Hyperspectral Imaging Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 226.20 Million |
| Market Size (2029) | USD 473.40 Million |
| CAGR (2024 - 2029) | 15.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hyperspectral Imaging Market Analysis
The Hyperspectral Imaging Market size is estimated at USD 226.20 million in 2024, and is expected to reach USD 473.40 million by 2029, growing at a CAGR of 15.90% during the forecast period (2024-2029).
- Hyperspectral imaging captures and processes an image at many wavelengths. A human eye sees the light in three visible spectrum bands (i.e., red, green, and blue). In contrast, hyperspectral imaging divides the spectrum into various bands, covering the visible and near-infrared ranges. In hyperspectral imaging, every image pixel carries spectral information, which is added as a third dimension of values to the two-dimensional spatial image, generating a three-dimensional data cube referred to as hypercube data.
- One of the key benefits of hyperspectral imaging (HSI) is high spatial and spectral resolution, which enables the detailed characterization of materials. Hyperspectral imaging provides more information than multispectral imaging, allowing for more accurate analysis, identification, and separation of materials and substances. It can differentiate between materials with similar physical or visual characteristics or those not visible to the human eye, such as different materials.
- In 2022 and 2023, ground-based hyperspectral imaging gained immense interest in the research on electronic imaging for food inspection, medical surgery and diagnosis, forensic science, and military applications. It is helpful for geologic mapping because of its high spectral and spatial resolutions at a millimeter to centimetre scale.
- Technological advancements, such as the development of micro-hyperspectral imaging technology, have improved data acquisition and analysis. Micro-hyperspectral technology manages the need for small, lightweight, and efficient hyperspectral imaging instruments capable of being deployed in harsh environments.
- Further, the increasing need for data accuracy and consistency in HSI applications, such as food and agriculture, defense, and weather, are driving the demand for hyperspectral imaging in the market.
- However, one of the main challenges associated with hyperspectral imaging is its high cost. Currently, these imaging devices are large, expensive, and difficult to handle, which can limit their accessibility and widespread adoption.
- Geopolitical tensions and conflicts worldwide drive the demand for military surveillance systems. Countries facing security threats or involved in territorial disputes often invest in surveillance technologies to monitor and gather intelligence on potential adversaries. Additionally, the need to secure borders and combat terrorism is another primary driver for military surveillance. Governments invest in surveillance systems to monitor borders, detect illegal activities, and prevent unauthorized entry, driving the market studied.
Hyperspectral Imaging Market Trends
Defense to be the Largest End-user Industry
- The defense industry faces numerous challenges on a daily basis, many of which must be met with innovative technology. Inadequate access to advanced technology makes the entity vulnerable. The defense industry has made significant investments in the acquisition of advanced technologies. According to the Stockholm International Peace Research Institute (SIPRI), the United States led the ranking of countries with the highest military spending in 2023, with USD 916 billion dedicated to the military. That constituted nearly 40% of the total military spending worldwide that year, which amounted to USD 2.4 trillion. This amounted to 3.5% of the US gross domestic product.
- According to the US Congressional Budget Office, defense spending in the United States is predicted to increase yearly until 2033. Defense outlays in the United States amounted to USD 746 billion in 2023, and the forecast predicts an increase to USD 1.1 trillion in 2033.
- It is essential to gather intelligence, surveillance, and reconnaissance (ISR) data from both airborne and space-based sources to effectively address the defense challenges countries face today. Advanced electro-optical equipment, such as hyperspectral imaging, plays a crucial role in enhancing the information gathered through ISR.
- The increase in spectral data and spectral dimensions presents a distinct chance to identify difficult targets at a subpixel scale, examine a scene without prior knowledge of the materials present, differentiate concealed features and disguises, mark the disturbed ground above buried items, recognize chemical substances in plumes, and conduct image categorization with significantly enhanced precision.
- The military utilizes the capability to distinguish materials in order to identify concealed targets. As a result, hyperspectral images obtained from satellites, aircraft, or UAS have the potential to provide an advantage in surveillance and military operations. Hyperspectral imaging sensors are employed in a range of defense applications, including reconnaissance aircraft and commercial aircraft operating at medium altitudes.
- Defense environments extensively use unmanned aerial vehicles (UAV) to improve aerial and ground reconnaissance activities. HSI technologies are utilized in this area. The demand for aerial vehicles has been increasing in recent years. Military machines powered by AI help in achieving long-term cost savings.
- Thus, rising global defense expenditures are driving heightened investments in defense equipment, underscoring the critical need for stringent testing to ensure reliability and preparedness.
North America Holds Significant Market Share
- Increasing innovations in surveillance in the region are expected to drive the market's growth. The region is marked by the presence of countries, such as the United States, that have significant investments as far as surveillance is concerned. The surveillance is not limited to the military. It includes several law enforcement agencies that leverage advanced technology to monitor and track multiple individuals or vehicles during the day and at night and surveil the events in an area. Such new deployments are anticipated to increase the adoption of hyperspectral imaging systems and devices.
- The United States has a significantly higher military expenditure than the rest of the world. As per Secretary of Defense Lloyd J. Austin III, the US president's fiscal 2024 defense budget request is a strategy-driven document ensuring the US military is the strongest in the world now and into the future. The USD 842 billion budget request provides the military with the ability to perform its missions and be positioned to respond to myriad threats moving forward.
- China is America's pacing threat, and the budget request is driven by the seriousness of ITS strategic competition with the People's Republic of China. On land, the United States defense sector invests in air and missile defense and defenses to counter uncrewed aerial vehicles. It also requested USD 11 billion to deliver the right mix of long-range fires, including significant investments in hypersonics.
- The US army had removed many thousand pounds of explosives from the battlefields in Afghanistan by using hyperspectral imagers to spot objects that are typically hidden from view, such as tanks draped in camouflage or emissions from an improvised bomb-making factory. Apart from the United States, Canada also increased its military spending.
- Further, the shift in the focus of the United States from the Middle East and Afghanistan to more imminent threats from Asia-Pacific countries, especially China, created pressure on Canada's military funding as part of its membership in NORAD, NATO, and the so-called Five Eyes Intelligence-sharing Alliance.
- The region's high investments in aerospace are also anticipated to drive the market studied significantly. The Biden administration proposed large funding in space and commercial space, which is expected to create a favorable space for hyperspectral cameras. These investments aim to enhance the current US space capabilities while improving the country's ability to access and travel through space.
Hyperspectral Imaging Industry Overview
The Hyperspectral Imaging market is fragmented with the presence of major players like Galileo Group, Inc., BaySpec Inc., Specim Spectral Imaging Ltd, Corning Incorporated, and Surface Optics Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- June 2024 - The Specim Spectral Imaging Ltd introduced a new macro lens for the Specim FX10 hyperspectral camera. This lens enables the camera to concentrate on small subjects, capturing intricate details and producing high-resolution hyperspectral images in the visible and near-infrared (VNIR) regions.
- January 2024 - Headwall Photonics recently completed the acquisition of Inno-spec GmbH of Nuremberg, Germany. Inno-spec GmbH is a well-known manufacturer of industrial hyperspectral imaging systems used in high-volume recycling, industrial sorting, and quality testing. This strategic acquisition represents a significant advancement in the company’s goal to provide comprehensive hyperspectral imaging solutions.
Hyperspectral Imaging Market Leaders
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Galileo Group, Inc.
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BaySpec Inc.
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Specim Spectral Imaging Ltd
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Corning Incorporated
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Surface Optics Corporation
*Disclaimer: Major Players sorted in no particular order
Hyperspectral Imaging Market News
- March 2024 - Specim revealed its collaboration with ETT, the top Machine Vision solutions provider in Chile. Through the partnership of Specim and ETT, clients in Chile and Peru will benefit from advanced imaging technology, professional assistance, and creative solutions that will enhance their achievements.
- January 2024 - Living Optics Limited, a trailblazer in computational imaging, introduced its newest release, the Living Optics Camera. This innovative product is designed to combine spectral imaging functionalities with computer vision, enabling developers to delve into and utilize the benefits of Hyperspectral Imaging in their projects. The debut of Living Optics signifies the result of its wide-ranging partnerships across various sectors, including computer vision, agriculture, healthcare, and security. The objective of this launch is to broaden the reach of their state-of-the-art technology to a wider audience.
Hyperspectral ImagingMarket Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Degree of Competition
4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Technological Advancements
5.1.2 Increasing Demand for Data Accuracy and Consistency
5.2 Market Restraints
5.2.1 High Costs Associated with the Use of Hyperspectral Imaging
5.3 Patent Analysis
6. TECHNOLOGY SNAPSHOT - APPLICATIONS
6.1 Surveillance
6.2 Remote Sensing
6.3 Machine Vision/Optical
6.4 Medical Diagnostics/Research
7. MARKET SEGMENTATION
7.1 By End-user Industry
7.1.1 Food and Agriculture
7.1.2 Healthcare
7.1.3 Defense
7.1.4 Mining and Metrology
7.1.5 Recycling
7.1.6 Other End-user Verticals
7.2 By Geography***
7.2.1 North America
7.2.2 Europe
7.2.3 Asia
7.2.4 Australia and New Zealand
7.2.5 Latin America
7.2.6 Middle East and Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles*
8.1.1 Galileo Group, Inc.
8.1.2 BaySpec Inc.
8.1.3 Specim Spectral Imaging Ltd
8.1.4 Corning Incorporated
8.1.5 Surface Optics Corporation
8.1.6 Headwall Photonics Inc.
8.1.7 Resonon Inc.
8.1.8 HyperMed Imaging Inc.
8.1.9 Norsk Elektro Optikk AS
8.1.10 Cubert GmbH
8.1.11 XIMEA GmbH
8.1.12 HinaLea Imaging (TruTag Technologies Inc.)
8.1.13 ITRES Research Limited
8.1.14 Telops Inc.
8.1.15 Brimrose Corporation of America
9. VENDOR POSITIONING ANALYSIS - HYPERSPECTRAL IMAGING
10. INVESTMENT ANALYSIS
11. MARKET OPPORTUNITIES AND FUTURE GROWTH
Hyperspectral Imaging Industry Segmentation
The scope of the study primarily includes different types of cameras/imagers that are used for hyperspectral imaging applications, and the market is defined by the revenues accrued from the sale of these cameras across end-user industries, including food and agriculture, healthcare, defense, mining and metrology, recycling, among others.
The hyperspectral imaging market is segmented by end-user industry (food and agriculture, healthcare, defense, mining and metrology, recycling, and other end-user verticals) and by geography (North America, Europe, Asia Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value USD for all the above segments.
| By End-user Industry | |
| Food and Agriculture | |
| Healthcare | |
| Defense | |
| Mining and Metrology | |
| Recycling | |
| Other End-user Verticals |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Hyperspectral ImagingMarket Research FAQs
How big is the Hyperspectral Imaging Market?
The Hyperspectral Imaging Market size is expected to reach USD 226.20 million in 2024 and grow at a CAGR of 15.90% to reach USD 473.40 million by 2029.
What is the current Hyperspectral Imaging Market size?
In 2024, the Hyperspectral Imaging Market size is expected to reach USD 226.20 million.
Who are the key players in Hyperspectral Imaging Market?
Galileo Group, Inc., BaySpec Inc., Specim Spectral Imaging Ltd, Corning Incorporated and Surface Optics Corporation are the major companies operating in the Hyperspectral Imaging Market.
Which is the fastest growing region in Hyperspectral Imaging Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hyperspectral Imaging Market?
In 2024, the North America accounts for the largest market share in Hyperspectral Imaging Market.
What years does this Hyperspectral Imaging Market cover, and what was the market size in 2023?
In 2023, the Hyperspectral Imaging Market size was estimated at USD 190.23 million. The report covers the Hyperspectral Imaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hyperspectral Imaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hyperspectral ImagingIndustry Report
The report on Hyperspectral Imaging Remote Sensing Systems provides a comprehensive market analysis segmented by end-user industry, including food and agriculture, healthcare, defense, mining and metrology, recycling, and other verticals. The market forecast offers a detailed market overview and market trends analysis, highlighting the market growth and market value across various regions such as North America, Europe, Asia Pacific, and the rest of the world.
This industry analysis includes a market segmentation by geography and end-user industry, providing valuable market data and market predictions for stakeholders. The industry reports offer insights into the market size, market share, and market leaders, helping to understand the market outlook and industry trends.
The industry research covers historical data and a future market review, ensuring a thorough understanding of the industry statistics and growth rate. The market report includes an industry overview and industry information, with market forecast and market segmentation details provided in terms of value.
The report example and report PDF download offer an in-depth market review, essential for research companies looking to understand the market size and market forecast. The industry outlook and industry sales data provide a detailed analysis of market growth and market leaders, ensuring stakeholders have access to the latest industry trends and market predictions.
