Technavio market research analysts forecast the global quantum sensors market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global quantum sensors market 2018-2022 under their hardware and semiconductor library. (Graphic: Business Wire)
This market research report segments the global quantum sensors market into the following four major products (atomic clocks, PAR quantum sensors, gravity sensors, and magnetic sensors), six major applications (military and defense, agriculture, oil and gas, automotive, healthcare, and construction) and three major regions (the Americas, APAC, and EMEA).
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Technavio highlights rising number of sensors per vehicle as one of the key drivers in the market
The increase in the number of automobile sensors is a major driver for the growth of the global quantum sensors market. To meet the security and environmental standards as well as improving the overall efficiency of a vehicle, several sensors are being integrated within automobiles. A vehicle has over 60-100 sensors, and Technavio predicts that an automobile will easily constitute over 200 sensors during the forecast period. The increase in the number of electronic systems being integrated into vehicles is the main reason for this growth. Driver assist systems, engine systems, carputers, telematics, heads-up display (HUD), in-car entertainment systems, exhaust management systems, and GPS are some of the major systems. These systems will require an extensive number of sensors to work efficiently.
According to a senior analyst at Technavio for sensors, "Quantum sensors are increasingly becoming an important part of an automobile. They are being used for precision navigation in automobiles as they provide highly accurate measurements. As the number of sensors in an automobile increases, there are high chances that sensors will be replaced by highly efficient quantum sensors. For example, quantum sensors are being integrated with GPS sensors; hence, quantum sensing image sensors will replace night-vision image sensors, while wheel rotation sensors will be replaced by quantum sensors, along with several other possibilities. Therefore, to deliver high performance at a higher operating efficiency, quantum sensors will form a crucial part."
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Global quantum sensors market segmentation
Of the four major products, the atomic clocks segment held the largest market share in 2017, accounting for nearly 42%. However, the market share for this product is expected to decrease nearly 3% by 2022. The PAR quantum sensors segment is expected to surpass the atomic clocks to become the leading product, accounting for a market share of 39% by 2022.
EMEA was the leading region for the global quantum sensors market in 2017, accounting for a market share of 42%. By 2022, EMEA is expected to witness growth of more than 1%.
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