Global Hyperspectral Imaging System Market - 2022-2029

Global Hyperspectral Imaging System Market - 2022-2029

Market Overview

The global hyperspectral imaging system market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Hyperspectral imaging (HSI) is a collection of operations that involves capturing images and assigning spectral radiance values to each pixel in the visible and infrared areas of the electromagnetic spectrum. Sensors offer data on the composite's hundreds of small wavelength bands. The pixels are sorted and described using statistical analysis and software that classifies pixels.

Powerful sensors capable of covering enormous areas of the planet with outstanding spatial, spectral and temporal resolutions are added to the present hyperspectral imaging technology. The method is employed in various remote sensing applications that involve estimating physical parameters of multiple complex surfaces and identifying visually similar materials with precise spectral signatures due to such characteristics.

Due to technological breakthroughs, data acquisition and analysis have improved, such as the introduction of micro-hyperspectral imaging technology. Micro-hyperspectral technology fulfills the need for small, lightweight and efficient hyperspectral imaging instruments that may be deployed in demanding settings. The Specim FX17, for example, is the world's smallest and quickest InGaAs-based near-infrared hyperspectral camera for industrial machine vision. The camera delivers more specific chemical, physical and biological information, saving money and time while minimizing non-recyclable trash.

Market Dynamics

Hyperspectral imaging is expected to increase in various industries, including research and development, healthcare, defense, food manufacturing, night vision and remote sensing. This technology's growing popularity can be ascribed to its clarity and precision. Furthermore, technological developments like sensor design, high spectrum resolution, high spatial resolution and small & lightweight devices are expected to promote usage shortly.

With the rise in industrial applications of hyperspectral imaging systems

Spectrographs and detector designs have evolved significantly over the years, resulting in decreased pricing and enhanced instrumentation capabilities. As a result, HSI is increasingly being used in various applications. In contrast to normal cameras, hyperspectral cameras gather a 3D picture cube and spectral information, making them perfect for any situation where images must cover a big area and encode a huge quantity of data in a single frame.

HSI was originally intended for remote sensing applications such as satellite imaging of the Earth. On the other hand, due to technical improvements, HSI has become more compact, less expensive and more adapted for application in various industries, including agriculture, pharmaceuticals, food testing, medical diagnostics, art research and waste management.

The growing applications for the hyperspectral imaging system backed by the government

The technology, which the government and research agencies back, is gaining popularity for various uses. For example, U.S. government has attempted to combat the country's opioid issue. The Department of Homeland Security held an 'Opioid Detection Challenge,' which involved deploying technology to detect opioids like fentanyl in mail parcels, a common way for illicit opioids to enter U.S.

Battelle's Automated Multimodal Opioid Detection System now uses Headwall Photonics' hyperspectral imaging sensors, dual-energy radiography and machine learning algorithms to detect opioids in packages non-invasively and without mail flow.

High costs and data storage difficulties

Hyperspectral imaging system is a complex process that requires a large amount of data. As a result, evaluating data in a shorter time requires a large quantity of storage space and powerful software technologies. Data storage issues and high costs, on the other hand, may hinder the growth of the proximity sensor business.

Even though high-speed imaging has immense potential for various uses, the rising cost of the equipment and production process and the need for huge volumes of data for acquisition and analysis prevent its widespread use for real-time commercial uses.

COVID-19 Impact Analysis

The COVID-19 epidemic has wreaked havoc on worldwide commercial and economic activity. The epidemic will have a short-term impact on the global market for hyperspectral imaging systems. Production and manufacturing were significantly harmed due to several governments announcing statewide lockdowns and temporary closures of various industries. Trade obstacles exacerbated the demand-supply disparity. Surface Optics Corporation (U.S.), a company that sells hyperspectral imaging systems, has held non-essential visits and operations until the COVID-19 epidemic is resolved.

However, many of these businesses continue to operate from a distance. Production and manufacture have already begun in essential industries such as defense, food, agriculture, and healthcare. During the starting stages of the pandemic, companies like Resonon (U.S.) stayed open. The pandemic is unlikely to have a significant long-term influence on the market for hyperspectral imaging systems. Mobility constraints or worker safety restrictions are the main causes of the short-term detrimental impact. On the other hand, businesses will resume normal operations once the limitations are eliminated.

Segment Analysis

By application type, the hyperspectral imaging system market is segmented into military & defense, remote sensing, machine vision, life science & diagnostic and others.

The rising need for high-level technologies in military & defense

The defense industry faces a range of obstacles daily and many of them require cutting-edge technology to solve. The lack of such technology indirectly causes the entity's vulnerability. The defense industry has made significant investments in the acquisition of cutting-edge technology. Collecting airborne and space-based intelligence, surveillance and reconnaissance (ISR) data is essential for dealing with the present defense issues.

Advanced electro-optical devices, such as hyperspectral imaging, are a vital tool for boosting the information richness of ISR. Uncrewed aerial vehicles (UAVs) are widely used in defense situations to improve airborne and ground reconnaissance missions and this is where HSI technology can help. Aerial vehicles have become increasingly popular in recent years. Furthermore, firms that provide hyperspectral imaging technologies heavily invest in product development for military and defense applications. HinaLea Imaging displayed a variety of HSI cameras. Model 4100H & wide-field, HIS camera for defense applications, was recently released.

Geographical Analysis

The rising advancements in surveillance and defense expenditures in North America

Aside from the food and agriculture industries, The industry is expected to grow as surveillance and defense spending in the region improve. U.S. military and defense have lately begun using balloons for the activity that will help in six Midwest states. The 25 solar-powered balloons deployed to monitor parts of Iowa, Missouri, Minnesota and Wisconsin can follow several people or cars during the day and night and keep an eye on what's happening in the area. Hyperspectral imaging systems and devices are expected to become more popular due to these new deployments.

Furthermore, U.S. spends the most on military and defense in the world. U.S. Air Force may require US$ 165.5 billion in F.Y. 2020, which will be used to fund new technology development. The increased spending is anticipated for next-generation fighter jets that can detect diverse surfaces and radiation from higher altitudes. In recent years, Canada, like U.S., has boosted its military and defense budget.

As part of the membership in NORAD, NATO and the so-called Five Eyes intelligence-sharing alliance, Canada's military and defense funding has come under pressure as U.S. shifts its focus from Middle East and Afghanistan to more immediate threats to Asia-Pacific countries, particularly China. NASA has recently led a demonstration of hyperspectral imaging in U.S. Three years after Hurricane Irma destroyed the Florida Everglades, NASA flew a hyperspectral, LiDAR and thermal (G-LiHT) aerial imaging system over the mangrove forests to assess their status in March 2020.

Competitive Landscape

The market for hyperspectral imaging is fragmented. Product launches, significant R&D spending, partnerships and acquisitions, among other things, are the primary growth tactics these businesses use to stay afloat in the market. Major players operating in the global market for hyperspectral imaging systems include Headwall Photonics, Inc., Norsk Elektro Optikk AS, Resonon Inc., Corning Incorporated, Applied Spectral Imaging, Chemimage Corporation, Alpha Packaging, Inc, Hypermed Imaging, Inc., Inno-Spec GmbH And Surface Optics Corporation.

Resonon Inc.

Overview: Resonon is nestled in the middle of the Rocky Mountains near Bozeman, Montana. They offer whole hyperspectral imaging systems and customized hardware and software solutions. Its hyperspectral imaging cameras are small, inexpensive and function admirably. Resonon offers systems all around the world through its distributors. Multiple Fortune 500 firms use the company's hyperspectral cameras for research and in the industry around the world. NASA, NOAA, U.S. Department of Defense, the National Institute of Health and U.S. Department of Agriculture collaborated on research and development projects with Resonon.

Product Portfolio: Resonon Inc. provides comprehensive laboratory, outdoor and aerial remote sensing systems and specialized hyperspectral machine vision solutions for total magnification. Resonon's hyperspectral cameras use line-scan imagers to scan the visible, ultraviolet and near-infrared spectral ranges. They're tough and affordable, with great precision, minimal distortion, minimal stray light and outstanding image clarity. Any hyperspectral imaging systems the company offers for laboratory, outdoor and remote sensing applications can employ the company's hyperspectral cameras. They can also be employed in optical sorting and machine vision applications.

Key Development: Resonon introduced the Pika NUV2 hyperspectral camera in July 2021. This one-of-a-kind equipment covers a spectral range of 330 to 800 nm and is the only commercially available hyperspectral imager that scans ultraviolet light. The Pika NUV2 will help with insect and animal eyesight, agriculture and horticulture and industrial quality control.