Global Quantum Sensors Market by Sensor Types, Applications, and Regions -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Quantum Sensors Market is valued to reach USD 285.6 Million by 2024, growing at CAGR of 12.5% over forecast period 2020–2026. Growing adoption and rising investments in quantum technology coupled with increasing focus on development in quantum sensors are the key factors augmenting the market growth.

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The IoT boom is also auguring well for the global quantum sensors. This is owing to the need for extremely precise sensing capabilities in connected devices. GPS is also an important space for quantum sensors. GPS is being widely used in the aerospace and automotive sectors. The aforementioned factors are providing an impetus to the market.

Market Dynamics:

Increasing investments in research to develop quantum sensors by private organizations and government associations is expected to drive the market growth. Moreover, manufacturers of the sensors are focusing on developing industry-specific sensors to cater to the changing demand.

For instance, in March 2019, researchers at the University of Waterloo’s Institute announced the development of quantum sensors for advanced applications in healthcare. The newly developed quantum sensors are used for adding remote sensing capabilities for monitoring cancer treatments.