Hyperspectral Imaging Market Size, Share & Trends Analysis Report By Application (Surveillance, Remote Sensing, Machine Vision/Optical, Medical Diagnostics/Research), By End-user (Food & Agriculture, Healthcare, Defense, Mining & Metrology, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global hyperspectral imaging market size was valued at  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).

Hyperspectral Imaging is a novel spectroscopy-based analysis tool. It gathers hundreds of photos with varying wavelengths for the exact location. Blue, green, and red are the only three color receptors in the human eye—hyperspectral imaging analyzes the continuous spectrum of light for each image pixel with precise wavelength precision, both in the visible and near-infrared ranges.Hyperspectral imaging improves sensitivity and distinguishability compared to traditional imaging and detection techniques since it combines digital imagery and spectroscopy. The ability to divide things into groups according to their spectral characteristics is greatly enhanced by hyperspectral imaging. The electromagnetic spectrum's "visible" bands, which are made up of the colors Red, Green, and Blue, are used by conventional cameras to capture images. The images produced by these cameras represent human eyesight, as humans can only perceive "visible" light from the electromagnetic spectrum.

Spectral pictures can depict any combination of the electromagnetic spectrum's infrared, visible, ultraviolet, and x-ray wavelengths. Hyperspectral imaging is increasingly used in many industries, including research & development, healthcare, defense, the food industry, night vision, and remote sensing, which is expected to lead to strong market demand. Additionally, it is projected that technological developments like sensor design, high spectrum resolution, high spatial resolution, and compact and lightweight devices would further promote usage. Hyperspectral imaging has many benefits, including that each point's spectrum utilization doesn't require prior knowledge. It also offers a wealth of data for processing and evaluating the image. Increasing HSI applications, such as identifying rock minerals, analyzing plant diseases in crops, diagnostic imaging, and detecting foreign toxins in food processing, are anticipated to increase its adoption rate over the projection period.

Market Dynamics

Global Hyperspectral Imaging Market Drivers

Demand for Accuracy and Consistency

The hyperspectral imaging market demand is driven by the growing requirement for data accuracy and consistency in HSI applications, including weather, food and agriculture, and defense. For industries like food and agriculture, where image technology is used, HSI employs solid analytical techniques. Systems for hyperspectral imaging collect images in more than a hundred adjacent spectral bands. While hyperspectral imagery enables the characterization and identification of materials, multispectral imagery is beneficial for differentiating between patterns in the landscape and land surface features. Analyzing individual pixels is frequently helpful for detecting particular objects in the image and mapping the distribution of elements. In their capacity to quantify and identify molecule absorption, hyperspectral imaging sensors provide an edge over other spectral solutions, namely multispectral sensors.

An HS imager's excellent spectral resolution makes it possible to detect, identify, and quantify a wide range of surface components and infer biological and chemical activities. High spatial resolution images can also improve target detection efficiency. Similarly, if high-resolution photos are available, change detection performance may also be enhanced. Though HS imaging yields marginally improved results, its actual value is in applications where ground-truth signatures are gathered in the field and indexed in spectrum libraries, which are essential for numerous analysis techniques. Additionally, combining data from HSI sensors and airborne LiDAR scanners (ALS) in environmental research has tremendous potential for various applications. Consequently, the market for hyperspectral imaging is anticipated to expand in the coming years due to several aspects requiring high data precision and the incorporation of machine learning.

Global Hyperspectral Imaging Market Restraints

High Cost of Using the Technology

Hyperspectral imaging produces a complete spectrum for every pixel in an image. The visible spectrum is covered by each pixel in a hyperspectral image, providing information that can be used, for instance, to track severe algae blooms by measuring ocean color. Mass-produced, user-friendly cameras are less expensive than large, highly specialized devices. The necessity for inspection tasks to be completed also influences the cost. High-end hyperspectral imaging systems are available for as little as EUR 20,000 per camera system. Commercial HSIs are available, but their starting price of USD 28,000 makes them prohibitively expensive for many potential customers and applications. Therefore, the creation of affordable HSI systems is necessary. The cost and weight of hyperspectral imagers can reach tens of thousands of dollars. As a result, numerous consumers avoid utilizing the technology.

Global Hyperspectral Imaging Market Opportunities

Untapped Markets in Emerging Economies

Untapped markets in Latin America and Asia-Pacific are anticipated to present considerable prospects for market participants in hyperspectral imaging. To address the growing need for accurate and quick mapping of natural resources utilizing remote sensing technologies, for instance, several hyperspectral sensors were developed and introduced in China. A total of 34 micro-nano satellites, comprising video, HSI, and high-resolution optical satellites, as well as radar and infrared satellites, were launched by China in September 2019 as part of the Zhuhai-1 project. Similar potential exists in different unexplored economies for advancing the hyperspectral imaging market.

Regional Analysis

North American Supremacy Over the Market 

The regional segmentation of the global hyperspectral imagining market share includes North America, Europe, Asia-Pacific, and the Rest of the World.

North America will command the leading market share, expanding at a CAGR of 15.63% over the forecast period. The market is anticipated to increase due to rising regional surveillance innovation. The region is distinguished by the presence of nations like the United States, which have substantial surveillance investments. In addition to the military, various law enforcement organizations employ cutting-edge technology to track and monitor many individuals or vehicles both during the day and at night, as well as to keep an eye on the activities in a given region. Hyperspectral imaging systems and devices are expected to become more popular due to these new deployments. US soldiers have removed thousands of pounds of explosives from the battlefields in Afghanistan by employing hyperspectral imagers to detect objects generally concealed from view, such as tanks covered in camouflage or emissions from a makeshift bomb factory. Canada has also raised their military spending, similar to the US.

The aerospace investments made in the region are also expected to impact the market considerably. A conducive environment for hyperspectral cameras is projected to be created by the region's administration's significant financing proposals for space and commercial space. With these expenditures, the region can easily access space and expand its current space capabilities. Additionally, NASA's interest in hyperspectral imaging has inspired collaborations between market participants and space organizations due to various companies developing space solutions. For instance, the American company Resonon said in 2021 that it would work with NASA to create a new lunar calibration standard.

Asia-Pacific will proliferate at a CAGR of 17.15%, accounting for USD 131 million by 2030. The market has grown due to substantial investments in the regional military infrastructure. India, for example, established a road map to gain an advantage over its regional rivals by spending USD 130 billion over the next five to seven years to upgrade its armed forces and strengthen its combat capabilities. The program calls for purchasing various missiles, armaments, air defense systems, drones, surveillance tools, fighter jets, submarines, and warships, as well as creating a framework for extensive AI use. In addition to India, other nations in the region, like Japan, emphasize bolstering their armed forces. For instance, the Japanese government plans to start studying how artificial intelligence and machine learning may be used to improve the capabilities of present and future maritime surveillance aircraft.

Segmental Analysis

The global hyperspectral imaging market is classified based on application, end-user vertical, and region.

Based on Application, the global hyperspectral imaging market analysis 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 hyperspectral imaging market share over the forecast period. Understanding the physical and chemical characteristics of numerous terrain features, atmospheric phenomena, crop health, and their characterization are all made possible by hyperspectral remote sensing. Due to the difficulty of extracting hyperspectral data information, a proper grasp of underlying theories and analysis is required. Various geographic data and remote sensing developments have created new possibilities for hyperspectral sensors. The main uses of hyperspectral remote sensing are managing coastal zones, geology and mineral exploration, agriculture and forestry, and ecology. Landmine detection, littoral zone mapping, and military camouflage are other applications for the technology.

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. Hyperspectral imaging can be a vital tool for research and disease identification in the healthcare sector due to its non-contact, non-ionizing, and label-free imaging modalities. The application of HSI technology in the healthcare industry is crucial. Additionally, it is anticipated that the growing number of investments in the sector would fuel the development of this subject. The digital transformation the healthcare sector is currently experiencing is expected to substantially impact the industry. Additionally, handheld HS sensors are being quickly incorporated into healthcare operations for applications like quick, non-invasive evaluation of healthy or diseased tissue in outpatient surgery centers and expanded use of miniature drones or unmanned aerial vehicles for life-saving procedures.

The Mining & Metrology section will hold the second-largest market share. Earth has roughly 4000 naturally occurring minerals. These ores are all deposited in a variety of chemical compositions. Each of these compositions has unique spectral properties that indicate a different line and aid in identifying the ore minerals. Since identifying one mineral is frequently followed by identifying additional minerals, HSI techniques are beneficial. Numerous inferences can be drawn from hyperspectral data, including the evaluation of acid mine drainage about the sources, channels, and receptors of pollutants. The vast data sets with the companies have been able to choose the HSI technique for mining applications due to the rapid expansion in computing power and storage capacity in widely-available computing platforms. The usage of HSI technology has also found several uses in meteorology. Aerosol optical paths are loaded in vertical columns; hence HSI systems need ground-based or satellite-based devices to collect data.

Impact of covid-19

COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.

Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.

Recent Developments

• 2022- Specim Spectral Imaging Ltd opened a European branch office to strengthen its regional presence.
• 2022- Headwall Photonics Inc. acquired Holographixâ