NEWYORK, June 21,
2024 /PRNewswire/ -- The global hyperspectral remote
sensing market market size is estimated to grow by USD 81 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 9.58%
during the forecast period. Growing adoption of UAVs is driving
market growth, with a trend towards availability of narrower
bandwidths. However, high capital investment poses a challenge. Key
market players include BaySpec Inc., Brimrose Corp. Of America, CI
Systems, Corning Inc., Cubert GmbH, Exosens, Galileo Group Inc.,
Headwall Photonics Inc., IMEC Inc., Konica Minolta Inc., L3Harris
Technologies Inc., Norsk Elektro Optikk AS, Northrop Grumman Corp.,
Quantum Design Inc., Resonon Inc., SpecTIR LLC, Surface Optics
Corp., Teledyne Technologies Inc., TruTag Technologies Inc., and
XIMEA GmbH.
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Hyperspectral Remote
Sensing Market Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.58%
|
Market growth
2024-2028
|
USD 81
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.52
|
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
|
Key companies
profiled
|
BaySpec Inc., Brimrose
Corp. Of America, CI Systems, Corning Inc., Cubert GmbH, Exosens,
Galileo Group Inc., Headwall Photonics Inc., IMEC Inc., Konica
Minolta Inc., L3Harris Technologies Inc., Norsk Elektro Optikk AS,
Northrop Grumman Corp., Quantum Design Inc., Resonon Inc., SpecTIR
LLC, Surface Optics Corp., Teledyne Technologies Inc., TruTag
Technologies Inc., and XIMEA GmbH
|
Market Driver
Hyperspectral remote sensing market is experiencing growth due
to the availability of narrower bandwidths. These narrow bandwidths
enable users to collect high-quality spectral data from greater
distances, expanding the capabilities of hyperspectral remote
sensors beyond traditional geology applications. Newer uses, such
as assessing vegetation fluorescence, necessitate bandwidths under
1 nm. This advancement allows for spatial spectroscopy from further
distances, positively impacting the global hyperspectral remote
sensing market.
The Hyperspectral Remote Sensing market is experiencing
significant growth due to the increasing demand for accurate and
detailed information in various industries. Agriculture, Cancer,
Security, and Environment are key sectors driving this trend.
Hyperspectral technology allows for the identification and analysis
of different materials based on their unique spectral signatures.
This information is crucial for applications such as crop health
monitoring, mineral exploration, and pollution detection. Companies
are investing in research and development to improve the
cost-effectiveness and accessibility of hyperspectral sensors. The
market is expected to continue growing as more organizations
recognize the benefits of this advanced remote sensing
technology.
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Market Challenges
- The global hyperspectral remote sensing market faces
significant challenges due to high capital investment requirements.
Advanced technology necessitates specialized sensors and equipment,
leading to high costs. Some vendors lack the financial capacity to
invest and view it as a risk due to long-term profitability. This
may put smaller vendors at a disadvantage compared to market
leaders. Capital-intensive investments could potentially hinder the
growth of the global hyperspectral remote sensing market.
- The Hyperspectral Remote Sensing market faces several
challenges. Sensors require high precision and accuracy for data
collection. Longwave infrared and shortwave infrared regions are
difficult to measure, making data acquisition a challenge. Data
processing is complex and time-consuming due to large data sets.
The integration of machine learning algorithms for data analysis is
essential but requires significant computational power. The market
also faces the challenge of cost-effective implementation for
large-scale applications. The use of miniaturized sensors and cloud
computing can help address these challenges. The integration of
LiDAR technology and multispectral imagery can enhance the market's
capabilities. The need for standardization and interoperability is
crucial for market growth. The market's future lies in addressing
these challenges and providing cost-effective, efficient, and
accurate solutions.
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challenges - Request a sample report!
Segment Overview
This hyperspectral remote sensing market market report
extensively covers market segmentation by
- Type
- 1.1 VNIR
- 1.2 SWIR
- 1.3 Thermal LWIR
- Application
- 2.1 Agriculture and forestry
- 2.2 Geology and mineral exploration
- 2.3 Ecology
- 2.4 Disaster management
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 VNIR- The VNIR segment, which utilizes
hyperspectral imaging (HSI) technology, dominated the hyperspectral
remote sensing market in 2023. HSI instruments, featuring CCD or
CMOS focal plane arrays, convert light into electrical charges,
voltages, and digital signals. VNIR applications, such as precision
agriculture and forestry, demand real-time information on field
conditions, driving market growth. Companies like Headwall
Photonics Inc. Offer Hyperspec Ext-VNIR, a VNIR HSI system with a
600-1700 nm spectral range.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Hyperspectral Remote Sensing Market encompasses various
industries, including Healthcare, Military & Surveillance,
Environmental Testing, Mining & Mineralogy, Agriculture, and
more. This market is driven by advancements in technology, such as
handheld hyperspectral sensors and artificial intelligence, which
enable more efficient and accurate data collection. Hyperspectral
imaging plays a crucial role in these industries, providing
valuable insights into the chemical composition of materials and
objects. The market is also impacted by global trends, such as
digitalization, economic slowdown, and raw material shortage.
Applications in sectors like Security and Surveillance, World
Health Organization, and Backstreet Surveillance further expand the
market's reach. Automation research and industrial imaging research
contribute to the continuous development of hyperspectral
technology.
Market Research Overview
The Hyperspectral Remote Sensing Market encompasses technologies
and applications that utilize hyperspectral imaging for obtaining
detailed information about the Earth's surface and atmosphere. This
advanced remote sensing technique offers higher spectral and
spatial resolution compared to traditional remote sensing methods.
Hyperspectral sensors can detect and identify various materials
based on their unique spectral signatures, providing valuable data
for various industries such as agriculture, mineral exploration,
environmental monitoring, and defense. The market for hyperspectral
remote sensing is expected to grow significantly due to increasing
demand for accurate and timely information for decision-making and
monitoring applications. Technological advancements and government
investments in research and development are also driving the growth
of this market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Agriculture And Forestry
- Geology And Mineral Exploration
- Ecology
- Disaster Management
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio