The global hyperspectral remote sensing market is estimated to be valued at US$114.384 million in 2019. Hyperspectral remote sensing, also known as imaging spectroscopy, is a technology concerning the detection and identification of minerals, terrestrial vegetation, and man-made materials and backgrounds. Hyperspectral remote sensing combines imaging and spectroscopy in a single system which includes large data sets and requires new processing methods.
Natural resources are covered beneath the earth’s surface abundantly and these remote sensing technologies are an integral tool for the exploration of resources from detection and mapping of minerals. They are also used in Soil characterization and observation, monitoring of dry areas for water management, sustainable management of renewable resources, soil erosion and land degradation mapping, soil contamination among others. Moreover, the research and projects undertaken by the earth science community use these technologies extensively. Thus, increasing funding and investments, growing industrial applications of hyperspectral imaging are the major factors driving the growth of the hyperspectral imaging systems market.
By type, SWIR imaging accounts for a significant share. SWIR imaging is used in a variety of applications including electronic board inspection, solar cell inspection, produce inspection, identifying and sorting, surveillance, anti-counterfeiting, process quality control, and much more. By application, defense is the fastest-growing segment. Geographically, North America dominates the market followed by Europe due to the growth in research funding, technological advancements, and increasing awareness of the benefits of hyperspectral imaging in commercial industries across the regions.
Hyperspectral remote sensing plays a key role in environmental mapping and monitoring. The national governments have collaborated with intergovernmental agencies like the UN, WHO, IFC, and World Bank to mitigate climate change. Additionally, research projects such as vegetation research, food analysis, and mineral research utilize hyperspectral remote sensing. These increasing usage and investments have led to several technological advancements such as micro-hyperspectral imaging technology development. As R&D continues to grow strongly, the hyperspectral remote sensing market is anticipated to expand in the coming years.
Emerging economies such as Asia, Latin America, the Middle East, and Africa have resorted to the adoption of hyperspectral remote sensing technologies in the field of agriculture, water management, geological exploration, defense, and others. Countries like China and India have launched remote sensing satellites with high-resolution remote sensing cameras, infrared, and radars for various research purposes. Other than that, reliable soil testing for construction, agriculture, and water projects has been taken up in Southeast Asia, and Middle Eastern countries. These applications are at an early stage of development and there are untapped opportunities for the sensor technologies to expand on.
It is a complex process that involves a huge amount of data and thus requires large storage space and enhanced software technologies to analyze data in a shorter time frame. These factors may restrict the expansion of the market.
The use of hyperspectral remote sensing technologies for non-essential activities has been put on hold during the pandemic which led to a minute contraction of the market. But as restrictions were, critical field like defense, agriculture and healthcare has resumed their production of sensor technologies. The healthcare industry has sought innovations in hyperspectral sensors to analyze the skin conditions related to Covid-19. HinaLea Imaging in 2020 has entered into a research program to investigate the prognostic value of skin findings associated with COVID-19 infection, using the company's advanced hyperspectral imaging system. Thus, the market witnessed a meager impact due to the outbreak in the short run, and the market is expected to rebound in the long run.
The market leaders for the Global Hyperspectral Remote Sensing Market are Headwall Photonics Inc, Focus Microwaves Inc, Ci Systems., Telops, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, BaySpec, Inc, and Specim, Spectral Imaging Oy Ltd. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, to gain a competitive advantage over their competitors. Few examples:
|Market size value in 2019||US$114.384 million|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Headwall Photonics Inc, Focus Microwaves Inc, Ci Systems, Telops, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, BaySpec, Inc, Specim, Spectral Imaging Oy Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global hyperspectral remote sensing market?
A1. The hyperspectral remote sensing market was valued at US$114.384 million in 2019.
Q2. Who are the major players in the hyperspectral remote sensing market?
A2. The market leaders for the global hyperspectral remote sensing market are Headwall Photonics Inc, Focus Microwaves Inc, Ci Systems., Telops, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, among others.
Q3. How is the global hyperspectral remote sensing market segmented?
A3. The global hyperspectral remote sensing market has been segmented by type, application, and geography.
Q4. What factors are anticipated to drive the hyperspectral remote sensing market growth?
A4. Increasing funding and investments, growing industrial applications of hyperspectral imaging are the major factors driving the growth of the hyperspectral imaging systems market.
Q5. Which region holds the largest market share in the hyperspectral remote sensing market?
A5. Geographically, North America dominates the hyperspectral remote sensing market followed by Europe due to the growth in research funding, technological advancements, and increasing awareness of the benefits of hyperspectral imaging.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL HYPERSPECTRAL REMOTE SENSING MARKET, BY TYPE
5.4. Thermal LWIR
6. GLOBAL HYPERSPECTRAL REMOTE SENSING MARKET, BY APPLICATION
6.3. Research Institutes
6.4. Commercial Enterprises
7. GLOBAL HYPERSPECTRAL REMOTE SENSING MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE INTELLIGENCE
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Headwall Photonics Inc
9.2. Focus Microwaves Inc
9.3. Ci Systems.
9.6. Corning Incorporated
9.7. Norsk Elektro Optikk AS
9.8. Surface Optics Corporation
9.9. BaySpec, Inc
9.10. Specim, Spectral Imaging Oy Ltd.
Headwall Photonics Inc
Focus Microwaves Inc
Norsk Elektro Optikk AS
Surface Optics Corporation
Specim, Spectral Imaging Oy Ltd.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.