Hyperspectral Imaging System Market

[109 Pages Report] The global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 8.14 billion in 2017, at a CAGR of 17.5%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

Market Dynamics

Drivers

Growing industrial applications of hyperspectral imaging

Over the years, there have been significant advancements in spectrographs and detector designs, which have resulted in decreased costs and improved instrumentation capabilities. As a result, hyperspectral imaging systems are increasingly being used in various application areas. Unlike conventional cameras, hyperspectral cameras acquire a 3D image cube and spectral information, which is appropriate for any situation where images have to encompass a large area and encode a great deal of information within a single view.

Initially, hyperspectral imaging systems were developed for remote sensing applications such as satellite imaging of the earth. However, with technological advancements, hyperspectral imaging has developed into a compact, economically priced imaging and spectroscopic tool for diverse fields, such as agriculture, pharmaceuticals, food testing, medical diagnostics, art research, as well as waste management.

In recent years, the use of hyperspectral imaging systems has grown significantly in industrial applications like medical diagnostics. Recently, in April 2018, TruTag Technologies (US) launched its HinaLea Imaging business unit, which develops complete hyperspectral imaging solutions to address specific problems across various industries, including medical diagnostics, precision agriculture, and quality assurance of food and consumer goods.

Many manufacturers are also increasingly focusing on developing low-cost hyperspectral imaging cameras. In April 2018, academics at the University of the West of Scotland (UWS), the University of Strathclyde (UoS), and the James Hutton Institute (JHI), led by Glasgow-based product design firm Wideblue, came together to develop a new type of hyperspectral imaging system. The sensors in the development phase are expected to be up to 90% cheaper than equivalent equipment currently available in the market and have the potential to make high-resolution spectral imaging technology significantly more accessible to the agricultural sector. Such initiatives are expected to drive the uptake of hyperspectral imaging systems among end users over the coming years.

Restraints

Data storage and high costs associated with the use of hyperspectral imaging

Hyperspectral imaging is a complex process that involves a huge amount of data and thus requires large storage space and enhanced software technologies to analyze the data in a shorter time frame. Although hyperspectral imaging has immense potential for various applications, the high cost of the equipment and manufacturing processes and the requirement of large volumes of data for acquisition and processing are the major factors limiting its adoption for real-time commercial purposes.

Fast computers, sensitive detectors, and large data storage capacities are required for analyzing hyperspectral data. A significant data storage capacity is necessary since hyperspectral cubes are large multi-dimensional datasets, potentially exceeding hundreds of megabytes. These factors greatly increase the cost of acquiring and processing hyperspectral data. Researchers also face challenges in sorting through data on their own and use only the most important images, as both the transmission and storage of such huge amounts of data can be difficult and expensive. Moreover, as a relatively new analytical technique, the full potential of hyperspectral imaging has not yet been realized. Also, the cost of hyperspectral cameras varies depending on their usage in different applications.

The Objectives of this Study are as follows:

• To define, describe, and forecast the global hyperspectral imaging systems market on the basis of component, application, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
• To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)2
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies3
• To track and analyze competitive developments such as mergers and acquisitions, product developments, expansions, and research and development activities in the global hyperspectral imaging systems industry

Market Drivers

Increasing funding and investments

Hyperspectral imaging is an innovative technology that is used to acquire and analyze images of an object. With continuous advancements in hardware and software for image processing and analysis, hyperspectral imaging is increasingly being used in a number of research projects across the globe. Hyperspectral imaging offers several advantages, such as higher specificity and granularity, higher image acquisition speed as compared to other spectral imagers, and non-invasive imaging.

Considering its advantages, the technique is used in various application areas with support from authorities in the form of funding and grants. If this trend continues in the coming years and assuming that hyperspectral imaging helps in achieving effective outcomes in various research activities and applications, a greater number of research projects will actively employ hyperspectral imaging systems. Hence, the increasing applications of hyperspectral imaging are encouraging market players to invest in this market. The availability of funding will enable startups and existing firms to launch innovative products, expand their product portfolios, and capitalize on the growth opportunities in the market.

Growing industrial applications of hyperspectral imaging

Over the years, there have been significant advancements in spectrographs and detector designs, which have resulted in decreased costs and improved instrumentation capabilities. As a result, hyperspectral imaging is increasingly being used in various application areas. Unlike conventional cameras, hyperspectral cameras acquire a 3D image cube and spectral information, which is appropriate for any situation where images have to encompass a large area and encode a great deal of information within a single view.

Research Methodology

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources are mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.

For the market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the hyperspectral imaging systems market as well as to estimate the market size of various other dependent submarkets. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets and presented in this report. Secondary sources such as directories; databases such as D&B, Bloomberg Business, and Factiva; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies were referred.

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The market comprises several large as well as small players. The key growth strategies adopted by the players in the market include acquisitions, agreements and partnerships, expansions, and product launches & approvals. The prominent players in this market include Headwall Photonics (US), Corning Incorporated (US), SPECIM (Finland), Resonon (US), Telops (Canada), Norsk Elektro Optikk (Norway), Applied Spectral Imaging (US), BaySpec (US), Surface Optics Corporation (US), and ChemImage Corporation (US).

Target Audience for this Report:

Manufacturers and vendors of hyperspectral imaging systems

• Original equipment manufacturers (OEMs)
• Research organizations & consulting firms
• Technology standards organizations
• Alliances & associations related to hyperspectral imaging technology
• Venture capitalists & investors

Partnerships, Agreements, Contracts, and Collaborations (2015–2018)

Product Launches (2015–2018)

Acquisitions (2015–2018)

Expansions (2015–2018)

Scope of the Report

This report categorizes the market into the following segments and subsegments:

Hyperspectral Imaging Systems Market, by Product

• Cameras
• Accessories

Hyperspectral Imaging Systems Market, by Application

• Military Surveillance
• Remote Sensing
• Machine Vision & Optical Sorting
• Life Sciences and Medical Diagnostics
• Other Applications
  

Hyperspectral Imaging Systems Market for Remote Sensing Applications, by Type

• Agriculture
• Mining/Mineral Mapping
• Environmental Monitoring
• Other Remote Sensing Applications

Hyperspectral Imaging System Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • RoE
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific (RoAPAC)
• Rest of the World

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company‘s specific needs.

The following customization options are available for this report.

Company Information

Detailed analysis and profiling of additional market players (up to 5)

The global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%. The growing industrial applications of hyperspectral imaging and increasing funding & investments are the major factors driving the growth of the global market.

This report segments the market into product, application, and region.

On the basis of product, the market is segmented into cameras and accessories. The cameras segment is expected to dominate the market in 2018. This is attributed to factors such as advancement in sensor development & computing power and the availability of low-cost cameras with widening industrial applications in this market.

On the basis of application, the market is segmented into military surveillance, remote sensing, machine vision and optical sorting, life sciences and medical diagnostics, and other applications. The military surveillance segment is expected to account for the largest share of the market in 2018. The advancements in hyperspectral imaging data management and component fabrication techniques as well as the better accuracy and consistency of hyperspectral imaging data (as compared to other conventional imaging techniques) are the major factors driving the adoption of hyperspectral imaging systems in military surveillance applications.

On the basis of remote sensing application, the hyperspectral imaging systems market is segmented into agriculture, environmental monitoring, mining/mineral mapping, and other remote sensing applications. The agriculture segment is expected to account for the largest share of the market in 2018. Hyperspectral imaging offers various advantages in precision agriculture. For instance, hyperspectral imaging is a low-cost technology as compared to traditional scouting methods. Moreover, hyperspectral imaging offers consistent and accurate results, is simple to use, allows rapid assessment, and is non-destructive in nature. As a result of these advantages, the demand for hyperspectral imaging systems is increasing in precision agriculture.

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The global market is segmented into North America (US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), and the Rest of the World. While, North America is expected to dominate the global hyperspectral imaging systems market in 2018, Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth of this market is attributed to technological advancements which have resulted in the development of cost-effective hyperspectral imaging systems, which are being used in several commercial applications in the price-sensitive Asia Pacific region.

However, data storage issues and high costs associated with the use of hyperspectral imaging are expected to restrain the growth of this market during the forecast period.

The global market is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics (US), Applied Spectral Imaging (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk (Norway), Resonon (US), SPECIM (Finland), TELOPS (Canada), BaySpec (US), Cubert (Germany), and ChemImage (US).

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