Hyperspectral Imaging System Market Analysis and Forecast to 2031: By Product (Cameras, Accessories), Technology (Push Broom, Snapshot, Other), Application (Military Surveillance, Remote Sensing, Life Sciences & Medical Diagnostics, Machine Vision & Optic

Hyperspectral Imaging System Market Analysis and Forecast to 2031: By Product (Cameras, Accessories), Technology (Push Broom, Snapshot, Other), Application (Military Surveillance, Remote Sensing, Life Sciences & Medical Diagnostics, Machine Vision & Optical Sorting, Others), and Region

The global hyperspectral imaging system market was valued at USD 15.8 billion in 2021 and it is anticipated to grow further up to USD 82.9 billion by 2031, at a CAGR of 18.0% during the forecast period.

When compared to traditional imaging and detection techniques, hyperspectral imaging improves sensitivity and distinguishability since it combines digital imagery and spectroscopy. The ability to separate items based on spectrum characteristics is greatly improved by hyperspectral imaging. The clarity and excellent precision of this technology are primarily responsible for its growing popularity. Hyperspectral imaging has many benefits, including the fact that each point's utilization of the spectrum doesn't require any prior knowledge. Additionally, it offers a wealth of data for evaluating and processing the image.

Market Trends and Drivers

Significant improvements in spectrograph and detector designs throughout the years have reduced costs and increased the capabilities of apparatus. As a result, HSI is being employed more frequently in a variety of application fields. Hyperspectral cameras, in contrast to ordinary cameras, capture a 3D picture cube and spectral data, making them suitable for any case where images must cover a broad area and encode a lot of information in a single shot. Initially, HSI was created for use in satellite earth imaging and other remote sensing applications. However, thanks to developments in technology, HSI is now more portable, reasonably priced, and better suited for usage in a variety of industries, including waste management, agriculture, pharmaceuticals, food testing, and medical diagnostics.

Market Restraints and Challenges

The COVID-19 pandemic had caused the healthcare sector to encounter a great deal of difficulty. The pandemic had an effect on the international healthcare supply chain. The lack of raw materials led to a decline in the production of imaging devices as well as transportation problems, which caused significant business disruption. On the other hand, now that the lockdown limitations have been lifted, the market is gradually returning to its regular pace.

Global Hyperspectral Imaging System Market Segmental Overview

The report analyses the global hyperspectral imaging system market based on product, technology, application, and region.

Global Hyperspectral Imaging System Market by Product

Based on the product, it is segmented into camera and accessories. The cameras segment is anticipated to dominate the market during the forecast period. The camera market has expanded as a result of factors like recent developments in sensor technology. High-speed and inexpensive circuits, sophisticated manufacturing techniques, and unique signal processing techniques are recent innovations. The quality, economic efficiency, and reliability of technical products are expected to improve as a result of these improvements. Several different spectral bands' light intensities can be measured with a hyperspectral camera. Every pixel in the image has a continuous spectrum thanks to this characteristic, making it possible to identify things precisely and in great detail. Additionally, it is anticipated that the availability of inexpensive cameras and expanding computer power would further accelerate the use of these goods during the forecast period.

Global Hyperspectral Imaging System Market by Technology

Based on the technology, it is segmented into push broom, snapshot, and other technologies. The snapshot segment is likely to dominate the market during the forecast period. This is explained by the benefits that snapshot hyperspectral imaging systems provide, making this technology ideal for real-time analysis scenarios. Government funding and an increasing number of product launches are also contributing to the expansion of this sector.

Global Hyperspectral Imaging System Market by Application

Based on the application, it is segmented into military surveillance, remote sensing, life sciences & medical diagnostics, machine vision & optical sorting, and other applications. The remote sensing applications segment is anticipated to dominate the market during the forecast period. The large share of the segment is due to the fact that crop monitoring with hyperspectral data can help in the detection of invasive plant species, , and insect infestations, which further aids the decision making process of herbicide/pesticide applications, thereby maximizing the cost-benefit ratio.

Geographical Analysis of Hyperspectral Imaging System Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America was the largest regional market for the hyperspectral imaging systems market in 2021. The substantial market share of this region can be attributed to the presence of a highly developed research infrastructure, the accessibility of technologically cutting-edge imaging products, and the expanding use of hyperspectral imaging in machine vision, life sciences, and diagnostics as well as military surveillance and environmental monitoring.

Major Players in the Global Hyperspectral Imaging System Market

COVID-19 Impact

The COVID-19 outbreak has affected trade and economic activity all across the world. The global market for hyperspectral imaging systems is anticipated to see a short-term impact from the epidemic. Production and manufacturing were significantly impacted as a result of several nations around the world declaring widespread lockdowns and the temporary shutdown of a variety of businesses. The demand-supply mismatch was further exacerbated by trade obstacles. Surface Optics Corporation (US), a company that sells hyperspectral imaging devices, has halted all non-essential visits and activities until the COVID-19 epidemic has been contained. Nevertheless, a lot of these businesses are still operating remotely. Production and manufacture have already started in key sectors like healthcare, food and agriculture, and defense. Businesses like Resonon (US) continued to operate even during the pandemic's initial outbreak. On the market for hyperspectral imaging systems, the pandemic is not anticipated to have a highly negative long-term effect. Restrictions on worker safety or mobility are the main causes of the short-term detrimental impact. However, once limitations are gone, business will resume as normal.

Recent Developments

• September 2021, Reasonon Inc., launched Pika NUV2. This camera covers a spectral range of 330-800 nm, and is the only commercially available hyperspectral imager that scans ultraviolet light.
• June 2020, Specim, Spectral Imaging Ltd., launched Specimen AFX17. The Specim AFX17 camera collects data on near-infrared region 900-1700nm.
• January 2020, Headwall Photonics entered into an agreement with Ocean Insight. Under the terms of this agreement, Ocean Insight will distribute Headwall’s products through the company’s wide-ranging commercial channels in China. This would help Headwall to enhance its customer base.
• March 2019, Benzo Dental, the biggest privately-owned dental distributor in the United States, has signed a distribution deal with Align Technology, Inc. for Itero Element intraoral scanners.

Frequently Asked QuestionsQ1. How big is the Hyperspectral Imaging System market?Ans. The global Hyperspectral Imaging System market size was USD 15.8 billion in 2021 and is anticipated to reach USD 82.9 billion in 2031, growing at a rate of 18.0% from 2022 to 2031.Q2. What is the Hyperspectral Imaging System market growth rate?Ans. The growth rate of the Hyperspectral Imaging System market is 18.0%.Q3. Which region holds a major market share for the Hyperspectral Imaging System market?Ans. North America holds a major market share of the Hyperspectral Imaging System market in 2021.Q4. Which segment accounted for the largest Hyperspectral Imaging System market share?Ans. By application, remote sensing segment accounted for the largest Hyperspectral Imaging System market share.Q5. Who are the key players in the Hyperspectral Imaging System market?Q6. What are the factors driving the Hyperspectral Imaging System market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Hyperspectral Imaging System market players?Ans. The key growth strategies of Hyperspectral Imaging System market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Hyperspectral Imaging System market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Hyperspectral Imaging System market during the forecast period.

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