The global hyperspectral imaging market is anticipated to grow at a considerable CAGR of 11.7% during the forecast period (2024-2031). The market growth is driven by the rising application of hyperspectral imaging in different areas such as biotechnology and pharmaceuticals, medical diagnosis, environment monitoring, and agriculture. The industry growth is also supported by the technological advancement and innovation of the market players. Additionally, the integration of Artificial Intelligence (AI) capabilities through Machine Learning (ML) into hyperspectral imaging systems is resulting in the introduction of smart sensing devices and instruments. For instance, in April 2022, Pixxel launched a hyperspectral imaging satellite on SpaceX’s Transporter-4 mission which has one of the highest-resolution hyperspectral commercial cameras ever flown.
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The global hyperspectral imaging market is segmented based on the end-user (into the medical industry, military and defense industry, agriculture and forestry industry, food & beverage industry, mining industry, and other industries), component (into cameras and other accessories) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Outlook and Constraints
- The camera segment is anticipated to hold a prominent share in the Hyperspectral imaging market during the forecast period, majorly owing to the rise in hyperspectral imaging in the healthcare sector due to the growing prevalence of tumors. Hyperspectral cameras enable early diagnosis of the disease facilitating better treatments for patients.
- In the end-user segment, the military and defense industry is showing a great market growth potential in the forecast period.
- North America region is projected to show significant growth during the forecast period, owing to growing adoption in areas such as military surveillance, mining, life sciences, diagnostics, R&D activities, and so forth. For instance, in April 2021, Headwall Photonics teamed up as a member of the Industrial Practitioner Advisory Board for the NSF-funded Internet of Things (IoT) for Precision Agriculture. The partnership aimed to leverage remote-sensing applications of the company’s hyperspectral imaging technology to help the agricultural technology community.
- The market growth is restrained by the high cost of obtaining, analyzing, and storing the hyperspectral data. Additionally, the hyperspectral image has a high resolution in the spectral domain but has a lower resolution in the spatial domain which is challenging the market growth.
The major players in the global hyperspectral imaging market include Applied Spectral Imaging, Brandywine Photonics, LLC, Corning Inc., HORIBA, Ltd., Teledyne DALSA, and others. These are adopting various strategies and launching new products, thus contributing significantly to the market growth. For instance, in September 2021, Resonon introduced the Pika NUV2 hyperspectral camera. This can cover a spectral range of 330-800 nm and is the only commercially existing hyperspectral imager that can scan ultraviolet light. The Pika NUV2 enabled new R&D in animal and insect vision, agriculture and horticulture, and industrial quality control.
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