Hyperspectral Imaging System Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030
The Global Hyperspectral Imaging System Market Size accounted for USD 13.4 Billion in 2021 and is projected to occupy a market size of USD 55.8 Billion by 2030 growing at a CAGR of 17.3% from 2022 to 2030.
Hyperspectral imaging (HSI) is a system that analyzes a wide range of light instead of just assigning primary colors such as red, blue, green to each pixel. The light striking each pixel is broken down into many special spectral bands in order to offer more information on what is imaged. Mainly this algorithms and the image processing methodologies associated with HSI is a major product of military research, and were primarily used to identify targets and other objects against background clutter. In addition, hyperspectral imaging systems are a powerful tool for remote sensing or non-contact of molecular chemical information of material quality or composition. Fields of application for this technology include pharmaceuticals, material sciences, pathology, ecological, polymer sciences, forensics, bio-medicine, geological studies, pathology and agriculture.
Hyperspectral Imaging System Market Report Statistics
- Global hyperspectral imaging system market revenue is estimated to reach USD 55.8 Billion by 2030 with a CAGR of 17.3% from 2022 to 2030
- North America hyperspectral imaging system market share generated over 37% shares in 2021
- According to recent insights, the US congress requested over 715 billion for defense sector in fiscal 2022 budget
- Asia-Pacific hyperspectral imaging system market growth will record substantial CAGR of over 18% from 2022 to 2030
- Based on products, cameras captured around 60% of the overall market share in 2021
- Among applications, military sector generated shares of over 26% in 2021
- Growing demand for remote sensing in defense sector is a popular hyperspectral imaging system market trend that is fueling the industry demand
Global Hyperspectral Imaging System Market Dynamics
Market Drivers
- Rising industrial application of hyperspectral imaging
- Surging technological advancements in the industry
- Growing need for remote sensing data in defense and homeland operations
Market Restraints
- High cost and complexity
- Data storage challenges
Market Opportunities
- Mounting use of unmanned aerial vehicles
- Rising investments and funding from private and public organizations
Hyperspectral Imaging System Market Report Coverage
| Market | Hyperspectral Imaging System Market |
| Hyperspectral Imaging System Market Size 2021 | USD 13.4 Billion |
| Hyperspectral Imaging System Market Forecast 2030 | USD 55.8 Billion |
| Hyperspectral Imaging System Market CAGR During 2022 - 2030 | 17.3% |
| Hyperspectral Imaging System Market Analysis Period | 2018 - 2030 |
| Hyperspectral Imaging System Market Base Year | 2021 |
| Hyperspectral Imaging System Market Forecast Data | 2022 - 2030 |
| Segments Covered | By Product, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Headwall Photonics Inc., Imec, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Spectral Imaging Ltd., Applied Spectral Imaging, and Telops Inc. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Hyperspectral Imaging System Market Growth Factors
Innovation in hyperspectral imaging system coupled with advancement in technology, designs, and features is driving the demand from various fields, such as remote sending, mining, military, vision, meteorology, healthcare, and optical. The various advantages of hyperspectral imaging system such as the non-requirement of prior knowledge of the spectrum and sample are estimated to drive investments from market player, which is likely to drive the demand during the forecast period. Furthermore, exiting market players are switching to advanced technologies to gain competitive advantage. Growth opportunities in emerging countries, rise in R&D, and the aim to sustain international product quality standards is expected to drive market expansion. Moreover, advancements in sensor technologies have improved the image quality, economic efficiency, and reliability of the technical products and thus, are likely to fuel the market growth.
Hyperspectral Imaging System Market Segmentation
The global hyperspectral imaging system market is segmented based on product, application, and geography.
Hyperspectral Imaging System Market By Product
- Cameras
- Accessories
According to our hyperspectral imaging system industry analysis, cameras accounted for majority of the market share in 2021 and are likely to do so in the coming years. The growing technological advancement and easy availability of cameras is attributed to the significant market share. High-speed, low-cost circuits, advanced manufacturing processes, and a novel signal processing approach are among the most significant recent developments. The quality, economic efficiency, and dependability of technical products are expected to improve as a result of these developments.
Hyperspectral Imaging System Market By Application
- Military
- Remote Sensing
- Medical Diagnostics
- Machine Vision & Optical Sorting
- Others
According to the hyperspectral imaging system market forecast, the military application gathered a considerable amount of share from 2022 to 2030. The segment's rapid growth can be attributed to advancements in data management and component fabrication techniques. Hyperspectral imaging has numerous military applications, including tracking and identification of personnel and other objects. Furthermore, remote sensing and medical diagnostics sub-segments have gained significant traction in recent years.
Hyperspectral Imaging System Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Hyperspectral Imaging System Market Regional Analysis
The hyperspectral imaging system market analysis is provided for major regional markets including North America, Europe, China, Southeast Asia, Japan and India followed by major countries. For each region, the market size and volume for different segments has been covered under the scope of report. North America accounted for a large market share, and is likely to lead the market in the forecast period. The market growth in this region can be largely attributed to the factors such as high adoption of hyperpsectral imaging systems in research, increase in research funding, growing awareness on the benefits of hyperspectral imaging in commercial industries, and technological advancements
Hyperspectral Imaging System Market Players
Some of the global hyperspectral imaging system companies included in the report are Headwall Photonics Inc., Imec, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Spectral Imaging Ltd., Applied Spectral Imaging, and Telops Inc.
Frequently Asked Questions
What is the size of global hyperspectral imaging system market in 2021?
The market size of hyperspectral imaging system market in 2021 was accounted to be USD 13.4 Billion.
What is the CAGR of global hyperspectral imaging system market during forecast period of 2022 to 2030?
The projected CAGR of hyperspectral imaging system market during the analysis period of 2022 to 2030 is 17.3%.
Which are the key players operating in the market?
The prominent players of the global hyperspectral imaging system payments transaction market include Headwall Photonics Inc., Imec, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Spectral Imaging Ltd., Applied Spectral Imaging, and Telops Inc.
Which region held the dominating position in the global hyperspectral imaging system market?
North America held the dominating hyperspectral imaging system during the analysis period of 2022 to 2030.
Which region registered the fastest growing CAGR for the forecast period of 2022 to 2030?
Asia-Pacific region exhibited fastest growing CAGR for hyperspectral imaging system during the analysis period of 2022 to 2030.
What are the current trends and dynamics in the global hyperspectral imaging system market?
Rising industrial application of hyperspectral imaging, surging technological advancements in the industry, and growing need for remote sensing data in defense and homeland operations drives the growth of global hyperspectral imaging system market.
Which product held the maximum share in 2021?
Based on product, cameras segment is expected to hold the maximum share hyperspectral imaging system market.
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