Global Hyperspectral Imaging Market Grows at a Staggering CAGR of 8.69%

Hyperspectral Imaging is an innovative analysis technique based on spectroscopy. It collects hundreds of images from the same area at various wavelengths. Hyperspectral imaging analyzes the continuous spectrum of light for each image pixel with precise wavelength precision, both in the visible and near-infrared ranges, in contrast to the human eye's three-color receptors (blue, green, and red). Combining spectroscopy with digital imagery, hyperspectral imaging improves sensitivity and discrimination above conventional imaging and detection techniques. Hyperspectral imaging significantly improves the capacity to categorize objects based on spectral properties. Traditional cameras take pictures using the "visible" electromagnetic spectrum bands, represented by the hues Red, Green, and Blue. Since humans can only see "visible" light from the electromagnetic spectrum, the images captured by these cameras represent human vision. The electromagnetic spectrum's infrared, visible, ultraviolet, and x-ray wavelengths can represent spectral images. Hyperspectral imaging is employed in research & development activities, healthcare, defense, the food sector, night vision, and remote sensing, which will drive market demand. Moreover, it is anticipated that technological advancements like sensor design, high spectrum resolution, high spatial resolution, and compact and lightweight devices would soon push usage even further. The fact that any point can utilize the spectrum without any prior information is one of the many advantages of hyperspectral imaging. It also provides a lot of information for analyzing and assessing the image. Increasing applications of HSI, such as mineral identification, plant disease analysis, diagnostic imaging, and toxin detection in food processing, are expected to boost its acceptance rate. Market Dynamics Demand for Accuracy and Consistency Fosters the Market for Hyperspectral Imaging The increasing need for data integrity and consistency in HSI applications, such as weather, food, agriculture, and defense, is driving market demand. HSI uses powerful analytical approaches for sectors like food and agriculture that use picture technology. More than a hundred nearby spectral bands are collected using systems for hyperspectral imaging. While multispectral photography helps distinguish between patterns in the landscape and land surface features, hyperspectral photography permits the identification and characterization of materials. In addition to mapping the distribution of items in the image, analyzing individual pixels is frequently helpful in detecting specific objects in the scene. Hyperspectral imaging sensors offer a competitive advantage over other spectral systems, such as multispectral sensors, in their ability to quantify and detect molecular absorption. Due to the superior spectral resolution of HS imagers, various surface components can be detected, identified, and quantified, and biological and chemical activities can be inferred. High spatial resolution photos can also increase the effectiveness of target detection. Similarly, change detection performance may be improved if high-resolution pictures are supplied. The applications where ground-truth signatures are obtained in the field and indexed in spectrum libraries—which are necessary for many analytic techniques—are where HS imaging truly shines. Additionally, using data from aerial LiDAR scanners (ALS) and HSI sensors in environmental studies has much potential. As a result, several factors demanding high data precision and the incorporation of machine learning are expected to cause the market for hyperspectral imaging to grow in the following years. Emerging Economies Create Lucrative Opportunities for Hyperspectral Imaging Emerging markets in Asia-Pacific and Latin America are predicted to offer significant potential chances for industry participants in hyperspectral imaging. For instance, a variety of hyperspectral sensors were developed and introduced in China to answer the growing demand for precise and speedy mapping of natural resources using remote sensing technology. As part of the Zhuhai-1 project, China launched 34 micro-nano satellites in September 2019. These satellites included video, HSI, high-resolution optical satellites, and radar and infrared satellites. Different untapped economies have similar great potential for developing the hyperspectral imaging market. Regional Insights North America will command the leading market share, expanding at a CAGR of 15.63% over the forecast period. The market is expected to grow as surveillance technology advances in the region. The presence of countries with significant investments in surveillance, notably the United States, distinguishes the region. Several law enforcement agencies, in addition to the military, use cutting-edge technology to track and monitor multiple persons or vehicles both during the day and at night, as well as to keep an eye on the actions occurring in a particular area. These additional deployments are anticipated to increase demand for hyperspectral imaging systems and equipment. Using hyperspectral imagers to find items typically hidden from view, such as camouflaged tanks or emissions from a makeshift bomb factory, US forces in Afghanistan have removed thousands of pounds of explosives from the battlefield. The significant aerospace investments in the region are anticipated to impact the market substantially. Asia-Pacific will proliferate at a CAGR of 17.15%, accounting for USD 131 million by 2030. The market has expanded due to significant investments in local military infrastructure development. India, for instance, devised a road map to spend USD 130 billion over the following five to seven years to upgrade its armed forces and strengthen its combat capabilities to gain an advantage over its regional rivals. In addition to developing a framework for extensive AI use, the program asks for purchasing a variety of missiles, munitions, air defense systems, drones, surveillance equipment, fighter jets, submarines, and warships. In addition to India, other countries in the area, like Japan, are emphasizing strengthening their military forces more. For instance, the Japanese government plans to look at possible ways to use AI and ML to improve the capabilities of both current and future maritime surveillance planes. Key Highlights The global hyperspectral imaging market had a revenue holding of USD 154 million in 2021. It is expected to reach USD 509 million by 2030, growing at a CAGR of 16.21% during the forecast period (2022–2030). Based on application, the global hyperspectral imaging market is segmented into Surveillance, Remote Sensing, Machine Vision/Optical, and Medical Diagnostics/Research. The Remote Sensing section is projected to advance significantly and hold the largest market share over the forecast period. Based on end-user vertical, the global hyperspectral imaging market is segmented into Food & Agriculture, Healthcare, Defense, Mining & Metrology, and Others. The Healthcare section is projected to advance at a CAGR of 17.27% and hold the largest market share over the forecast period. Region-wise, the global hyperspectral imagining market includes North America, Europe, Asia-Pacific, and the Rest of the World. North America will dominate the overall market. Competitive Players in the Market Applied Spectral Imaging Inc. Bayspec Inc. Specim Spectral Imaging Ltd Corning Incorporated Surface Optics Corporation Headwall Photonics Inc. Resonon Inc. HyperMed Imaging Inc. Norsk Elektro Optikk AS Cubert GmBH XIMEA Corp. Market News In 2022, Specim Spectral Imaging Ltd opened a European branch office to strengthen its regional presence. In 2022, Headwall Photonics Inc. acquired Holographixâ Global Hyperspectral Imaging Market: Segmentation By Application Surveillance Remote Sensing Machine Vision/Optical Medical Diagnostics/Research By End-user Food & Agriculture Healthcare Defense Mining & Metrology Others By Regions North America Europe Asia-Pacific Rest of the World