The global quantum sensors market is still in its early growth stage and is attracting significant investments from market participants due to the anticipated growth. Market participants are investing in the development of new products to explore the potential applications of quantum sensing. Government grants to vendors in the market are a major source of investment.
For instance, in August 2019, the US Department of Energy (DOE) announced that it would fund a total of USD 21,4 million toward research in quantum information science (QIS) related to both particle physics and fusion energy sciences. A part of the funding will be used for the development of highly sensitive quantum sensors for the detection of rare particles. Similarly, in August 2019, Scottish Enterprise, the National Economic Development Agency of Scotland, announced that it would fund a sum of USD 3,5 million to M-Squared Lasers as an R&D grant. Thus, the increasing investments in the market project a positive outlook toward the global quantum sensors market.
As per Technavio, the use of NV colour centres for manufacturing quantum sensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
The use of NV colour centres for manufacturing quantum sensors is an emerging market trend. NV colour centres are highly isolated from environmental changes and perturbations and therefore, are used to manufacture quantum sensors. Scientific research indicates that NV color centers are like a trapped ion technology in which ytterbium ions are trapped or suspended in free space using an electromagnetic force. The trapped ion technology is a major technology that is being researched to develop quantum computing.
"Factors such as the emergence of new applications of quantum sensors, and growing number of strategic partnerships in the market will have a significant impact on the growth of the quantum sensors market value during the forecast period", stated a senior analyst at Technavio.
This market research report segments the quantum sensors market by product (atomic clocks, PAR quantum sensors, gravity sensors, magnetic sensors, and other sensors), application (military and defense, agriculture, oil and gas, automotive, and other applications), and geography (Europe, North America, APAC, MEA, and South America).
Europe led the quantum sensors market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as increasing investments in satellite communication and the rising number of satellite launches that are used to gather intelligence as well as enable navigation and military communications.
To learn more about the global trends impacting the future of market research, you can download a free sample of the Technavio report titled " Quantum Sensors Market by Product, Application, and Geography - Forecast and Analysis 2020-2024 ".