Hyperspectral Remote Sensing Market Size, Share, and COVID-19 Impact Analysis, By Type (Visible Near-Infrared (VNIR), Shortwave-Infrared (SWIR), and Longwave Infrared (LWIR)), By Application (Commercial Enterprises, Defense Organization, and Research Institution), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Hyperspectral Remote Sensing Market (henceforth referred to as the market studied or HSI market) size was valued at USD 63.79 million in 2021 and is expected to grow by USD 97.54 million in 2030 at a CAGR of 7.56%.

Hyperspectral remote sensing system is a system which is analyses data across the electromagnetic spectrum. Technically, it is a sophisticated technology that delivers high spatial or spectral resolution information on material physical and geometrical characteristics such as shape, size, appearance, and color, as well as the chemical composition of the material via spectral analysis. It may be used in a variety of industries, including military, agricultural, mining, food, life science, medical diagnostics, and so on. It can also be used to detect and investigate minerals, natural plants, and man-made objects.  In addition, an increase in the number of terrorist acts around the world, combined with a growing need to defend economies from numerous emerging threats, is fuelling Hyperspectral Remote Sensing Market demand during the forecast period.   

COVID-19 ANALYSIS 

The COVID-19 epidemic has caused severe damage on worldwide commercial and economic activity. The epidemic will have a short-term impact on the global market for hyperspectral imaging systems. Production and manufacturing were significantly harmed as a result of several governments around the world announcing statewide lockdowns and temporary closures of various industries. The demand-supply disparity was exacerbated by trade obstacles. Surface Optics Corporation (US), a company that sells hyperspectral imaging systems, has put non-essential visits and operations on hold until the COVID-19 epidemic is resolved.  

LATEST TREND

Growth Opportunities in Emerging Economies

Emerging economies in Asia and Latin America are projected to offer considerable growth potential. In China a variety of hyperspectral sensors have been developed and marketed to meet the growing demand for precise and quick mapping of natural resources employing remote sensing technologies. China launched five new remote sensing satellites in September 2019 as part of the Zhuhai-1 project, which includes 34 Micro-Nano satellites that include video, hyperspectral remote sensing, and, radar and infrared satellites.

DRIVING FACTORS

Growing Industrial Applications of Hyperspectral Imaging Systems

Spectrographs and detector designs have advanced significantly over the years, resulting in decreased pricing and enhanced instrumentation capabilities. As a result, HSI is being employed in a wider range of applications. Hyperspectral cameras, unlike normal cameras, capture a 3D picture cube as well as spectral data, making them ideal for situations where images must span a large area and encode a large quantity of data in a single shot. HSI was created for remote sensing applications such as satellite imaging of the world. Because of technological advancements, HSI has grown more compact, less expensive, and more suited for usage in a range of industries, including agriculture, pharmaceuticals, food testing, medical diagnostics, art research, and waste management.  

RESTRAINTS

Cost of the Setup and the Final Product Is Relatively High

Hyperspectral remote sensing is a relatively new and emerging technology, few industry verticals are aware of its full potential. Furthermore, because the total cost of the setup, from technology to end output, is high, businesses are hesitant to invest in hyperspectral remote sensing technology.

SEGMENTATION

The global Hyperspectral Remote Sensing Market is segmented by Type, Application, and Region. Based on the Type, the market is categorized into Visible Near-Infrared (VNIR), Shortwave-Infrared (SWIR), and Longwave Infrared (LWIR). Based on Application, the market is categorized into Commercial Enterprises, Defense Organization, and Research Institution. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.      

REGIONAL INSIGHTS

The global Hyperspectral Remote Sensing Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.  

The widespread adoption of advanced technologies in the United States and Canada, the hyperspectral remote sensing industry is now dominated by the North America. Furthermore, the region's focus on healthcare and related efforts, such as the Patient Protection and Affordable Care Act, is propelling the medical device segment's growth. This is predicted to be a positive element for the market in the near future. The hyperspectral remote sensing market in Europe follows closely behind, with numerous end user industry verticals such as defense and government agencies quickly adopting the technology. Furthermore, numerous research institutes in the United States and Europe are investing in a thorough examination of hyperspectral remote sensing technologies.

LIST OF KEY COMPANIES PROFILED:

• Spectral Imaging Ltd
• Resonon Inc.
• Corning Incorporated
• Itres Research
• Norsk Elektro Optikk AS
• Surface Optics Corporation
• Brimrose Corp
• BaySpec, Inc.
• XIMEA - Imaging beyond the Standard.
• CI Systems.
• Cubert GmbH.

KEY INDUSTRY DEVELOPMENTS:

In 2020, Telops will release the Hyper-Cam Airborne Mini, a new tiny hyperspectral imaging device that will usher in a significant revolution in infrared hyperspectral imaging.

In 2020, Norsk Elektro Optikk (NEO), an electro-optics research and development company, has added a new SWIR-640 camera to their hyperspectral imaging product line under the HySpex name.

In 2020, Konica Minolta Sensing Europe B.V., a wholly-owned subsidiary of Konica Minolta, Inc. for the sensing business situated in the Netherlands, has agreed to buy Specim, Spectral Imaging Oy Ltd.

SEGMENTATION

By Type

• Visible Near-Infrared (VNIR)
• Shortwave-Infrared (SWIR)
• Longwave Infrared (LWIR)

By Application

• Commercial Enterprises
• Defense Organization
• Research Institution

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa