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Global Multispectral Camera Market to reach USD 3.9 billion by the end of 2030.

Global Multispectral Camera Market Size study & Forecast, by Cooling Technology (Cooled, Uncooled), by Image Spectrum (Visible light/Near Infrared, Short - wave infrared, Mid - wave infrared, Long - wave infrared), by Application (Defence, Commercial, Survey Mapping, Environmental monitoring, Life science and medical diagnostics), by End-User (Man-portable, Pay Loads), and Regional Analysis, 2023-2030

Product Code: EESC-70227830
Publish Date: 29-02-2024
Page: 200

Global Multispectral Camera Market is valued at approximately USD 1.9 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.4% during the forecast period 2023-2030. Advanced imaging devices known as multispectral cameras excel in capturing images across various wavelengths in the electromagnetic spectrum. The heightened demand for precise and clear images has significantly propelled the multispectral camera market. The increasing adoption of Unmanned Aerial Vehicles (UAVs) as carriers for multispectral cameras, coupled with the expanding availability of open-source software, further amplifies the market’s growth in the present landscape. The market growth is driven by key factors such as the growing popularity of UAVs and the increasing availability of open-source software.

As per Statista, the projected market value for commercial drones, commonly known as commercial Unmanned Aerial Vehicles (UAVs), is anticipated to reach approximately USD 13 billion y 2025. The current production worth in the commercial UAV sector specifically for mini-UAVs is valued at USD 58.4 million. The escalating interest in UAV utilization is discernible through the increasing deployment initiatives by numerous countries worldwide. The global research and development budget dedicated to drone technology is estimated to reach nearly USD 4 billion by the year 2020. furthermore, Amazon is world’s leading online retailer, which envisages integrating approximately 450,000 drones into its delivery fleet by 2020, as part of its proposed “Amazon Prime Air” service. However, the high cost of cameras and government regulations in the field of airplanes over the distribution of cameras stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Multispectral Camera Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America has consistently dominated the market share, driven by a substantial demand for multispectral cameras, particularly in sectors related to the environment and defense. The United States stands out as the largest market in North America, providing a significant platform for numerous companies to validate their innovations and research, thereby establishing itself as a substantial marketplace for manufacturers. With increasing demand, the market has witnessed the entry of more companies. Additionally, the Asia-Pacific (APAC) region is anticipated to witness the most rapid growth in the market. Factors such as intricate and varied terrain heightened concerns about border security, technological advancements, and integration with artificial intelligence (AI) and other sensors collectively contribute to the widespread adoption of multispectral cameras across the region.

Major market player included in this report are:
Spectra Vista Corporation (United States)
TruTag Technologies, Inc. (United States)
Telops Inc. (Canada)
Photon etc. (Canada)
IMEC (Belgium)
Optronis GmbH (Germany)
Cubert GmbH (Germany)
LemnaTec GmbH (Germany)
Ximea GmbH (Germany)
Raptor Photonics Ltd. (United Kingdom)

Recent Developments in the Market:
Ø In October 2023, Leonardo DRS introduced the EMIR-SR multispectral camera designed for high-resolution aerial Intelligence, Surveillance, and Reconnaissance (ISR) missions.
Ø In November 2023, L3Harris Technologies secured a USD 51.6 million contract from the US Army to provide Viper Long-Range Reconnaissance Pods (LRRP), incorporating multispectral sensors for enhanced intelligence gathering and long-range target identification.
Ø In December 2023, Airbus Defense and Space received a USD 97.65 million contract from the French Army to supply EUROFLIR 410M multispectral targeting pods for deployment on Tiger attack helicopters. These pods, equipped with high-resolution visible and infrared imagers, contribute to target identification and situational awareness.
Ø In December 2023, the EUROFLIR 410M/Airbus Defence and Space targeting pod was unveiled, equipping the French Army’s Tiger attack helicopters with advanced capabilities for precise threat identification in challenging scenarios.
Ø In May 2023, Mitsubishi Heavy Industries (MHI) secured a contract from the Japan Maritime Self-Defense Force (JMSDF) to deliver 12 multispectral observation pods for its SH-60J Seahawk helicopters, enhancing observational capabilities.
Global Multispectral Camera Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Cooling Technology, Image Spectrum, Application, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Cooling Technology:

By Image Spectrum:
Visible light/Near Infrared
Short – wave infrared
Mid – wave infrared
Long – wave infrared

By Application:
Survey Mapping
Environmental monitoring
Life science and medical diagnostics

By End-user:
Pay Load

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Multispectral Camera Market, by Region, 2020-2030 (USD Billion)
1.2.2. Multispectral Camera Market, by Cooling Technology, 2020-2030 (USD Billion)
1.2.3. Multispectral Camera Market, by Image Spectrum, 2020-2030 (USD Billion)
1.2.4. Multispectral Camera Market, by Application, 2020-2030 (USD Billion)
1.2.5. Multispectral Camera Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Multispectral Camera Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Multispectral Camera Market Dynamics
3.1. Multispectral Camera Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing popularity of UAVs Increasing availability of open-source software
3.1.2. Market Challenges High cost of cameras Government regulations in the field of aeroplane over distribution of camera
3.1.3. Market Opportunities Rising integration of AI and ML Adoption in defense sector for security and surveillance application
Chapter 4. Global Multispectral Camera Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Multispectral Camera Market, by Cooling Technology
5.1. Market Snapshot
5.2. Global Multispectral Camera Market by Cooling Technology, Performance – Potential Analysis
5.3. Global Multispectral Camera Market Estimates & Forecasts by Cooling Technology 2020-2030 (USD Billion)
5.4. Multispectral Camera Market, Sub Segment Analysis
5.4.1. Cooled
5.4.2. Uncooled
Chapter 6. Global Multispectral Camera Market, by Image Spectrum
6.1. Market Snapshot
6.2. Global Multispectral Camera Market by Image Spectrum, Performance – Potential Analysis
6.3. Global Multispectral Camera Market Estimates & Forecasts by Image Spectrum 2020-2030 (USD Billion)
6.4. Multispectral Camera Market, Sub Segment Analysis
6.4.1. Visible light/Near Infrared
6.4.2. Short – wave infrared
6.4.3. Mid – wave infrared
6.4.4. Long – wave infrared
Chapter 7. Global Multispectral Camera Market, by Application
7.1. Market Snapshot
7.2. Global Multispectral Camera Market by Application, Performance – Potential Analysis
7.3. Global Multispectral Camera Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Multispectral Camera Market, Sub Segment Analysis
7.4.1. Defence
7.4.2. Commercial
7.4.3. Survey Mapping
7.4.4. Environmental monitoring
7.4.5. Life science and medical diagnostics
Chapter 8. Global Multispectral Camera Market, by End-user
8.1. Market Snapshot
8.2. Global Multispectral Camera Market by End-user, Performance – Potential Analysis
8.3. Global Multispectral Camera Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
8.4. Multispectral Camera Market, Sub Segment Analysis
8.4.1. Man-portable
8.4.2. Pay Loads
Chapter 9. Global Multispectral Camera Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Multispectral Camera Market, Regional Market Snapshot
9.4. North America Multispectral Camera Market
9.4.1. U.S. Multispectral Camera Market Cooling Technology breakdown estimates & forecasts, 2020-2030 Image Spectrum breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 End-user breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Multispectral Camera Market
9.5. Europe Multispectral Camera Market Snapshot
9.5.1. U.K. Multispectral Camera Market
9.5.2. Germany Multispectral Camera Market
9.5.3. France Multispectral Camera Market
9.5.4. Spain Multispectral Camera Market
9.5.5. Italy Multispectral Camera Market
9.5.6. Rest of Europe Multispectral Camera Market
9.6. Asia-Pacific Multispectral Camera Market Snapshot
9.6.1. China Multispectral Camera Market
9.6.2. India Multispectral Camera Market
9.6.3. Japan Multispectral Camera Market
9.6.4. Australia Multispectral Camera Market
9.6.5. South Korea Multispectral Camera Market
9.6.6. Rest of Asia Pacific Multispectral Camera Market
9.7. Latin America Multispectral Camera Market Snapshot
9.7.1. Brazil Multispectral Camera Market
9.7.2. Mexico Multispectral Camera Market
9.8. Middle East & Africa Multispectral Camera Market
9.8.1. Saudi Arabia Multispectral Camera Market
9.8.2. South Africa Multispectral Camera Market
9.8.3. Rest of Middle East & Africa Multispectral Camera Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Spectra Vista Corporation (United States) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. TruTag Technologies, Inc. (United States)
10.3.3. Telops Inc. (Canada)
10.3.4. Photon etc. (Canada)
10.3.5. IMEC (Belgium)
10.3.6. Optronis GmbH (Germany)
10.3.7. Cubert GmbH (Germany)
10.3.8. LemnaTec GmbH (Germany)
10.3.9. Ximea GmbH (Germany)
10.3.10. Raptor Photonics Ltd. (United Kingdom)
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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