The quantum sensors market (henceforth, referred to as the market studied) was valued at USD 1145. 2 million in 2020, and it is expected to reach USD 1852. 36 million by 2026, registering a CAGR of 8. 67% during the period of 2021 - 2026.
New York, March 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Quantum Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06039508/?utm_source=GNW
Increasing research and developmental activities related to quantum technology is expected to provide ample opportunities for market growth in different fields such as the military, construction industry, automotive, etc. Features, such as high credibility and accuracy are making this technology accessible across various sectors.
- Quantum technology is expected to provide significant areas of application in multiple aspects of future military operations. Countries such as China are focused on utilizing this technology for its military applications and aimed to become a leader in quantum information science.
- Significant research which is progressing in this field is in the area of communications. For instance, a research study conducted by the US Army Research Laboratory (Published March 2020) revealed the advances in the quantum sensor technology that could enable their soldiers to detect communication signals over the entire radio frequency spectrum, from 0 to 100 GHz. Traditionally, such wide frequency spectral coverage was impossible by a single antenna, with a traditional receiver system. The research development has avoided the requirement of multiple systems of individual antennas, amplifiers and other components.
- Besides, the ongoing research in the life sciences sector may further provide required impetus to the market growth. For instance, in March 2019, researchers at the University of Waterloo in Canada announced the development of a new quantum sensor, which they claim can outperform existing technologies. The features of the sensor promise rise in success rate of cancer treatments, with significant advancements in long-range 3D imaging and monitoring.
- In September 2019, scientists from MIT announced the creation of a quantum sensor on a silicon chip. These sensors are fabricated from a diamond base, a solid form of carbon, that contains nitrogen-vacancy centers. MIT scientists managed to scale down the nitrogen-vacancy (NV)-based quantum sensors, which contains optical filters, photodetectors, and a microwave generator, from the size of a table to the millimetre-scale, via semiconductor fabrication techniques, thus, practically allowing the integration into devices.
- The COVID-19 outbreak and recent lockdown restrictions have affected the industrial activities across the world, highlighting supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems, etc. Although, around May 2020, many of these industrial sites resumed their operations, the fluctuation caused in starting four months in 2020 resulted in order delays and lead time across the quantum sensor supply chain during 2020.
- The pandemic forced the manufacturing industries to re-evaluate their traditional production processes, primarily driving the digital transformation and smart manufacturing practices across the production lines. The manufacturers are also collectively being forced to devise and implement multiple new and agile approaches to monitor product and quality control.
Key Market Trends
Increasing Research Activities is Expected to Drive the Market
- The research work is anticipated to support the modernization priorities of the US Army in next-generation computer networks and assured position, navigation, and timing. The research study could assist in the detection of RF signals for geolocation by potentially influencing novel communications concepts or approaches. Further studies are being conducted with an intent to expand detection protocols for more complicated waveforms and improve the sensitivity to detect even weaker signals.
- Such ongoing research and development activities are anticipated to constitute to a notable advance in the technology and provides tremendous growth opportunities during the forecast periodPublished July 2019), revealed the discovery of a new method that could be employed to build quantum sensors with ultra-high precision.
- A collaborative research team, led by the University of Bristol was able to avoid the presence of vibrations due to solid materials that are in fact much larger objects and are usually considered to be detrimental.
- The scientists were able to establish that the naturally occurring vibrations in artificial atoms can surprisingly lead to greater suppression of fluctuations in brightness in comparison to those present in natural atomic systems.
- Such discoveries could provide significant, new set of applications which use artificial atoms for quantum enhanced sensing. These applications range from small scale magnetometry (used in the measurement of signals in the brain) to full-scale gravitational wave detection (used for revealing cosmic processes at the centre of galaxies)
- Such ongoing research and development activities are anticipated to constitute to a notable advance in the technology and provides tremendous growth opportunities during the forecast period.
Europe is Expected to Dominate the Market
- Europe is expected to dominate the market because Europe is one of those regions which started investing in the market early and have also made some strategic plans for the coming future.
- The United Kingdom was an early mover in quantum technologies. Additionally, the UK government recognized the potential of new quantum technologies and announced in the 2013 Autumn Statement GBP 270 million to set up the National Quantum Technologies Programme.
- The program is a coordinated effort between the Department for Business, Innovation and Skills (BIS), the Engineering and Physical Sciences Research Council (EPSRC), Innovate the UK, and the National Physical Laboratory (NPL), in partnership with the Defence Science and Technology Laboratory (DSTL) and the National Technical Authority for Information Assurance (CESG).
- The national program is supported by several public bodies, and GBP 120 million has been invested in a series of quantum technology hubs. The country supports a solid foundation of science that is flexible enough to respond to new opportunities, which is focused on the challenges faced by those seeking to exploit quantum technologies commercially.
- The quantum technology hub focuses on applications in geophysics, navigation, brain imaging, and precision timing. Each of these applications has the potential to create significant economic and societal benefits.
- For instance, the Glasgow-led quantum hub, which works at enhanced imaging, was awarded an additional GBP 28 million in the new round of funding. The hub’s research showcases include a digital camera that captures photons 10,000 times faster than conventional cameras and cameras capable of looking around corners and seeing clearly through the smoke. The hub has incubated three start-ups, QLM (which has developed a drone-mounted sensor capable of remotely detecting and quantifying minute methane leaks), Raycal (which provides consulting services in quantum technologies), and Sequestim (which is working on terahertz imaging technology for security screening applications).
The quantum sensors market is at its initial stage, and thus, the competition among the players is moderately low. This market offers enormous opportunity, and because of this, many players are entering the market. Product launch and partnership are the major strategies followed by the vendors to gain a competitive advantage. Few recent developments are:
- September 2020 - The Defence Research and Development Organisation (DRDO) hinted at forming a special committee at the national level for coordinating a collaborative effort in research and application of quantum technology, which is an emerging field of physics and engineering and relies on the principles of quantum physics in the defense sector.
- August 2020 - China announced that it started work on a massive quantum research facility in Hefei in Anhui province three years ago, designated as its national program headquarters. The state media reported that the program’s investment will reach CNY 100 billion (USD14.8 billion) by 2022. According to Pan Janwei, the father of China’s quantum satellite programme, the country was trying to develop three disruptive technologies- quantum sensors, quantum computers, and quantum internet.
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