Hyperspectral imaging systems Market Size, Share, Growth Report 2030

Market Overview     

The global Hyperspectral imaging systems market accounted for USD 8.4 Billion in 2020 and is expected to reach USD 19.8 Billion by 2028, growing at a CAGR of around 11.2% between 2021 and 2028.       

Hyperspectral imaging systems is also known as imaging spectroscopy device. Such devices are used in a number of applications such as in healthcare, research & development activities, food sector, and defense sector. In addition to this, it is rapidly being used in other sectors, such as night vision, remote sensing, and calorimetric.  It differs from multispectral imaging based on quality of image and provides greater sensitivity than multispectral or conventional imaging. It is a combination of spectroscopy and imaging techniques to get the spatial as well as spectral information of an object.

It is also referred as an imaging spectroscopy or imaging spectrometry that gives details about physical as well as geometrical features of products such as size, appearance, shape, and color, coupled with the chemical composition of the product through spectral analysis.

COVID-19 Impact Analysis  

The global Hyperspectral imaging systems market is expected to witness a slight growth in the sales during the pandemic. The market is projected to grow as the Hyperspectral imaging systems technology can be an excellent tool for analyzing COVID-19 rashes. For instance, hyperspectral imaging technology provider HinaLea Imaging (Emeryville, CA) has integrated into a research program that is projected to investigate the prognostic value of skin findings related with COVID-19 infection, using the company's advanced hyperspectral imaging system. The significant growth in the global Hyperspectral imaging systems market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

Growth Factors

The major factor accountable for the development of hyperspectral imaging system market is rising employment of hyperspectral imaging system tech in R&D. For example, in January 2018, developments in hyperspectral imaging were employed to find out the borders for different tumors that are present in the body. Employing different imaging methods, healthy tissues were been separated from the cancerous tissues. This assisted in better treatment and diagnosis, thereby boosting the global hyperspectral imaging system market.

Hyperspectral imaging tech is now being employed in research and industry to determine moisture, temperatures, sugar content, chemical compositions, and fat in the food sector as well for a series of applications in defense, biology, pharmaceuticals, forensics, and industrial inspection, thereby boosting the hyperspectral imaging system market. Apart from this, emerging techs for the hyperspectral imaging system is majorly adding to the development of hyperspectral imaging system market.

On the flip side, reimbursement issues and high cost are primarily impacting the development of hyperspectral imaging system market. Nevertheless, increasing investment by the players and untapped market are likely to create new avenues for hyperspectral imaging system market in the years to come.

Report Scope:  

Segment Analysis Preview  

Hyperspectral imaging system market has been divided on the basis of component type into hyperspectral accessories and cameras. In 2020, hyperspectral cameras section had a sturdy hold on hyperspectral imaging system market with biggest market share and this is owing to rising requirement for hyperspectral imaging system tech in R&D in areas like defense, biology, pharmaceuticals, forensics, and industrial inspection.

Regional Analysis Preview  

Based on the area, the hyperspectral imaging system market has been divided into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa. North America ruled the hyperspectral imaging system market with over 50% share in 2020 owing to the high acceptance of hyperspectral imaging systems in research. In addition, development in research expenditure was also responsible for the development of hyperspectral imaging system market. The Asia Pacific area is likely to develop at the uppermost CAGR for the hyperspectral imaging system market in the years to come.

Key Market Players & Competitive Landscape

Some of the major players of the global hyperspectral imaging systems market include Resonon, Headwall Photonics, Inc., Telops, Corning Incorporated, Applied Spectral Imaging, NorskElektroOptikk AS, Surface Optics Corporation, BaySpec Inc., Spectral Imaging Ltd., SPECIM, and ChemImage Corporation among others.

The global Hyperspectral imaging systems Market is segmented as follows:

By Components

• Hyperspectral cameras
• Accessories

By Applications

• Military Surveillance
• Remote Sensing
• Life Sciences & Medical Diagnostics
• Machine Vision/Optical Sorting
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa