TOKYO , Nov. 14, 2022 (GLOBE NEWSWIRE) -- The Global Hyperspectral Imaging System Market Size accounted for USD 13.4 Billion in 2021 and is projected to occupy a market size of USD 55.8 Billion by 2030 growing at a CAGR of 17.3% from 2022 to 2030.
Hyperspectral Imaging System Market Statistics
- Global hyperspectral imaging system market value was USD 13.4 billion in 2021 and expected to grow at CAGR of 17.3% from 2022 to 2030
- North America hyperspectral imaging system market revenue over 37% market share in 2021
- As per our recent insights, the United States government demanded over budget of USD 715 billion for defense sector in fiscal year 2022
- Asia-Pacific hyperspectral imaging system market growth will record noteworthy CAGR of over 18% from 2022 to 2030
- Among products, cameras sub-segment gathered more than 60% of the overall market share in 2021
- Based on applications, military industry generated over 25% of the total market share
- Increasing use of unmanned aerial vehicles for imaging is a global hyperspectral imaging system market trend fueling the industry demand
Hyperspectral Imaging System Market Growth Factors
- Increasing industrial application of hyperspectral imaging
- Rising technological innovations in the industry
- Surging funding from public and private organizations
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Hyperspectral Imaging System Market Report Coverage:
| Market | Hyperspectral Imaging System Market | |
| Hyperspectral Imaging System Market Size 2021 | USD 13.4 Billion | |
| Hyperspectral Imaging System Market Forecast 2030 | USD 55.8 Billion | |
| Hyperspectral Imaging System Market CAGR During 2022 - 2030 | 17.3% | |
| Hyperspectral Imaging System Market Analysis Period | 2018 - 2030 | |
| Hyperspectral Imaging System Market Base Year | 2021 | |
| Hyperspectral Imaging System Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Application, And By Geography | |
| Hyperspectral Imaging System Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Headwall Photonics Inc., Imec, Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Spectral Imaging Ltd., Applied Spectral Imaging, and Telops Inc. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Hyperspectral Imaging System Market Dynamics
Hyperspectral imaging systems have a wide range of applications, including research and development, defense, healthcare, and the food industry, as well as calorimeters, remote sensing, and night vision. There are different types of hyperspectral imaging that differ from multispectral imaging in terms of image quality and offer greater sensitivity than multispectral imaging or conventional imaging. Multispectral imaging, for example, provides 2 to 20 images per dataset, whereas hyperspectral imaging provides more than 20 images per dataset. Furthermore, multispectral imaging provides 4 to 20 data points per pixel, whereas hyperspectral imaging provides the entire spectrum per pixel.
The increasing use of hyperspectral imaging in the healthcare sector creates a favorable environment for the hyperspectral imaging market to grow in the near future. The technology is widely used in ophthalmology, medical imaging, and procedures involving the vascular systems, gastrointestinal tract, and tissue diagnosis. It's also used in cell biology, wound analysis, and fluorescence microscopy. The technology's wide application is primarily due to its high accuracy and clarity. However, purchasing costs are higher, which is a major impediment to market growth.
Hyperspectral Imaging System Market Trend
Rising Services of Hyperspectral Imaging System Technology in R&D to Boost the Global Hyperspectral Imaging System Industry
Hyperspectral imaging technology is now used in research and industry to determine moisture, chemical compositions, sugar content, temperature, and fat in the food sector, as well as for a variety of applications in defense, biology, pharmaceuticals, forensics, and industrial inspection, resulting in a booming market for hyperspectral imaging systems. Furthermore, emerging technologies for hyperspectral imaging systems contribute noticeably to the development of the hyperspectral imaging system market. The development of the hyperspectral imaging system market, on the other hand, is primarily influenced by reimbursement issues and high costs. However, rising player investment and an untapped market are expected to generate new revenue for hyperspectral imaging systems in the years ahead.
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Hyperspectral Imaging System Market Segmentation
The global hyperspectral imaging system market is divided into product, application, and region. The global hyperspectral imaging system market is divided into two categories based on products: cameras and accessories. The global hyperspectral imaging system market by application includes military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. Furthermore, the global hyperspectral imaging system market is divided into North America, Europe, Latin America, the Middle East & Africa, and Asia-Pacific.
Hyperspectral Imaging System Market Share
Cameras accounted for the majority of the market share in 2021 and are expected to continue to do so in the coming years, as per our hyperspectral imaging system industry analysis. Based on the hyperspectral imaging system market forecast, the military application will account for a significant portion of the market from 2022 to 2030. North America had a large market share and is expected to lead the market during the forecast period.
Pharmaceuticals Sector Flourishing the Hyperspectral Imaging Market, Mainly In Emerging Countries
The global market for hyperspectral imaging systems is expected to grow by double digits in the coming year. These systems are used in the pharmaceutical industry to perform a different function in the healthcare sector. This market is used to perform quality control tests that aid in the identification of foreign material present in medications, as well as blended synthetic substances in counterfeit medications. Similarly, hyperspectral imaging systems aid in the detection of targeted tumor tissue, a blood vessel, lymph nodes, and a nerve bundle by covering the surface area of the target and producing an image in which each pixel of the image contains data pertaining to different light wavelength groups. Furthermore, hyperspectral imaging is widely used in cancer treatment because these systems provide continuous information and aid in understanding tissue changes that occur in the early stages of disease development; additionally, it distinguishes healthy cells from carcinogenic cells.
Hyperspectral Imaging System Market Regional Growth
In 2021, North America is expected to dominate the global hyperspectral imaging systems market, ahead of Europe. The presence of highly developed research infrastructure; increased prevalence of hyperspectral imaging in military surveillance; presence of technically sophisticated environmental monitoring, imaging products, machine vision, mining, and life sciences & diagnostics can all be attributed to the region's large share.
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Hyperspectral Imaging System Market Players
Attracted by this expanding hyperspectral imaging system market and crucial latent requirement, several vendors are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several vendors. Some of the key players operating in the global adhesive and sealants market, profiled in the report include Applied Spectral Imaging, Bayspec Inc., Chemimage Corporation, Corning Incorporated, Headwall Photonics Inc., Norsk Elektro Optikk AS, Resonon, Surface Optics Corporation, and Telops Inc. among others.
Questions Answered By This Report
- What was the market size of Hyperspectral Imaging System Market in 2021?
- What will be the CAGR of Hyperspectral Imaging System Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Hyperspectral Imaging System Market?
- Which region held the largest share in Hyperspectral Imaging System Market in 2021?
- What are the key market drivers of Hyperspectral Imaging System Market?
- Who is the largest end user Hyperspectral Imaging System Market?
- What will be the Hyperspectral Imaging System Market value in 2030?
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