NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The hyperspectral remote sensing market size is expected to grow by USD 85.6 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 10.7% during the forecast period. The market is segmented by Type (VNIR, SWIR, and Thermal LWIR), Application (Agriculture and forestry, Geology and mineral exploration, Ecology, and Disaster Management), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The growing adoption of UAVs drives the market growth. They are remote-controlled aircraft that operate on complex dynamic automation systems or pre-programmed flight plans. UAVs are used in different military fields, including environmental monitoring, search and rescue operations, reconnaissance, disaster relief, border patrol, tracking, and monitoring. Market vendors are expanding the development of hyperspectral remote sensors to cater to this growing demand. Hence, such factors drive the growth of the hyperspectral remote sensing market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the hyperspectral remote sensing market: BaySpec Inc., Brimrose Corp. of America, CI Systems, Corning Inc., Cubert GmbH, Galileo Group Inc., Headwall Photonics Inc., IMEC Inc., Konica Minolta Inc., L3Harris Technologies Inc., Norsk Elektro Optikk AS, Northrop Grumman Corp., Photonis Technologies SA, Quantum Design Inc., Resonon Inc., SpecTIR LLC, Surface Optics Corp., Teledyne Technologies Inc., TruTag Technologies Inc., and XIMEA GmbH
- Hyperspectral Remote Sensing Market is fragmented in nature.
- Market to observe 8.05% YOY growth in 2023.
Market Dynamics:
Trend
- The availability of narrower bandwidths is an emerging trend in the hyperspectral remote sensing market.
- Narrow bandwidths enable users to gather laboratory-standard radiation from greater distances and analyze the data using spectral-based analysis techniques.
- They are expanding the applicability of hyperspectral remote sensors from geology to newer applications like assessment of vegetation fluorescence.
- This requires bandwidths of about 1 nm.
- Hence, such trends fuel the growth of the hyperspectral remote sensing market during the forecast period.
Challenge
- High capital investment challenges the growth of the hyperspectral remote sensing market.
- To keep pace with rapidly evolving technological demands in the hyperspectral imaging systems market, heavy investments are required.
- The investment might be viewed as extremely risky due to the benefits of such efforts being received in the long run.
- This limits the expansion of the hyperspectral imaging systems market.
- Hence, such challenges impede the growth of the hyperspectral remote sensing market during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The VNIR segment will be significant during the forecast period. Hyperspectral imaging (HSI) is preferred for remote monitoring. Given both converting incoming light into an electrical charge and then a voltage, most VNIR HSI instruments use either a charge-coupled device (CCD) or a complementary metal oxide semiconductor (CMOS) focal plane array (FPA). Hence, such factors fuel the VNIR segment growth during the forecast period. Get a glance at the market contribution of the segments, Request a Sample
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Hyperspectral Remote Sensing Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.7% |
Market growth 2023-2027 |
USD 85.6 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
8.05 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BaySpec Inc., Brimrose Corp. of America, CI Systems, Corning Inc., Cubert GmbH, Galileo Group Inc., Headwall Photonics Inc., IMEC Inc., Konica Minolta Inc., L3Harris Technologies Inc., Norsk Elektro Optikk AS, Northrop Grumman Corp., Photonis Technologies SA, Quantum Design Inc., Resonon Inc., SpecTIR LLC, Surface Optics Corp., Teledyne Technologies Inc., TruTag Technologies Inc., and XIMEA GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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