Quantum Sensors Market to See 13.2% Annual Growth Through 2024


Reading time ( words)

Extensive global R&D activity and growing demand for increased security in IoT networks are two factors driving growth in the global quantum sensors market, according to a report by BCC Research, “Quantum Sensors: Quantum Entanglement for Communications and 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.

Research Highlights

  • 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%.

“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.”

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.

Share

Print


Suggested Items

Worldwide Semiconductor Equipment Billings at $13.3 Billion in 2Q19; Down 20%

09/12/2019 | SEMI
Worldwide semiconductor manufacturing equipment billings reached $13.3 billion in the second quarter of 2019, down 20% from the same quarter of 2018 and 3% from than the previous quarter.

Uncertainties in the Market Rise while a Bounce in NAND Flash Prices Remains Unlikely in 3Q

06/20/2019 | TrendForce
According to the latest investigations by DRAMeXchange, a division of TrendForce, demand for smartphones and servers go below expected levels in 2019 as the US-China trade dispute heats up.

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.



Copyright © 2019 I-Connect007. All rights reserved.