Multispectral Camera Market worth $2.2 billion by 2028

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19 May, 2023, 11:00 ET

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CHICAGO, May 19, 2023 /PRNewswire/ -- The Multispectral Camera Market is estimated to be USD 1.4 billion in 2023 and is projected to reach USD 2.2 billion by 2028, at a CAGR of 9.0% during the forecast period according to a new report by MarketsandMarkets™. The driving factor for the multispectral camera market is the increasing demand for these systems in various applications such as military and defense, surveillance and security, aerospace and aviation, commercial like survey & mapping, life science and medical diagnostic, remote sensing, environment monitoring and others. Multispectral cameras are used for gathering information from the visible, infrared, SWIR, MWIR, LWIR parts of the electromagnetic spectrum, and they are widely used for target & tracking, and Intelligence, Surveillance, and Reconnaissance, Imaging Systems.

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Browse in-depth TOC on "Multispectral Camera Market" 146 – Tables48 – Figures211 – Pages

Multispectral Camera Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$1.4 billion

Estimated Value by 2028

$2.2 billion

Growth Rate

Poised to grow at a CAGR of 9.0%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Application, End Use, Cooling Technology, Spectrum and Region

Geographies Covered

North America, Europe, Asia-Pacific, Middle East Rest of the World

Key Market Challenge

Complexity and data management

Key Market Opportunities

Expand multispectral camera applications through industry partnerships

Key Market Drivers

Increasing demand for precision agriculture

Based on application, the commercial segment is expected to grow at the highest CAGR during the forecast period.

The platform segment has been segmented into defense and commercial. The growth of commercial segment can be attributed to the increasing need of remote sensing, agriculture, environmental monitoring, survey and mapping, life science & medical diagnostic which drives the market. Multispectral cameras are growing in commercial applications due to their ability to provide valuable insights and data for various industries, including agriculture, environmental monitoring, geology, and infrastructure inspection. They can capture images across multiple wavelengths, enabling better analysis and decision-making for businesses and organizations.

Based on End Use, the payloads anticipated to lead market during the forecast period.

Based on end use, the multispectral camera market has been segmented into man-portable and payloads. Multispectral cameras are in growing demand for UAV and satellite payloads due to their ability to capture images across multiple spectral bands, enabling more accurate and detailed data collection for precision agriculture, environmental monitoring, and natural resource exploration, as well as for defense and security applications, and the development of autonomous systems and remote sensing technologies.

Based on Cooling technology segment, the cooled segment acquires largest market share in market during the forecast period.

Cooled multispectral cameras currently have the largest market share in the multispectral camera industry due to several reasons. These cameras use a specialized cooling system to maintain a constant temperature of the sensor, allowing for more accurate and detailed image capture in low light conditions, and across a wider range of spectral bands. This makes them particularly useful for applications such as remote sensing, astronomy, and defense and security. In addition to their advanced imaging capabilities, cooled multispectral cameras also offer a high signal-to-noise ratio, enabling better detection and discrimination of signals from background noise. This is especially important in applications such as remote sensing and astronomy, where low-level signals must be detected and analyzed.

Based on Spectrum, the near-infrared segment projected to lead market during the forecast period.

The near-infrared (NIR) multispectral camera is projected to lead the multispectral camera market due to several reasons. NIR cameras are designed to capture images in the spectral range of 700-2500 nm, which is beyond the range of the human eye, allowing them to detect features and materials that are invisible to the naked eye. One of the primary factors driving the demand for NIR multispectral cameras is their growing use in precision agriculture. These cameras can provide detailed information about crop health, moisture content, and nutrient levels, allowing farmers to optimize their use of resources and improve yields. The increasing focus on sustainable agriculture practices and the need to feed a growing global population is driving the demand for advanced technologies such as NIR multispectral cameras.

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Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.

The multispectral camera market is anticipated to be dominated by the Asia Pacific region in 2023. China, India, Japan, South Korea, and the rest of Asia-Pacific are the regions that were looked at in this market. One of the primary international players operating in the Asia Pacific region is China, India, and Japan, which makes significant investments in the creation of multispectral camera technologies.

Key Players

Teledyne FLIR (US), Leonardo DRS (US), Collins Aerospace (US), Hensoldt (Germany), JAI (Denmark), TetraCam Inc. (US), Telops Inc. (Canada), DJI (China), Paras Aerospace (India), Cubert GMBH (Germany), HGH Group (France), Ocean Insight (US), Sepctral Devices (UK), Silios technology (France), Unispectral (Israel), Opgal Optronics Industries Ltd. (Israel) are some of the leading players in the multispectral camera companies. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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