Northbrook, IL 60062 -- (SBWire) -- 08/18/2023 --Hyperspectral Imaging Systems Market has been valued at approximately $16.8 billion in 2023. Projections suggest a robust ascent, with the market anticipated to achieve $34.3 billion by 2028. This growth trajectory reflects a compelling Compound Annual Growth Rate (CAGR) of 15.4% spanning from 2023 to 2028. The market's expansion is chiefly steered by heightened government defense funding coupled with substantial investments in the hyperspectral imaging domain.
The near future of the hyperspectral imaging systems industry is bright. Thanks to the development of newer technology, hyperspectral imaging systems are becoming more capable and cost-effective. This technology allows for more detailed and accurate images to be produced, which can be used in a variety of different fields, such as agriculture, forestry, mineralogy, and even surveillance. With the rise of autonomous vehicles, hyperspectral imaging systems can be used to accurately map terrain and detect objects in order to navigate safely. Additionally, there has been a surge in demand for hyperspectral imaging systems in the medical field as well, as they can help with disease and cancer detection, as well as tissue analysis. As the technology continues to advance, so will the applications for hyperspectral imaging systems, making the industry even more profitable and in demand.
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Key Market Players:
Major players in the hyperspectral imaging systems market include Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).
Hyperspectral Imaging Systems Market Dynamics:
Drivers:
1. Increasing funding and investments for innovation in hardware and software advancement
2. Growing industrial applications of hyperspectral imaging
3. Increasing need for remote sensing data in defense/homeland security operations and commercial applications
Restraints:
1. Data storage challenges and high costs in hyperspectral imaging systems
Opportunities:
1. AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
2. Untapped market opportunities in emerging countries
Challenges:
1. Lack of cost-effective super-resolution in spatial domain
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Hyperspectral cameras segment is expected to account for the largest share in 2022.
The hyperspectral imaging systems market, by product, has been segmented into cameras and accessories. Advancements in technology to make cost-effective hyperspectral cameras are expected to drive the hyperspectral imaging systems market.
The military surveillance segment held the largest market share in the hyperspectral imaging systems market.
By application, the global hyperspectral imaging systems market is broadly segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. Growing investments and budgets by the government for defense will drive the market during the forecast period.
North America dominates the global hyperspectral imaging systems market
Based on the region, the hyperspectral imaging systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by the rising adoption of hyperspectral imaging in military surveillance and, life sciences & medical diagnostics. Europe is the second-largest market for hyperspectral imaging systems, characterized by rising awareness of the benefits of hyperspectral imaging, and the growing demand for hyperspectral data acquisition for building application libraries are the major factors driving the market in Europe.
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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.
Hyperspectral Imaging Systems Market Research Report, Business Growth, Career Opportunities, Industry Trend, Forecast 2028
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.