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 2030
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 2030, growing at a CAGR of 15.4% from 2023 to 2030.
A market industry trend analysis is included in the new research study. Industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and market purchasing behaviour are all included in the new study report. The rising need for remote sensing in agricultural, defence, and commercial applications is propelling this industry forward. However, the high pricing of hyperspectral imaging cameras hinder the market's growth.
Hyperspectral Imaging Systems Market Dynamics
DRIVER: Increasing financing and expenditures in hardware and software innovation
With advancements in image processing and analysis hardware and software, there is a greater use of HSI in a variety of research projects throughout the world. HIS provides more specificity and granularity than other spectrum imagers, as well as non-invasive imaging.
Because of its merits, this technology is used in a range of applications, including government funding and subsidies. If this trend continues in the coming years, and given that HSI produces favourable results across a wide range of research activities and applications, more research programmes will actively incorporate HSI systems. The increasing uses of HSI will entice market participants to invest in this industry. Cash availability will enable both new and established businesses to create distinctive products, extend product lines, and capitalise on market development opportunities.
RESTRAINT: High cost and data storage in hyperspectral imaging systems
Fast processors, sensitive detectors, and vast data storage capacity are required for hyperspectral data analysis. Because hyperspectral cubes are enormous multi-dimensional datasets that can exceed hundreds of gigabytes in size, a significant quantity of data storage space is required. These variables considerably raise the overall cost of getting and processing hyperspectral data. Because it is difficult and expensive to download and retain such massive volumes of data, researchers confront similar issues in sorting through the data on their own while using just the most important images.
OPPORTUNITY: AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
HSI technologies have found various effective uses in food and agriculture over the last two decades. Miniature imaging spectrographs/spectrometers, all-in-one small hyperspectral cameras, and snapshot hyperspectral imagers have recently become commercially available, allowing for the development of compact and portable imaging systems and devices for use 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 into hyperspectral imaging systems via machine learning is emerging as a new axis for designing unique smart sensing devices and instruments.
CHALLENGE: Lack of cost-effective super-resolution in the spatial domain
HIS has been used as a novel approach by researchers in a range of sectors, including agriculture, aerial and satellite photography, ecology, geology, medicine, and industrial inspection. The resolution of a hyperspectral picture is great in the spectral domain but poor in the spatial domain. The elements influencing hyperspectral image quality are atmospheric scattering, supplementary light, and sensor noise. As a result, boosting spatial resolution for a variety of applications is critical for making greater use of this technology. Because upgrading hardware (hyperspectral camera units) is costly, enhancing spatial resolution through software is a big issue that market rivals are presently confronted with.
Hyperspectral Imaging Systems Ecosystem
This market is dominated by well-established, financially stable manufacturers of hyperspectral cameras and accessories. These companies have been on the market for a while and have cutting-edge technology, a varied product line, and strong global sales and marketing networks. Among the prominent companies in this field are Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and NorskElektroOptikk (Norway).
Cameras will have the greatest growth rate in the hyperspectral imaging systems market in 2023, according to product segment.
Based on the products, The global market is divided into two categories: cameras and accessories. Cameras will expand at the fastest pace over the projection period. The rapid growth rate can be attributable to expanding potential in the development of low-cost high-resolution hyperspectral cameras.
Military surveillance will lead the hyperspectral imaging systems market by application sector in 2023.
Based on application, Remote sensing, military surveillance, life sciences and medical diagnostics, optical sorting and machine vision, and other applications are all part of the market. Because of the rising usage of hyperspectral cameras in defence and homeland security for surveillance and intelligence collection, military surveillance dominates the market.
North America will lead the market for hyperspectral imaging systems by 2023.
North America, Europe, Asia Pacific, and the Rest of the World comprise the worldwide market. North America is likely to dominate the market over the estimate period, owing primarily to government spending in satellite launch and rising employment of imaging cameras in defence.
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 NorskElektroOptikk (Norway).
Hyperspectral Imaging Systems Market Report Scope
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) purchased Holographix LLC (US), opening avenues for new clients and markets as well as current customers of both firms, while strengthening production capacity to accommodate future growth.
- In 2022, Resonon, Inc. (US) released the Pika IR-L and Pika IR-L+, which are ideally suited for airborne applications and may give imperceptible naked-eye contrast of outdoor elements.
- In 2021, Resonon, Inc. (US) will collaborate with NASA (US) to develop a new lunar calibration standard. NASA's Earth Science and Technology Office (ESTO) chose the ARCSTONE hyperspectral sensor for their In-Space Validation of Earth Science Technologies (InVEST) programme.