercialization of quantum technologies, there is a need to evolve quantum science into a quantum technology market focused on return on investment. This could happen in several ways, including public-private partnerships and industrial-academic collaboration, many of which would need backing with government funding. This will be stimulated by the desire to make significant enhancements to both physical and digital infrastructure. This ultimately requires a better understanding of how quantum technologies would benefit society.

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Using the principle of quantum entanglement, researchers are using entangled photons for transferring information between two nodes, in which the receiver holds half of the entangled photons while the sender holds the other half. Thus, communication is made possible by manipulation of these photons, resulting in an immediate change in the corresponding photons. One advantage of this is that it helps to create an unhackable system of communication, wherein any attempt to intercept or eavesdrop on the information would result in the disentanglement of the particles. This would alter the message and instantaneously make the hacking attempt known. Although current applications are still restricted, this has been successfully used in quantum key distribution. This type of communication is also faster than conventional methods of communication, as entangled photons are able to transmit information instantly. However, entanglement falls victim to the no-cloning theorem and decoupling, which makes long-distance communication difficult. Nevertheless, to combat and overcome this issue, scientists and researchers are employing quantum repeaters.

Quantum sensors are sensors that exploit quantum correlations, such as quantum entanglement and quantum de-coherence, to achieve a resolution or sensitivity that is better than what is achievable by using only classical systems. A quantum sensor is capable of measuring the effect of the quantum state of another system on itself. These sensors take advantage of quantum correlations to produce measurements beyond what is possible with conventional sensors. Quantum sensor technology has strong commercial prospects for the coming years, and the market is expected to benefit from increasing levels of government funding for quantum technology. Features such as high credibility and accuracy are making this technology popular across various industries. Quantum technologies such as quantum cryptology and quantum cryptography are finding various industrial applications. Further, emerging technology such as quantum photonics is anticipated to lead to the development of new kinds of sensor products in the coming years.

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