Hyperspectral Imaging Systems Market is Expected to Reach $34.3 Billion | MarketsandMarkets.
Chicago, Aug. 02, 2023 (GLOBE NEWSWIRE) -- In the near future, the hyperspectral imaging systems industry is poised to experience a transformative growth trajectory, driven by technological advancements and increasing applications across various sectors. These cutting-edge imaging systems, capable of capturing and analyzing a broad range of wavelengths with unprecedented precision, will revolutionize fields such as agriculture, environmental monitoring, healthcare, and remote sensing. As miniaturization and cost reduction efforts continue, these once-expensive systems are likely to become more accessible to a wider range of industries and research institutions, sparking a surge in demand. Additionally, the integration of artificial intelligence and machine learning algorithms with hyperspectral data analysis will significantly enhance the capabilities of these systems, enabling real-time and automated decision-making processes. As the industry expands, collaborations between key players and academic institutions are likely to foster new innovations, ultimately propelling hyperspectral imaging systems to the forefront of technological advancements in the near future.
*Hyperspectral Imaging Systems market* in terms of revenue was estimated to be worth $16.8 Billion in 2023 and is poised to reach $34.3 Billion by 2028, growing at a CAGR of 15.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The rising industrial applications of hyperspectral imaging, such as agriculture, life sciences, and medical diagnostics, are the factors driving the growth of this market. However, cost-effectively reaching a super-resolution is a major challenge the industry faces, which may also hamper the market growth to a certain extent.
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*Hyperspectral Imaging Systems** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $16.8 Billion
Estimated Value by 2028 $34.3 Billion
Growth Rate Poised to grow at a CAGR of 15.4%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Technology, and Application
Geographies Covered North America, Europe, Asia Pacific, Rest of the World
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
Key Market Drivers Increasing funding and investments for innovation in hardware and software advancement
*Hyperspectral Imaging Systems market major players covered in the report, such as:*
· Headwall Photonics (US)
· Corning Incorporated (US)
· Specim Spectral Imaging Ltd. (Finland)
· Resonon Inc. (US)
· Norsk Elektro Optikk (Norway)
· Telops Inc. (Canada)
· Applied Spectral Imaging (US)
· Surface Optics Corporation (US)
· ChemImage Corporation (US)
· Cubert GmbH (Germany)
· BaySpec Inc. (US)
· Galileo Group Inc. (US)
· HyperMed Imaging Inc. (US)
· Inno-Spec GmbH (Germany)
· Clyde HSI (Scotland)
· Imec (Belgium)
· Brandywine Photonics (US)
· XIMEA GMBH (Germany)
· Photon ETC. (Canada)
· CytoViva Inc. (US)
· Diaspective Vision (Germany)
· Gamaya (Switzerland)
· Hinalea Imaging (US)
· Orbital Sidekick (US)
· Glana Sensors AB (Sweden)
· Malvern Panalytical Ltd (UK)
· JB Hyperspectral Devices GmbH (Germany)
· HORIBA Ltd. (Japan)
· ORNET SDN BHD (Malaysia)
· Thorlabs Inc. (US)
· and Among Others
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*This research report categorizes the Hyperspectral imaging systems market into the following segments and sub-segments:*
*By Product*
· Camera
· Accessories
*By Technology*
· Pushbroom
· Snapshot
· Other technologies
*By Application*
· Military surveillance
· Remote sensing
· Life sciences & medical diagnostics
· Machine vision & optical sorting
· Other applications
*Hyperspectral Imaging Systems Market, by region*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Italy
· Spain
· Rest of Europe (RoE)
· Asia Pacific (APAC)
· China
· Japan
· India
· South Korea
· Rest of Asia Pacific (RoAPAC)
· Latin America (LATAM)
· Brazil
· Mexico
· RoLATAM
· Middle East and Africa (MEA)
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*The key stakeholders in the Hyperspectral Imaging Systems market include:*
· Manufacturers and Suppliers: Companies that design, develop, and produce hyperspectral imaging systems, including hardware components and software solutions.
· End Users and Customers: Industries and organizations that utilize hyperspectral imaging systems for their specific applications, such as agriculture, environmental monitoring, mining, defense, healthcare, and research institutions.
· Research and Development Organizations: Academic institutions, government research labs, and private research centers that work on advancing hyperspectral imaging technology and its applications.
· Government and Regulatory Bodies: National and international agencies responsible for setting standards, regulations, and policies related to hyperspectral imaging systems and their use in various industries.
· Investors and Financial Institutions: Individuals or entities providing financial support and investments to companies involved in the development and commercialization of hyperspectral imaging systems.
· Distributors and Resellers: Companies that distribute and sell hyperspectral imaging systems to end-users, acting as intermediaries between manufacturers and customers.
· System Integrators: Entities specializing in integrating hyperspectral imaging systems into existing infrastructures or solutions tailored to specific industries or applications.
· Consulting and Market Research Firms: Organizations that offer expertise in market analysis, forecasting, and consulting services to manufacturers, investors, and end-users in the hyperspectral imaging industry.
· Industry Associations and Trade Groups: Organizations that represent the interests of companies and professionals in the hyperspectral imaging sector, promoting collaboration and knowledge exchange.
· Competitors and Collaborators: Companies operating in the same market segment, competing for market share, as well as those engaging in partnerships and collaborations to advance technology and expand market reach.
· Environmental and Conservation Organizations: Entities working on environmental preservation and conservation efforts that utilize hyperspectral imaging for monitoring and assessing ecosystems and natural resources.
· Healthcare Professionals: Medical practitioners and researchers utilizing hyperspectral imaging in medical diagnostics, surgical procedures, and other healthcare applications.
These stakeholders play crucial roles in shaping the growth, adoption, and evolution of hyperspectral imaging systems in various industries and applications.
*Recent Developments:*
· In 2022, Headwall Photonics (US) acquired Holographix LLC (US), which will open the channels for new customers and markets as well as for existing customers of both companies while expanding the manufacturing capabilities to address future growth.
· In 2022, Resonon, Inc. (US) introduced Pika IR-L and Pika IR-L+, which are well suited for airborne applications, where they can provide invisible naked-eye contrast of outdoor features.
· In 2021, Resonon, Inc. (US) partnered with NASA (US) to create a new lunar calibration standard. The ARCSTONE hyperspectral instrument was selected by NASA’s Earth Science and Technology Office (ESTO) for their In-Space Validation of Earth Science Technologies (InVEST) program.
*Frequently Asked Questions (FAQs) of Hyperspectral Imaging Systems Market:*
Question 1: What is the projected market value of the global Hyperspectral imaging systems market?
Answer: The global market of Hyperspectral imaging systems is projected to reach USD 34.3 Billion by 2028
Question 2: What is the estimated growth rate (CAGR) of the global Hyperspectral imaging systems market for the next five years?
Answer: The global Hyperspectral imaging systems market is projected to grow at a Compound Annual Growth Rate (CAGR) of 15.4% from 2023 to 2028.
Question 3: Which product segment of the Hyperspectral imaging systems market to witness the highest market share?
Answer: The cameras segment is projected to observe the highest market share due to the growing opportunities in the development of low-cost hyperspectral cameras with high resolution.
Question 4: What are the major revenue pockets in the Hyperspectral imaging systems market currently?
Answer: Asia Pacific is expected to grow at the highest pace during the forecast period, primarily due to growing opportunities in China, Japan, and India. Currently, China is considered a huge market for hyperspectral cameras due to its flourishing economy.
Question 5: Who are the key players operating in the hyperspectral imaging systems market, and what are the key growth strategies applied?
Answer: In 2022, the global Hyperspectral imaging systems market was dominated by Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway). The players adopted key strategies, such as collaborations, partnerships, acquisitions, expansions, and product launches, to increase their market penetration.
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*Report Objectives:*
· To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
· To define, describe, segment, and forecast the hyperspectral imaging systems market by product, technology, application, and region
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
· To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall hyperspectral imaging systems market
· To forecast the size of the hyperspectral imaging systems market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Rest of the world.
· To profile key players in the hyperspectral imaging systems market and comprehensively analyze their core competencies and market shares
· To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the hyperspectral imaging systems market
· To benchmark players within the hyperspectral imaging systems market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
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