Global Hyperspectral Sensors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hyperspectral Sensors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Hyperspectral imaging system (HSI) is an innovative technology for acquiring and analyzing images of objects. Images are captured through these activities, and spectral radiance values are assigned to each pixel through various wavelengths of the electromagnetic spectrum in the visible and infrared regions. The sensor provides information about hundreds of narrow bands of composite materials. With the help of software that classifies between pixel groups, statistical analysis is used to classify and characterize pixels.

Market Overview:

The latest research study on the global Hyperspectral Sensors market finds that the global Hyperspectral Sensors market reached a value of USD 10.34 million in 2022. It’s expected that the market will achieve USD 25.95 million by 2028, exhibiting a CAGR of 16.57% during the forecast period.

Influence of COVID-19 Outbreak on Hyperspectral Sensors Industry Development

Due to the outbreak and rapid spread of COVID-19, many countries around the world announced nationwide lockdowns and temporary closures of various industries, which severely affected production and manufacturing. Trade barriers further affected the gap between supply and demand. Companies operating in the hyperspectral imaging system market, such as Surface Optics Corporation (USA), have suspended nonessential visits/activities until the COVID-19 outbreak is resolved. However, many of these companies are continuing their business operations remotely. In key industries such as national defense, food and agriculture, and healthcare, production and manufacturing have already begun. Even during the early outbreak of the pandemic, some companies such as Resonon (USA) remained open. Therefore, the pandemic will not have a very serious long-term impact on the hyperspectral imaging system market; however, it will have a short-term negative impact on business operations, mainly due to liquidity restrictions or staff safety restrictions. However, once the restrictions are lifted, the business will return to normal.

Strength

Hyperspectral imaging system (HSI) is an innovative technology for acquiring and analyzing images of objects. With the continuous advancement of hardware and software for image processing and analysis, HSI is increasingly used in many research projects around the world. Compared with other spectral imagers, HSI has many advantages, such as higher specificity and granularity, higher image acquisition speed, and non-invasive imaging. Considering its advantages, the technology is used in various application fields, such as agriculture, eye care, food processing, mineralogy, surveillance, astronomy, chemical imaging, environmental and civil engineering, etc. Because of the characteristics and advantages of Hyperspectral Sensors, it is conducive to the support of the authorities in the form of funds and grants, which promotes and promotes the development of the Hyperspectral Sensors industry.

Weakness

The global Hyperspectral Sensors market is highly competitive. Leading companies include Headwall Photonics, Corning (Novasol), Specim Spectral Imaging, Resonon, HySpex, Surface optics and Teledyne DALSA. Companies are doing their best to seize market share. As far as the current Hyperspectral Sensors market is concerned, no company's market share can achieve market dominance. A highly competitive market will allow companies that have just entered the market to lower the price of their products or services in order to remain competitive, while also reducing the rate of return on each project and sales. Over time, the products and services produced by enterprises will be restricted, which is not conducive to future development.

Opportunities

Hyperspectral Sensors are widely used. For example, in the food processing industry, the combination of hyperspectral imaging and intelligent software enables digital sorters to identify and remove defects and foreign objects (FM) that are invisible to traditional cameras and laser sorters; in astronomy Among them, hyperspectral imaging is used to determine spatially resolved spectral images. Since spectroscopy is an important diagnostic method, each pixel has a spectrum that can solve more scientific cases; in agriculture, although the cost of acquiring hyperspectral images is usually high, it is high for specific crops and specific climates. The use of spectral remote sensing to monitor the development and health of crops is increasing. The rapid development in all aspects of emerging economies in Asia and Latin America will provide important growth opportunities for participants in the HSI system market. For example, in China, many hyperspectral sensors have been designed and launched to meet the increasing demand for accurate and rapid mapping of natural resources using remote sensing applications.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects.

Company Overview:

Headwall Photonic，HySpex，Corning (NovaSol)，Resonon and Specim Spectral Imaging are the five key players in the global Hyperspectral Sensors market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Hyperspectral Sensors market in the past 5 years.

Headwall Photonics designs and manufactures unique spectral imaging instruments, software and solutions, with unparalleled ability to acquire and utilize imaging data of the entire electromagnetic spectrum. The company's hyperspectral imaging technology is used in four main markets: remote sensing, machine vision, medical biotechnology, and government defense. Headwall’s team has more than four years of expertise in managing reflected light technology and is committed to improving designs and processes to benefit communities and organizations around the world.

HySpex is a private research company in the field of electro-optics. The founder has the scientific and technical background of the Norwegian Defense Research Institute, which was the leading research institution in the field of Electro-Optics in Norway at that time. The company's goal is to play a leading role in applied research in its professional fields, to develop and manufacture advanced industrial products for the international market. The company has developed into the largest independent electro-optical R&D institution in Norway, and has become a well-known manufacturer of advanced electro-optical products. NEO's hyperspectral camera series HySpex is a compact, high-performance and versatile instrument suitable for a variety of applications from airborne to laboratory and industrial use.

Segmentation Overview:

Among different product types, 640 Spatial Resolution segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the UAVs segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Hyperspectral Sensors market covered in Chapter 3:

ITRES
Headwall Photonic
Brimrose Corporation
Corning (NovaSol)
Imec
Teledyne DALSA
HySpex
Surface optics
Resonon
Specim Spectral Imaging

In Chapter 4 and Chapter 14.2, on the basis of types, the Hyperspectral Sensors market from 2018 to 2029 is primarily split into:

320 Spatial Swath
640 Spatial Swath
680 Spatial Swath
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hyperspectral Sensors market from 2018 to 2029 covers:

UAVs
UGVs
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)