Hyperspectral Imaging Systems Market

Hyperspectral Imaging Systems Market Size (2023 to 2028)

The size of the global hyperspectral imaging systems market is estimated at USD 30.94 billion by 2028 and USD 13.81 billion in 2023, registering a CAGR of 17.5% between 2023 to 2028.

Hyperspectral imaging systems are mainly used to identify, detect, or find objects. Spectral imaging or spectral analysis plays a significant role in this imaging system. In traditional days, these systems are widely used in mining and geology. With modern technologies, the use of these systems is notable in many applications such as agriculture, food processing, and others. Hyperspectral imaging systems play a prominent role in avoiding airborne surveillance in the military and performing well in scanning technology for surveillance purposes.

MARKET DRIVERS:

Increasing demand from agriculture and pharmaceutical industries to improve productivity and the rise in the incidences of chronic diseases and others, and the need to have better diagnostics procedures are propelling the global hyperspectral imaging systems market growth.

Shifting trends towards processed food and growing awareness over quality assurance food products worldwide are ascribed to bolster the demand of the Hyperspectral Imaging Systems Market. Due to their higher specificity and granularity, these systems' demand is growing in the mining sector. The rise in support from the government and non-government organizations through investments to improve productivity is to set up growth opportunities for the market. The growing popularity of through campaigns and digital advertisements of this system is likely to outshine the demand of the Hyperspectral Imaging Systems Market. Increasing prevalence for the early detection of disease among individuals is also escalating the growth rate of the market. Furthermore, the growing importance of surveillance in every sector to have security and also a rising number of criminal activities are lavishing the growth rate of the Hyperspectral Imaging Systems Market.

MARKET RESTRAINTS:

However, the cost of implementing and maintaining these systems is a bit expensive, which is slowly hindering the growth of the market. Lack of standardization is also one of the factors inhibiting the demand of this market. The challenging thing for the market developers is fluctuations in the medical sector's production rate in the medical industry for diagnostics purposes. Also, the hyperspectral imaging system is a complex process. It requires a huge space to store data and it also requires skilled persons to analyze the data in every aspect, and this is restraining the growth rate of the market.

Impact of COVID-19 on the global hyperspectral imaging systems market:

The COVID-19 (coronavirus) epidemic has disrupted the major industry and economic activity. This virus started to spread worldwide in early 2020, infecting millions of people. Production and manufacturing have been negatively impacted as a result, with many countries around the world declaring national lockdowns and a partial shutdown of various sectors. Hyperspectral imaging produces clearer images than standard cameras and classifies objects in scenes based on their spectral properties. The power of spectroscopy and digital imaging was combined in hyperspectral imaging. It is expected to have a short-term effect on the demand for hyperspectral imaging systems. With the spread of COVID-19, the hyperspectral imaging industry is expected to expand as this technique can be used to analyze COVID-19 rashes. The short-term negative effect on the market is mostly caused by mobility or staff safety restrictions. However, all of these industries are starting to operate remotely. 

REPORT COVERAGE:

This research report on the global hyperspectral imaging systems market has been segmented and sub-segmented based on the product, application, and region.

Hyperspectral Imaging Systems Market - By Product:

• Cameras
• Accessories

Based on the product type, the Hyperspectral Imaging Cameras segment holds the highest shares of the market with ongoing research on developments with advanced technologies. Increasing demand for high-speed and low-cost circuits prompts the market's growth rate. Knowledge of novel signal processing methods is also expanding the growth of this market.

Hyperspectral Imaging Systems Market - By Application:

• Military
• Remote sensing
• Medical diagnostics
• Machine vision and optical sorting
• Others

Based on application, the military segment led the market accounting for the dominant share in 2022, whereas the medical diagnostics application type is growing faster. Adopting the latest technologies in the military and avoiding risk factors with these techniques elevate the market demand.

Hyperspectral Imaging Systems Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, North America is witnessed in leading the market's highest shares with increasing capital income in developed and developing countries. Growing funds on developing new products to enhance performance in the medical sector are leveraging the demand of the Hyperspectral Imaging Systems Market. The Asia Pacific and Europe are positioned next to North America in holding market share with the rising scale of the end-user industries.

KEY MARKET PARTICIPANTS:

Prominent players included in the Hyperspectral Imaging Systems Market are Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Headwall Photonics Inc., Resonon, Telops Inc., Corning Incorporated, and Applied Spectral Imaging.

RECENT MARKET DEVELOPMENTS:

• In 2018, headwall Photonics INC. launched Advanced Sensor payloads with the help of hyperspectral sensors. This product is mainly used for unmanned aerial vehicle platforms.
• In 2017, NovaSol, a company that provides advanced hyperspectral imaging systems acquired by Corning. This acquisition has led to the development of next-generation active and passive optical systems and optical communication systems.