Quantum sensors market to grow 13% annually through 2024, boosted by R&D & IoT
09 September 2019
Extensive global R&D activity & growing demand for increased security in IoT networks are two factors driving sustained growth in the quantum sensors market, according to a report by BCC Research, “Quantum Sensors: Quantum Entanglement for Communications & Beyond”.
The market expects to see a compound annual growth rate (CAGR) of 13.2% through 2024, when it could be worth $299.9 million. Major players in the market include: Spectrum Technologies, Sea-Bird Scientific, Meter Group and Asahi Kasei Microdevices.
• By segment, atomic clocks should grow from $49.4 million in 2019 to $89 million by 2024, with a CAGR of 12.5%.
• The global gravity sensors market should grow from $49.4 million in 2019 to $89 million by 2024, with a CAGR of 14.3%.
• The global magnetic sensors market should grow from $44.8 million in 2019 to $81.7 million in 2024, with a CAGR of 12.8%.
Read the full report here: www.bccresearch.com/market-research/instrumentation-and-sensors/quantum-sensors-market-report.html
The report includes a brief overview of the global quantum sensors market and its applications, along with analyses of global market trends, with data from 2018, estimates for 2019 and projections of compound annual growth rates (CAGRs) through 2024. It also identifies segments with high growth potential and future applications in these segments, to help readers comprehend opportunities in the innovation-driven quantum sensors market, as well as the major regions and countries involved in market developments.
The report also includes assessment of key trends related to the market, and the various product types and end-use applications that will influence the quantum sensors industry, as well as an examination of major stakeholders in the market, the competitive landscape for market leaders and their growth strategies. Also included are company profiles of key players active in the global market, including AOSense, Apogee Instruments, GWR Instruments, Microsemi, M Squared Laser, Sea-Bird Scientific and Skye Instruments, as well as an exhaustive patent analysis, with relevant patent data.
“Quantum sensors are projected to be the next big thing because of their wide range of applications in almost every sphere of life,” writes analyst, Sinha G Gaurav. “Research on quantum sensors has substantially increased, resulting in more efficiency in the products and services in which the technology is applied. With the latest technological advancements, the evolution of quantum sensors has reached a different level altogether.”
Potential limitations for the quantum sensors market
Both the R&D costs and risks are very high. Further, the high costs associated with the fabrication and assembly of sensors restrains the global quantum sensors market. In addition, there is little consumer awareness related to this topic. Few companies have adopted applications and services related to quantum sensors. Consumers may have difficulty understanding complex quantum sensors and the principles on which they work, resulting in restrictions on expansion of the market.
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