Global Multispectral Sensor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Multispectral Sensor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Multispectral remote sensing involves the acquisition of visible, near infrared, and short-wave infrared images in several broad wavelength bands. Different materials reflect and absorb differently at different wavelengths. As such, it is possible to differentiate among materials by their spectral reflectance signatures as observed in these remotely sensed images, whereas direct identification is usually not possible. A standard visual sensor collects red, green and blue wavelengths of light. Multispectral sensors collect these visible wavelengths as well as wavelengths that fall outside the visible spectrum, including near-infrared radiation (NIR), short-wave infrared radiation (SWIR) and others. Multispectral sensors capture data on the reflection of light energy off objects in the environment. That data can be compared to other nearby objects to understand crucial difference between them.

Market Overview:

The latest research study on the global Multispectral Sensor market finds that the global Multispectral Sensor market reached a value of USD 132.8 million in 2022. It’s expected that the market will achieve USD 1256.76 million by 2028, exhibiting a CAGR of 45.44% during the forecast period.

COVID-19 Influence

The COVID-19 outbreak has disrupted business and economic activities globally. The pandemic is expected to have a short-term impact on the global multispectral sensor market. With several countries across the globe announcing nationwide lockdowns and temporary closure of various industries, production and manufacturing were severely affected. Trade barriers further impacted the demand-supply gap. The pandemic is not expected to have a very severe, long-term impact on the multispectral sensor market. The short-term negative impact is mainly caused due to mobility restrictions or staff safety restrictions. However, businesses will return to normalcy once restrictions are lifted.

Technological advancements

The growing industrial applications of multispectral sensor and increasing funding and investments are the major factors driving the growth of the global multispectral sensor market. After several years of development, infrared multispectral imaging technology has made great progress, including the design of optical systems, the application of aspheric and diffractive optical elements, and the research of detectors. Many countries have invested in the development of infrared multi-spectral sensors, and have developed forty or fifty kinds of multi-spectral imaging sensors with different characteristics. Some of these sensors have entered commercial operation, and the technology is relatively mature. New generation multispectral sensor with improved performance offering higher accuracy and flexibility, with easy integration into systems spur the growth in multispectral sensor industry. However, a paradigm shift towards a connected world and growing requirement for miniaturization are necessitating further advancement in the multispectral sensor market to develop smarter products.

Powerful functions and benefits

The powerful functions and benefits of multispectral sensor drive consumption, which is beneficial to the development of the industry. Complex metrology and imaging applications are beginning to demand higher numbers of spectral channels or possibilities to select application-specific spectral filtering at high inspection throughputs. With the traditional machine vision industry merging with intricate measurement technologies, consistent, reliable, high-fidelity color and multispectral imaging are playing key roles in industrial quality control. Multispectral sensors are the workhorses of drone-based advanced sensing. Their ability to capture data at exceptional spatial resolution—as well as determine reflectance in the near infrared—makes them an extremely versatile and effective sensor.

Region Overview:

Geographically, Europe held the largest market share – 64.39% in 2021.

Company Overview

ams AG is one of the major players operating in the Multispectral Sensor market, holding a share of 25.81% in 2022.

ams AG

ams AG designs and manufactures advanced sensor solutions. The company also delivers a broad range of technology solutions for consumer electronics and communication device manufacturers. Products include sensor ICs, interfaces and related software for consumer, communications, industrial, medical, and automotive markets.

Parrot

Parrot is a leading drone company. Parrot’s mission is to move the industry forward with new standards for drones at work. Parrot provides best-in-class technology for inspection, first responders, firefighters, search-and-rescue teams, security agencies and surveying professionals.

Segmentation Overview:

As for product types, the Dedicated Multispectral Sensor segment held the largest market share in 2021.

Universal Multispectral Sensor

General-purpose multispectral sensors refer to multispectral sensors that can be applied in multiple fields.

Dedicated Multispectral Sensor

Dedicated multispectral sensors refer to multispectral sensors that are used for a specific purpose.

Application Overview:

By application, the Industrial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Multispectral Sensor market covered in Chapter 3:

STMicroelectronics NV
ams AG
Vishay Intertechnology, Inc.
Slantrange
Banpil Photonics
Sentera
IDIL Fibres Optiques
Phase One
Parrot
MicaSense

In Chapter 4 and Chapter 14.2, on the basis of types, the Multispectral Sensor market from 2018 to 2029 is primarily split into:

Universal Multispectral Sensor
Dedicated Multispectral Sensor

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Multispectral Sensor market from 2018 to 2029 covers:

Aerospace
UAV(Unmanned Aerial Vehicle)
Industrial
Optics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)