USD 299.79 Million
Hyperspectral Imaging Market Size, Share, Growth Analysis, By Type (Cameras and accessories), By Technology (Pushbroom/Line Scan, Snapshot), By Wavelength (Visible & NIR, SWIR), By End-user (Food and agriculture, healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2128 |
Region:
Global |
Published Date: November, 2024
Pages:
197
|Tables:
62
|Figures:
75
Hyperspectral Imaging Market Insights
Global Hyperspectral Imaging Market size was valued at USD 299.79 Million in 2022 and is poised to grow from USD 345.52 Million in 2023 to USD 1087.72 Million by 2031, at a CAGR of 15.43% during the forecast period (2024-2031).
Increasing investments in advancement of imaging technologies and growing application scope of hyperspectral imaging are projected to bolster market development in the future. Rising use of hyperspectral imaging in healthcare, agriculture, environmental monitoring, and defense industry verticals is also expected to boost revenue generation for hyperspectral imaging companies going forward. High emphasis on improving quality control in the food & beverages industry is also forecasted to uplift the adoption of hyperspectral imaging across the study period and beyond. Surging demand for minerals and valuable elements is boosting investments in the mining industry where the use of hyperspectral imaging is projected to increase at a notable pace in the future. However, complexity in data analysis and processing, lack of standardization, challenges in portability, and limited awareness regarding benefits are slated to be major restraints for hyperspectral imaging companies in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cameras
Fastest Growth
Cameras
Growth Rate
15.43% CAGR
Global Hyperspectral Imaging Market ($ Bn)
Country Share for North America Region (%)
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Hyperspectral Imaging Market Segmental Analysis
Global Hyperspectral Imaging Market is segmented by Product, by Technology, by Wavelength, by End User and by Region. Based on Product, the market is segmented into Cameras and accessories. Based on Technology, the market is segmented into Pushbroom/Line Scan, Snapshot, and Other Technologies. Based on Wavelength, the market is segmented into Visible & NIR, SWIR, MWIR, and LWIR. Based on End User, the market is segmented into Food and agriculture, healthcare, defence, Mining and Metrology, Recycling and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Component Type
Cameras are projected to account for a substantial hyperspectral imaging market share over the coming years. Capturing high-resolution spectral data across different wavelengths is the primary step in hyperspectral imaging and this is carried out through cameras, making them an indispensable part of hyperspectral imaging systems and solutions. Growing investments in the research and development of advanced hyperspectral cameras and advancements in camera technologies are also contributing to the dominance of this segment. Increasing demand for high-resolution images, better imaging quality, and accuracy is also expected to create new opportunities for hyperspectral imaging companies focusing on this segment in the future.
On the other hand, the demand for accessories in the global hyperspectral imaging industry is forecasted to increase at a robust pace across the study period and beyond. The use of accessories to add additional functionality to hyperspectral imaging systems and enhance the efficiency of hyperspectral imaging solutions are also estimated to boost sales of accessories going forward. Growing demand for customization of hyperspectral imaging systems for different industry verticals is also expected to create new opportunities for companies targeting this segment. Accessories that can provide instant data analysis and processing capabilities will emerge in popularity in the long run.
Analysis by End-use Industry
The healthcare industry is projected to spearhead the global hyperspectral imaging market outlook in the future. Growing use of hyperspectral imaging in diagnostic and medical imaging applications is estimated to primarily aid the dominance of this segment going forward. Increasing demand for advanced imaging technologies in the healthcare industry and growing investments in medical research and development are also slated to benefit the demand for hyperspectral imaging over the coming years. Use of hyperspectral imaging sensors in multiple medical devices and growing demand for non-invasive diagnostic procedures are also forecasted to create new opportunities for hyperspectral imaging providers in the long run.
On the other hand, the demand for hyperspectral imaging in the mining & metrology industry is slated to increase at a notable pace through 2031 and beyond. Growing investments in the mining industry and rising demand for valuable mined ores and minerals are expected to promote the adoption of hyperspectral imaging in this industry going forward. Each mineral or ore has a specific spectral signature, and the use of hyperspectral imaging helps miners identify them and improve their mining efficiency. Rising use of hyperspectral imaging in metrology applications to collect data is also expected to offer lucrative growth scope for hyperspectral imaging companies.
Global Hyperspectral Imaging Market By Type
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Hyperspectral Imaging Market Regional Insights
North America is projected to account for a dominant global hyperspectral imaging market share going forward. Extensive use of hyperspectral imaging in military and defense applications and healthcare applications is projected to help this region maintain its dominant stance on a global level. High investments in military and defense industry, growing use of hyperspectral imaging in aerospace and surveillance applications, and presence of key hyperspectral imaging providers are also helping this region hold sway over others. The United States is projected to lead the demand for hyperspectral imaging in this region followed by Canada through 2031.
Meanwhile, the demand for hyperspectral imaging in the Asia Pacific region is estimated to expand at a rapid CAGR over the coming years. Growing investments in the development and adoption of advanced imaging technologies, rising emphasis in military and defense modernization, and healthcare infrastructure development are slated to be key factors helping Asia Pacific emerge as the most opportune market in the world. India, Japan, China, and South Korea are slated to be the prime adopters of hyperspectral imaging in this region and most lucrative markets for hyperspectral imaging companies.
Global Hyperspectral Imaging Market By Geography
- Largest
- Fastest
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Hyperspectral Imaging Market Dynamics
Drivers
Use in Medical and Diagnostic Applications
- Hyperspectral imaging is gaining traction in the healthcare industry for its non-invasive approach to cancer detection, wound assessment, and surgical guidance applications. The ability of hyperspectral imaging to provide detailed, spectrally rich images that help identify tissue characteristics and detect abnormalities are helping its adoption in the healthcare industry for various diagnostic and medical applications.
Growing Adoption in Defense and Surveillance
- The ability of hyperspectral imaging to detect objects and materials from their spectral signatures has allowed it to gain significant popularity in the defense industry. Hyperspectral imaging is being used in satellites to help with target identification, reconnaissance, and threat detection in defense and military applications thereby also driving hyperspectral imaging market growth in the future.
Restraints
Complexity in Data Analysis and Processing
- Hyperspectral imaging produces a vast amount of spectral data that requires advanced data analysis and processing. Use of advanced systems and solutions for data processing requires skilled professionals and the need for high capital investments to acquire the same are slated to impede hyperspectral imaging demand outlook in the future.
Lack of Standardization
- Hyperspectral imaging does not have a set of defined universal standards for data formats, calibration, and accuracy. This lack of standardization leads to inconsistencies and incompatibility across various applications of hyperspectral imaging. Absence of standardization also creates issues in integration and thereby slows down the overall market development potential as well.
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Hyperspectral Imaging Market Competitive Landscape
Developing affordable and advanced hyperspectral imaging solutions suitable for multiple industry verticals will create new opportunities for market players. Launch of new hyperspectral imaging solutions will also be a key strategy for almost all new as well as established companies going forward. Integration of advanced technologies with hyperspectral imaging will also expand the business scope of all hyperspectral imaging providers through 2031.
Top Player’s Company Profiles
- Applied Spectral Imaging Inc.
- BaySpec Inc.
- Specim Spectral Imaging Ltd
- Corning Inc.
- Surface Optics Corporation
- Headwall Photonics Inc.
- Resonon Inc.
- Telops Inc.
- Norsk Elektro Optikk AS
- Brimrose Corporation
- Cubert GmbH
- ChemImage Corporation
- IMEC
- ITRES Research Limited
- RIKOLA Ltd.
- XIMEA GmbH
- SpecTIR LLC
- Spectral Imaging Ltd.
- SPECIM - Spectral Imaging Ltd.
- Galileo Group Inc.
Recent Developments
- In November 2024, Pixxel, a leading hyperspectral imaging satellite company unveiled its new commercial hyperspectral imaging satellite constellation called Fireflies. The satellites offer next-generation hyperspectral imaging for climate change with a five-meter resolution capable of covering more than 150 spectral bands.
- In July 2024, Specim announced the launch of a new macro lens for its hyperspectral imaging camera called Specim FX10. The addition of this new lens helps expand the applications scope of Specim FX10 in industrial and scientific use cases going forward.
- In May 2023, Specim, a renowned supplier of hyperspectral imaging cameras and systems announced the launch of its new hyperspectral imaging camera for machine vision applications. Specim GX17 has a resolution of 480 spatial pixels and offers a maximum frame rate of around 800 Hz.
Hyperspectral Imaging Key Market Trends
- Use of Artificial Intelligence and Machine Learning: Hyperspectral imaging providers can explore the integration of machine learning and artificial intelligence to make their offerings more accurate and efficient. Automated classification, pattern recognition, and anomaly detection are some key features that can be offered through integration of AI and ML thereby also reducing the need for highly skilled experts for operations.
- Miniaturization of Hyperspectral Imaging Solutions: Hyperspectral imaging companies can invest in the development of smaller and more portable solutions to boost their sales. Portable hyperspectral imaging systems increase accessibility and practicality, especially for real-time analysis in remote locations for agriculture, environmental monitoring, and public safety applications in the future making it an unmissable hyperspectral imaging market trend.
Hyperspectral Imaging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising investments in the development of advanced imaging technologies and growing use of hyperspectral imaging in defense and medical applications are projected to drive market development. However, complexity in data processing and analytics and lack of standardization are expected to impede the sales of hyperspectral imaging systems and solutions in the long run. High spending on defense and surveillance in North America allows it to spearhead the global hyperspectral imaging demand outlook in the long run. Integration of artificial intelligence and miniaturization of hyperspectral imaging devices are expected to emerge as key opportunities in the global hyperspectral imaging market forecast through 2031 and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 299.79 Million |
| Market size value in 2031 | USD 1087.72 Million |
| Growth Rate | 15.43% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hyperspectral Imaging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hyperspectral Imaging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hyperspectral Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hyperspectral Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hyperspectral Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hyperspectral Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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