Multispectral Camera Market to Reach $4.7 Billion, Globally, by 2032 at 9.41% CAGR: Allied Market Research

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Feb 07, 2024, 03:42 ET

The growth of the global multispectral camera is driven by factors such as enhanced border security, counter terrorism and insurgency, maritime security, and domestic production capabilities.

WILMINGTON, Del., Feb. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Multispectral Camera Market by Cooling Technology (Cooled and Uncooled), End Use (Man-portable and Payloads), Imaging Spectrum (Visible/Near-Infrared (VNIR), Short-wave Infrared (SWIR), Mid-wave Infrared (MWIR), and Long-wave Infrared (LWIR)), By Application (Intelligence, Surveillance, and Reconnaissance; Target and Tracking; Navigation and Guidance; and Others), and Platform (Land, Air, Marine): Global Opportunity Analysis and Industry Forecast, 2023–2032".  

According to the report, the global multispectral camera industry size generated $1.9 billion in 2022 and is anticipated to generate $4.7 billion by 2032, witnessing a CAGR of 9.41% from 2023 to 2032. 

(We are providing multispectral camera industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

206 - Tables
57 - Charts
250 – Pages

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Prime determinants of growth  

The growth of the global multispectral camera market is driven by enhanced border security, counter terrorism and insurgency, maritime security, and domestic production capabilities. However, among the challenges preventing the integration of multispectral cameras are rules restricting their deployment in aircraft and their dispersion throughout sensitive areas. Moreover, the cost of these superior cameras is significant. This restricts the growth of the market. 

Multispectral Camera Industry Report Coverage and Details: 

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.9 billion
Market Size in 2032	$4.7 billion
CAGR	9.41 %
No. of Pages in Report	300
Segments Covered	Cooling Technology, End Use, Imaging Spectrum, Application, Platform, and Region.
Drivers	Need for increased border security and maritime patrol  Counter terrorism and crime prevention
Opportunities	Rise in procurement of land, air, and marine vessels integrated with advanced imaging systems
Restraints	High initial costs

Impact of Russia-Ukraine War Scenario on Multispectral Camera Industry

On February 24, 2022, Russia initiated an invasion of Ukraine, marking a significant escalation in the ongoing Russo-Ukrainian War that commenced in 2014. Geopolitical tensions have the potential to disrupt economies globally, affecting investor confidence and financial markets. The fighting has increased the demand for improved border security and intelligence gathering. Due to their superior visibility through foliage and low light, multispectral cameras are becoming more and more in demand for the following applications: tracking military activities and troop movements; identifying and stopping cross-border infiltration; and evaluating damage to civilian areas and infrastructure. 
Multispectral camera technology has advanced quickly because of the war to meet the unique demands brought on by the war. This includes minimization and portability, facilitating the deployment of cameras in demanding the identification of targets and threats quickly and accurately.

The Uncooled segment held the largest market share in 2022 

Based on cooling technology, the uncooled segment held the highest market share in 2022, accounting for more than half of the global multispectral camera market revenue. This growth is attributed by the long range of vision capabilities offered by this technology for defense applications.  

Recent Developments in Multispectral Camera Industry

In July 2023, the US Army acquired next-gen long-range reconnaissance pods, enhancing target identification and situational awareness. (Image: US Army soldier utilizing a multispectral, long-range reconnaissance pod)
Multispectral drones were utilized by the Indian Navy in May 2023 for real-time maritime surveillance and threat detection on warships and coastal areas.
The British Army deployed multispectral displays on helmets in February 2023, enabling soldiers to see through vegetation and identify concealed enemy positions.
US Customs and Border Protection awarded a contract for 210 multispectral cameras in July 2023 to enhance border security.
In June 2023, the Dubai Police Force employed multispectral drones with thermal imaging cameras for patrolling high-rise buildings and critical infrastructure.

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The Payloads segment held the largest market share in 2022 

Based on end use, the payloads segment held the highest market share in 2022, accounting for more than half of the global multispectral camera revenue. The ease of integration of this category with air, land, and marine vehicles is contributing to the constant growth of the segment in the global multispectral camera market.  

The Intelligence, Surveillance, and Reconnaissance segment held the largest share in 2022. 

Based on application, the intelligence, surveillance, and reconnaissance segment held the highest market share in 2022, accounting for more than one-third of the global multispectral camera market revenue and is estimated to maintain its leadership status throughout the forecast period. This growth is attributed to the rise in adoption of multispectral camera by various government bodies such as Taiwan, Philippines, and South Korea and integrating the same across their land, air, and marine vessels for enhancing security.  

The land segment to maintain its leadership status throughout the forecast period.  

Based on platform, the land segment held the highest market share in 2022, accounting for more than two-fifths of the global multispectral camera market revenue and is estimated to maintain its leadership status throughout the forecast period. The increasing procurement of land vehicles across global defense forces and integration of advanced camera systems among them is contributing to the growth of the segment.  

The Mid-wave Infrared (MWIR) segment to maintain its lead position during the forecast period 

Based on imaging spectrum, the MWIR segment accounted for the largest share in 2022, accounting for less than one-third of the global multispectral camera market revenue and is estimated to maintain its leadership status throughout the forecast period. This growth is attributed to MWIR's ability to penetrate fog, haze, smoke, and thin foliage, enabling defense personnel to see clear targets.  

North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the multispectral camera market revenue and is likely to dominate the market during the forecast period. The presence of several multispectral camera manufacturers across the region and their investment in several strategies like product development, mergers and acquisitions are contributing to the regional market growth.   

Key Report Highlights:

The multispectral camera market spans over 15 countries, featuring a comprehensive country-wise segment analysis based on projected values ($ million) from 2022 to 2032.
Our study incorporates top-tier data, expert opinions, and independent analyses to present a well-rounded perspective on global markets, aiding stakeholders in making informed decisions for ambitious growth goals.
The research involved an exhaustive review of 3,700+ product literature, annual reports, industry statements, and comparable materials from major industry players to enhance insights into multispectral camera market trends.

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Leading Market Players: - 

Teledyne Digital Imaging Inc. 
Leonardo DRS 
Collins Aerospace 
HENSOLDT AG 
SILIOS Technologies 
JAI A/S 
Telops Inc, 
L3Harris Technologies, Inc 
Kappa optronics GmbH 
Surface Optics Corporation.

The report provides a detailed analysis of these key players of the global multispectral camera market. These players have adopted various strategies such contract, collaboration, agreement, expansion, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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