Global Hyperspectral Remote Sensing Market to Surpass 350 MN US$ By 2024 with CAGR of 9.1% between 2018 and 2024

Posted On November 20, 2018     

The new report by Value Market Research provides detailed insight on the Global Hyperspectral Remote Sensing Market. The report show that the global hyperspectral remote sensing market was valued USD 190 MN (by revenue) in 2017 and is anticipated to reach USD 350 MN by 2024 with a CAGR of 9.1% under the study period. Hyperspectral remote sensing has emerged as one of the most significant breakthroughs in terms of remote sensing technology. The report is an intellectual work elaborating on global and regional market size, market drivers and restraints. The market forecasts detailed in the report highlights the future of the market keeping in account the latest market trends and developments.
This advanced technology is also referred to as imaging spectroscopy and is beneficial for studying earth surface materials in two ways spectrally and spatially. This device is able to provide high-level of performance in spectral and radiometric calibration accuracy in the data sets. Also, this can be used for extracting information across various quantitative and qualitative application. This device is broadly used across agriculture, geology, urban management, and many other spheres.

The report -"Global Hyperspectral Remote Sensing Market Report By Type (VNIR, SWIR, And Thermal LWIR), Application (Commercial Enterprises, Defense Organization, And Research Institution) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024is a  market intelligence studies ensuring relevant and fact-based research which help client to make smart business decision.

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Owing to their excellent imaging performance and exceptional spectral & spatial resolution, they are in high demand for the field, laboratory, airborne and industrial applications. Thus, the growing need for qualitative and quantitative assessment for quality assurance across the various end-user industry is likely to fuel the market demand. Rising number of various terrorist attacks around the globe coupled with the growing need to protect the economies from various emerging threat is likely to raise the demand for a hyperspectral imaging sensor in the years to come. Also, the growing demand of the product for mission task, all-weather surveillance application especially from military sector and scientific research and development industry is again boosting product demand. Moreover, increasing application of the product across academic and research, agriculture, non-destructive testing, aerospace and defense, and material testing is further expected to augment the market growth.
By types, the market of hyperspectral remote sensing is segmented into VNIR, SWIR, and thermal LWIR. The SWIR segment is leading owing to growing demand from the industrial sector as this camera images are best suitable for industrial areas. Hence, growing robust demand for industrial application is the major factor fueling the product demand. Application area includes commercial enterprises, defense organization, and research institution. Owing to their excellent imaging performance they have a strong presence in defense applications where they have used for detection of damages in equipment and inspection of defense operations. The regional analysis includes the top five regions i.e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is leading the global hyperspectral remote sensing market owing to the rise in adoption of hyperspectral remote sensing technology in research and technological innovation along with the growing awareness on the advantage of hyperspectral imaging system across commercial and non-commercial sectors in the region. Moreover, raising funding in the aerospace and defense sector by respective bodies in the region will further enhance the market growth.

The Report Segments Global Hyperspectral Remote Sensing Market -
By Product

  • VNIR
  • SWIR
  • Thermal LWIR

By Application

  • Commercial Enterprises
  • Defense Organization
  • Research Institution 

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Players Reported:
BaySpec, Brimrose Corporation, CI Systems, Corning Incorporated, Cubert GmbH, Headwall, ITRES, Norsk Elektro Optikk, Resonon, RIKOLA, SPECIM, Surface Optics Corp, Telops, and XIMEA

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