The global atomic clock market was valued at US$ 418.73 million in 2019 and is expected to reach US$ 668.58 million by 2027; it is estimated to grow at a CAGR of 6.2% during 2020–2027.
The ongoing COVID-19 outbreak is restraining the growth of the global atomic clock market in 2020, and it is likely to continue till early 2021 owing to disruptions in supply chains, decrease in demand and production, and decline in the economic and industrial growth of major regions such as North America, Europe, and Asia Pacific. Hence, there is a decline in y-o-y growth during the year 2020 and 2021. However, the growth is expected to normalize from 2021 onwards, and the market is expected to grow at a steady pace from 2021 to 2027.
Atomic clock is a precision clock that helps in internet synchronization and GPS navigation. The accuracy of an atomic clock depends on the temperature of sample atoms, and the frequency and intrinsic line width of the electronic or hyperfine transition. The global atomic clock market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into rubidium atomic clock and CSAC, cesium atomic clock, and hydrogen maser atomic clock. The rubidium atomic clock and CSAC segment led the atomic clock market in 2019, followed by the cesium atomic clock and hydrogen maser atomic clock segments. The market for rubidium atomic clock and CSAC segment is anticipated to grow at the highest CAGR of 6.6% during 2020–2027. The atomic clock market, by application, is segmented into space and military/aerospace, scientific and metrology research, telecom/broadcasting, and others. The space and military/aerospace segment led the atomic clock market in 2019, followed by telecom and broadcasting, scientific and metrology research, and other segments. The market for space and military/aerospace segment is anticipated to grow at the highest CAGR of 7.0% during the forecast period. By geography, the atomic clock market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America led the market, followed by Europe and APAC. The market in APAC is projected to grow at the highest CAGR of 7.1% from 2020 to 2027.
The overall global atomic clock market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the atomic clock market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the atomic clock market. A few of the players operating in the market and profiled in this market study are AccuBeat ltd., Excelitas Technologies Corp., IQD Frequency Products Ltd., Leonardo, Microchip Technology Inc., Orolia, Oscilloquartz, Stanford Research Systems, Tekron, and VREMYA-CH JSC.