Hyperspectral Imaging System Market Analysis

Global Hyperspectral Imaging System Market Overview

The Hyperspectral Imaging System Market Size was valued at USD 6.02 billion in 2023 and is projected to grow from USD 7.10 Billion in 2024 to USD 16.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.28% during the forecast period (2024 - 2032). The growing industrial applications of hyperspectral imaging, growing spending on the aerospace industry and scientific research, and the evolution of efficient imaging solutions are some of the key market drivers fueling the growth of this market.

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

In May 2023, Specim Spectral Imaging, a company based in Finland, has unveiled the Specim GX17, a state-of-the-art near-infrared line-scan hyperspectral camera designed specifically for industrial machine vision applications. The Specim GX17 has a maximum image capture rate of 800 frames per second. Additionally, it has 480 spatial pixels, which is claimed by the makers to be 50% more than QVGA sensors used in hyperspectral cameras. The Specim GX17 operates within the near-infrared wavelength range of 950 to 1700nm. 

In November 2023, the launch of GENMAT-1, Quantum Generative Materials' Hyperspectral Remote Sensing Imaging (HRSI) system, marked a significant milestone for Comstock Inc. This event heralded a new era in mineral exploration, aiming to enhance future exploration of the Comstock mineral estate through the use of their advanced physics-based artificial intelligence (AI) and state-of-the-art hyperspectral sensing technology. The GENMAT-1 is an advanced Hyperspectral imager capable of detecting chemical and physical data that is not visible to the naked eye. Hyperspectral imaging is a technique that gathers and analyzes data from the whole electromagnetic spectrum to create a unified image. The GENMAT-1 has a pixel resolution of 5 meters and encompasses more than 400 spectral bands ranging from 440 to 900 nanometers in wavelength.

Hyperspectral Imaging System Market Trends

• Rising Prevalence of Hyperspectral Imaging Solutions to propel the market growth

Hyperspectral Imaging Systems industry size is estimated to register strong growth over the forecast period driven by ongoing investments in product diversification and expansion strategies in developing countries in Asia Pacific and South and Central America while opting for strengthening the Hyperspectral Imaging Systems market share in developed countries.

Further, hyperspectral imaging is preferable 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. The hyperspectral imaging system has become compact, better suited for use in diverse fields,  economically priced, and such as agriculture, pharmaceuticals, food testing, medical diagnostics, art research, and waste management.

Additionally, the increasing investments and funding are also other factors fetching revenues. For instance, on 11 February 2022, Wyvern made a total of USD 7.65 million in private and Canadian government financing to build a foldable telescope that would approve it to integrate more capability onto smaller, less expensive-to-launch hyperspectral imaging satellites. Wyvern intends to lower cost obstacles to give hyperspectral solutions that have typically concentrated on the defense market to commercial clients for the first time by deploying deployable optics that can adhere to CubeSat specifications. Thus, increasing investments by key market players have enhanced the HISs market CAGR across the globe in recent years.

However, Ground-based hyperspectral imaging has aroused the interest of researchers working on electronic imaging for medical surgery, forensic science, food inspection, and diagnosis, as well as military applications in current years. Rising applications of innovative hyperspectral imaging technologies in varied fields are fetching the growth of the Hyperspectral Imaging System market revenue.

Hyperspectral Imaging System Market Segment Insights

Hyperspectral Imaging System Product Insights

The market segments of hyperspectral imaging system, based on product, includes Visible/Near-Infrared (VNIR), Long-Wave Infrared (LWIR) Short-Wave Infrared (SWIR), Mid-Wave Infrared (MWIR). The Visible/Near-Infrared (VNIR) segment held the majority share in 2022 with respect to the Hyperspectral Imaging System Market revenue. This is primarily because of the ease of operating and high efficiency of VNIR products. The VNIR systems make a false-color composite image made using near-infrared, green, and blue wavelengths. They are used in the healthcare and agriculture sectors.

However, Mid-Wave Infrared (MWIR) is anticipated to be the fastest-growing segment owing to the rising adoption of MWIR systems in sensing volcanic vents, industrial gas leaks, or biomass burning events.

September 2022: the U.S. and NASA Geographical Survey launched mapping propotion of Southwest United States for critical minerals using advanced airborne imaging. The scientists will understand biology, the Earth's geology, and impact of climate change through hyperspectral data from hundreds of wavelengths of reflected light.

Hyperspectral Imaging System Type Insights

The Hyperspectral Imaging System Market segmentation, based on application, includes Surveillance, Remote Sensing, Machine Vision/Optical, and Medical Diagnostics. The surveillance segment dominated the market in 2022 with respect to hyperspectral imaging system market data and is anticipated to be the faster-growing segment during the study period. This is prior to increasing applications of HIS in the defense sector and increasing government investments and funding. HISs, for example, are used in a variety of military and government applications, as well as, satellites, high-altitude reconnaissance aircraft, and medium-altitude commercial aircraft. These are the factors positively implanting Hyperspectral Imaging Systems market growth and, thus, the hyperspectral imaging system industry.

However, the remote sensing segment is anticipated to exhibit the fastest revenue CAGR during the study period due to more applications in agriculture to observe crops for invasive plant species and diseases. This provides valuable data for decision-making for pesticide or herbicide application and supports the cost-benefit ratio. Moreover, both of the remaining segments are projected to show notable growth during the forecast period, 2023 - 2032.

September 2022: Resonon, a hyperspectral imaging company, announced two new NIR range (925 - 1700 nm), Pika IR-L+ and hyperspectral imagers: the Pika IR-L. In contrast to the current generation of NIR images, the new images are smaller, roughly three times lighter, and have a greater spectral resolution. This approval has further widened the growth opportunity for the Hyperspectral Imaging System industry.

October 2021: Cubert GMBH made an announcement about the HIS-ULTRIS 5 tiny Hyperspectral Video Imager based on Light Field Technology.

Figure 1: Hyperspectral Imaging System Market, 2022 & 2032 (USD billion)

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Additionally, lightweight specialized Commercial Off-The-Shelf (COTS) sensors can be used on the ground and in vehicles for checkpoint inspections, spectrum tagging, border control, and many other applications. Rising awareness among companies about the ability of hyperspectral imaging to perceive naval and aircraft vessel corrosion and to give high-resolution spectral and spatial data that points at metal corrosion indicators that are resulting in the increasing use of this technology in the military sector. These factors are contributing to the revenue growth of the segment.

Hyperspectral Imaging System Regional Insights

The study states market insights into North America, Asia-Pacific, Europe,  and the Rest of the World, by region. The North American HIS market accounted for USD 5.1 billion in 2022 and is anticipated to record a significant CAGR growth during the forecast period. This is owing to the long-standing healthcare sector and increasing healthcare spending in the region.

Further, the main countries studied in the market report are The U.S., Canada, Germany, the UK, France, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: HYPERSPECTRAL IMAGING SYSTEM MARKET SHARE BY REGION 2022 (%)

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Europe’s hyperspectral imaging system market accounts for the second-largest market share due to the increasing strength of regulatory authorities to oversee cancer. Moreover, the increasing spending on defense and the surge in demand for innovative and accessible hyperspectral imaging systems have led to rising demand for HIS in the region. Further, the German market of hyperspectral imaging system held the largest market share, and the UK market of hyperspectral imaging system was the fastest-growing market in the European region.

The Asia-Pacific Hyperspectral Imaging System Market is expected to rise at the fastest CAGR from 2024 to 2032. This is due to the growing mining activities and rising biotechnology and agriculture sectors in developing countries such as India. Moreover, the China market of hyperspectral imaging system held the largest market share, and the India market of hyperspectral imaging system was the fastest-growing market in the Asia-Pacific region.

Hyperspectral Imaging System Key Market Players and Competitive Insights

Key market players are spending a lot of amount on research and development to grow their product lines, which will benefit the market of hyperspectral imaging system. Competitors are also taking a lot of strategic measures to grow their global footprint, with key market developments such as new product launching, contract-based agreements, mergers and acquisitions, increasing investments, and collaborating with other organizations. Participants in the hyperspectral imaging system industry must provide low-cost products to expand and pull through a highly competitive environment.

One of the primary business strategies used by producers in the global hyperspectral imaging system industry to satisfy clients and inflate the market sector is to produce locally to lower operating costs. In current years, the hyperspectral imaging system industry has benefited from some of the most significant advancing solutions. The hyperspectral imaging system markets major players such as Headwall Photonics Inc., Specim, Spectral Imaging Ltd., Norsk Elektro Optikk as (NEO), Resonon Inc., Corning Incorporated and others are working to increase the market demand by spending on research and development activities.

Specim, Spectral Imaging ltd. was founded in 1955. The company offers a wide range of hyperspectral cameras, software systems, imaging spectrographs, and supplements to serve machine builders, researchers, integrators, and government organizations globally.

Headwall Photonics Inc., a company founded in 2003, offers a variety of precision optical components, including holographic diffraction gratings, custom OEM spectrometers, and sensors, as well as fully integrated hardware/software hyperspectral imaging systems, each of which is built upon proprietary technology from the component level all the way through the systems and solutions software.

Major Companies in the market of Hyperspectral Imaging System include

• Headwall Photonics Inc.


• Specim, Spectral Imaging Ltd.


• Norsk Elektro Optikk as (NEO)


• Resonon Inc.


• Corning Incorporated


• Telops


• Applied Spectral Imaging


• Bayspec Inc.


• Surface Optics Corporation


• Chemimage Corporation, among others

Hyperspectral Imaging System Industry Developments

2021: Resonon, Inc. (US) launched the Pika NUV2 Camera, which catches a spectral range of 330-800 nm and is the only commercially convienient hyperspectral imager that scans ultraviolet light.

2021 Headwall Photonics (US) did collaborate with NSF Engineering Research Center (US), which aids in amplifying sensor development and deployment in the area of precision agriculture.

2021 Resonon, Inc. (US) contracted with the National Aeronautics and Space Administration (NASA, US), which focuses to make a new lunar calibration standard. Resonon will cooperate on the design, build, calibration, and validation of the spaceflight instrument.

Hyperspectral Imaging System Market Segmentation

Hyperspectral Imaging System Product Outlook

• Visible/Near-Infrared (VNIR)


• Short-Wave Infrared (SWIR)


• Mid-Wave Infrared (MWIR)


• Long-Wave Infrared (LWIR)

Hyperspectral Imaging System Application Outlook

• Surveillance


• Remote Sensing


• Machine Vision/Optical


• Medical Diagnostics

Hyperspectral Imaging System Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America