Hyperspectral Imaging Systems Market by Product (Camera, Accessories), Technology (Snapshot, Pushbroom), Application (Military, Remote Sensing (Agriculture, Environmental), Machine Vision, Life Sciences & Diagnostics) & Region-Global Forecast to 2028
The global hyperspectral imaging systems market in terms of revenue was estimated to be worth $16.8 billion in 2023 and is poised to reach $34.3 billion by 2028, growing at a CAGR of 15.4% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth in this market is attributed to the growing need for remote sensing in agriculture, defense, and commercial applications. However, the high costs associated with hyperspectral imaging cameras restrain the growth of this market.
Attractive Opportunities in the Hyperspectral Imaging Systems Market
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Hyperspectral Imaging Systems Market Dynamics
DRIVER: Increasing funding and investments for innovation in hardware and software advancement
With growing advancements in hardware and software for image processing and analysis, there is an increased use of HSI in various research projects globally. The advantages of HIS are higher specificity and granularity, better image acquisition speed compared to other spectral imagers, and noninvasive imaging.
Considering its advantages, this technique is used in various application areas with support from authorities through funding and grants. If this trend continues in the coming years and assuming that HSI helps to achieve effective outcomes in various research activities and applications, more research projects will actively employ HSI systems. The growing applications of HSI will engage market players to invest in this market. The availability of funding will enable start-ups and existing firms to launch innovative products, expand their product portfolios, and capitalize on the growth opportunities in this market.
RESTRAINT: High cost and data storage in hyperspectral imaging systems
For analysing hyperspectral data, fast computers, sensitive detectors, and large data storage capacities are needed. As hyperspectral cubes are large multi-dimensional datasets, potentially surpassing hundreds of megabytes, a substantial amount of data storage space is required. The total cost of obtaining and analysing hyperspectral data is significantly increased by these factors. These challenges are also being faced by researchers to sort through the data on their own while using only the most essential pictures, because it is difficult and costly to transfer and store such huge amounts of data.
OPPORTUNITY: AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
During the past two decades, HSI technologies have found numerous successful applications for food and agriculture. Recently, miniature imaging spectrographs/spectrometers, all-in-one small hyperspectral cameras, and snapshot hyperspectral imagers are commercially available, which make it possible to develop compact and portable imaging systems and devices that can be used in confined spaces (e.g., overhead imaging in plant growth chambers) and field applications (e.g., crop health/disease sensing using drones or ground platforms). Integration of AI capabilities through machine learning into hyperspectral imaging systems is becoming a new axis for developing novel smart sensing devices and instruments.
CHALLENGE: Lack of cost-effective super-resolution in the spatial domain
Researchers have applied HIS as a new technique in a variety of fields, including agriculture, aerial and space imagery, ecology, geology, medicine, and industrial inspection. A hyperspectral image has a high resolution in the spectral domain but has a lower resolution in the spatial domain. Atmospheric scattering, secondary illumination, and sensor noise are the factors that impact the hyperspectral image quality. Thus, it is essential for improving spatial resolution for numerous applications in order to utilize this technique in a better way. As replacing hardware (hyperspectral camera units) is expensive, increasing spatial resolution through software is a significant problem that market competitors are currently facing.
Hyperspectral Imaging Systems Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of hyperspectral cameras and accessories. These companies have been operating in the market for several years and possess state-of-the-art technologies, diversified product portfolio, strong global sales and marketing networks. Prominent companies in this market include Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).
In 2022, by product segment, cameras to observe the highest growth rate of the hyperspectral imaging systems market
Based on the products, the global market is broadly segmented into cameras and accessories. Cameras segment to observe the highest growth rate during the forecast period. The high growth rate can be attributed to the growing opportunities in the development of low-cost hyperspectral cameras with high resolution.
In 2022, by application segment, military surveillance to dominate the hyperspectral imaging systems market
Based on application, the market is segmented into remote sensing, military surveillance, life sciences & medical diagnostics, optical sorting and machine vision, and other applications. Military surveillance dominates the market due to the increased use of hyperspectral cameras in defense and homeland security for surveillance and collection of airborne intelligence.
In 2022, North America to dominate in hyperspectral imaging systems market
The global market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Primarily due to government investments in launching satellites and increased adoption of imaging cameras in defense North America is expected to dominate the market during the forecast period.
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The hyperspectral imaging systems market is dominated by players such Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).
Hyperspectral Imaging Systems Market Report Scope
|
Report Metric |
Details |
|
Market Size Available for Years |
2021–2028 |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Billion) |
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Segments Covered |
Product, Technology, and Application |
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Geographies Covered |
North America, Europe, Asia Pacific, Rest of the World |
|
Companies Covered |
Headwall Photonics (US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), Norsk Elektro Optikk(Norway), Telops, Inc. (Canada), Applied Spectral Imaging (US), Surface Optics Corporation (US), ChemImage Corporation (US), Cubert GmbH (Germany), BaySpec, Inc. (US), Galileo Group, Inc. (US), HyperMed Imaging, Inc. (US), Inno-Spec GmbH (Germany), Clyde HSI (Scotland), Imec (Belgium), Brandywine Photonics (US), XIMEA GMBH (Germany), Photon ETC. (Canada), CytoViva, Inc. (US), Diaspective Vision (Germany), Gamaya (Switzerland), Hinalea Imaging (US), Orbital Sidekick (US), Glana Sensors AB (Sweden), Malvern Panalytical Ltd (UK), JB Hyperspectral Devices GmbH (Germany), HORIBA Ltd. (Japan), ORNET SDN BHD (Malaysia), and Thorlabs, Inc. (US) |
This research report categorizes the Hyperspectral imaging systems market into the following segments and sub-segments:
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
By Product
- Camera
- Accessories
By Technology
- Pushbroom
- Snapshot
- Other technologies
By Application
- Military surveillance
- Remote sensing
- Life sciences & medical diagnostics
- Machine vision & optical sorting
- Other applications
Recent Developments
- In 2022, Headwall Photonics (US) acquired Holographix LLC (US), which will open the channels for new customers and markets as well as for existing customers of both companies while expanding the manufacturing capabilities to address future growth.
- In 2022, Resonon, Inc. (US) introduced Pika IR-L and Pika IR-L+, which are well suited for airborne applications, where they can provide invisible naked-eye contrast of outdoor features.
- In 2021, Resonon, Inc. (US) partnered with NASA (US) to create a new lunar calibration standard. The ARCSTONE hyperspectral instrument was selected by NASA’s Earth Science and Technology Office (ESTO) for their In-Space Validation of Earth Science Technologies (InVEST) program.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the hyperspectral imaging systems market?
The hyperspectral imaging systems market boasts a total revenue value of $34.3 billion by 2028.
What is the estimated growth rate (CAGR) of the hyperspectral imaging systems market?
The global market for hyperspectral imaging systems has an estimated compound annual growth rate (CAGR) of 15.4% and a revenue size in the region of $16.8 billion in 2023.
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The objective of the study is to analyze the key market dynamics, such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as acquisitions, product launches, expansions, collaborations, agreements, and partnerships of the leading players, the competitive landscape of the hyperspectral imaging systems market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments, market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as research laboratories, hospitals, research institutes, diagnostic laboratories, and pharmaceutical companies) and supply side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Approximately 40% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 60%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: *Others include sales managers, marketing managers, and product managers.
Note 2: Tiers are defined based on a company’s total revenue as of 2022: Tier 1=> USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3=< USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
All major product manufacturers offering various hyperspectral imaging systems were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value hyperspectral imaging systems market was also split into various segments and subsegments at the region and country level based on:
- Product mapping of various manufacturers for each type of market at the regional and country-level
- Relative adoption pattern of each market among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country-level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country-level
Market Size: Top Down Approach
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Hyperspectral imaging systems industry.
Market Definition
Hyperspectral imaging systems are used to capture narrow spectral bands over a continuous spectral range. These systems include hyperspectral cameras and their associated accessories. The hyperspectral sensors in cameras collect information as a set of images, which are later combined into a 3D hyperspectral data cube for processing and analysis.
Key Stakeholders
- Senior Management
- Finance/Procurement Department
- Pathologist/Technician
Report Objectives
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the hyperspectral imaging systems market by product, technology, application, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To forecast the size of the market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Rest of the world.
- To profile key players in the market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the market
- To benchmark players within the market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
Additional country-level analysis of the Hyperspectral imaging systems market
Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Hyperspectral imaging systems Market
Generating Response ...
Growth opportunities and latent adjacency in Hyperspectral Imaging Systems Market