Hyperspectral Imaging System Market by Product (Cameras, and Accessories); Technology (Pushbroom, Snapshot, and Others); Application (Military Surveillance, Remote Sensing, Agriculture, Mining/Mineral Mapping, Environmental Monitoring, and Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 15.0 billion mark in 2022 and is expected to hit US$ 40.0 billion by 2030, recording a CAGR of 18.0% during the forecast period.

Hyperspectral imaging system market has been significantly growing with the increasing industrial applications of hyperspectral imaging systems.

Over the past few years, significant growth has been made in spectrographs and detector designs, resulting in decreased costs and improved instrumentation capabilities. As a result, the hyperspectral imaging system is progressively being utilized in various applications. In comparison to conventional cameras, hyperspectral cameras acquire a 3D image cube and spectral information, which is suitable for any situation where images have to encompass a large area and encode much information within a single view. The snapshot segment dominates the market mainly due to the benefits accessible by snapshot hyperspectral imaging systems, which make this technology most suitable for real-time analysis situations. Moreover, government funding and a surging number of product launches will further support this market's growth.

Within the report, the market is segmented into product, technology, application, and geography. By product, the market is bifurcated into cameras and accessories. On the basis of technology, the market is segmented into pushbroom, snapshot, and others. Based on application, the market is divided into military surveillance, remote sensing, agriculture, mining/mineral mapping, environmental monitoring, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Growing healthcare in emerging countries will empower growth during the forecast period.

Hyperspectral imaging is an efficient technology as it is a combination of digital imaging and spectroscopy, which increases the sensitivity and ability to distinguish when compared to conventional imaging and detection methods. Hyperspectral imaging extensively improves the ability to segregate objects based on spectral properties. The increasing adoption of this technology is mainly attributed to its clarity and high accuracy. 

Emerging countries, including China, Japan, India, Russia, Brasil, and others, are also expected to provide lucrative opportunities to market players. For instance, in China, several hyperspectral sensors were developed to cope with the increasing demand for accurate and fast mapping of natural resources using remote sensing applications. For instance, in September 2019, China launched five new remote sensing satellites under the project Zhuhai-1, which consists of 34 micro-nano satellites, including video, HSI, and high-resolution optical satellites and radar and infrared satellites.

The development of spectrographs and detectors is one of the major factors accelerating market growth.

The development of spectrographs and detectors over the past decade has resulted in substantial cost reductions and improvements in instrumentation capabilities. It has led to the increasing use of hyperspectral imaging in various applications. Further, technological advances and accelerated research demand for a wide range of applications have boosted the market demand for hyperspectral imaging technologies. Various applications have been successfully implemented using hyperspectral imaging due to increasing data management techniques and improved component fabrication, from food inspection to pathogen detection to airport security.

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Recent strategic developments in hyperspectral imaging system market

The hyperspectral imaging market has undergone several significant developments, and a few of these have been mentioned below:

• In 2021, Resonon, Inc. launched Pika NUV2. This camera covers a spectrum of 330 - 800 nm and is the only commercially available hyperspectral imager that scans ultraviolet light.
• In 2020, Headwall Photonics agreed with Ocean Insight. Under the terms, Ocean Insight will allocate Headwall's products through the company's wide-ranging commercial channels in China. It would help Headwall to enhance its customer base.
• In 2020, Specim, Spectral Imaging Ltd. launched Specim AFX17. The Specim AFX17 camera gathers data on near-infrared (NIR) region 900-1700 nm.

Several players drive the hyperspectral imaging system market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships.  Headwall Photonics, Inc., Specim, Spectral Imaging Ltd., Norsk Elektro Optikk AS, Resonon, Inc., and Corning Incorporated are among the prominent players operating in the market.

The target audience for the report:

• Drug developing companies
• Contract development and manufacturing organization,
• Drug discovery-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Drug distributors and sales firms
• End users of drug discovery
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Product:
  • Cameras
  • Accessories
• Technology:
  • Pushbroom
  • Snapshot
  • Others
• Application:
  • Military surveillance
  • Remote sensing
  • Agriculture
  • Mining/mineral mapping
  • Environmental monitoring
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • Headwall Photonics, Inc.
  • Specim, Spectral Imaging Ltd
  • Raytheon Company
  • Corning Incorporated
  • Telops
  • Resonon Inc.
  • Norsk Elektro Optikk AS
  • Clyde HIS
  • Hinalea Imaging
  • HyperMed Imaging, Inc.