TOKYO, Nov. 14, 2022 (GLOBE NEWSWIRE) — The Global Hyperspectral Imaging Systems Market The size accounted for USD 13.4 billion in 2021 and is expected 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
- The global Hyperspectral Imaging System market value was USD 13.4 billion in 2021 and is expected to grow at a CAGR of 17.3% from 2022 to 2030
- North America Hyperspectral Imaging Systems Market Revenue Surpasses 37% Market Share in 2021
- According to our recent information, the United States government has required a budget of $715 billion for the defense sector in fiscal year 2022
- Asia-Pacific Hyperspectral Imaging Systems Market Growth to Register Remarkable CAGR of Over 18% from 2022 to 2030
- Among products, the cameras sub-segment garnered more than 60% of the overall market share in 2021
- Based on applications, the military industry generated more than 25% of the total market share
- Growing use of unmanned aerial vehicles for imaging is a global hyperspectral imaging systems market trend that is fueling industry demand
Hyperspectral Imaging System Market Growth Factors
- Increase industrial application of hyperspectral imaging
- Technological innovations on the rise in the industry
- Skyrocketing funding from public and private bodies
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Hyperspectral Imaging System Market Report Coverage:
|Market||Hyperspectral Imaging Systems Market|
|Hyperspectral Imaging Systems Market Size 2021||$13.4 billion|
|Hyperspectral Imaging Systems Market Forecast 2030||$55.8 billion|
|Hyperspectral Imaging Systems Market CAGR from 2022 to 2030||17.3%|
|Hyperspectral Imaging Systems Market Analysis period||2018 – 2030|
|Hyperspectral Imaging Systems Market base year||2021|
|Hyperspectral Imaging Systems Market Forecast data||2022 – 2030|
|Segments Covered||By product, by application and by geography|
|Hyperspectral Imaging Systems Market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||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 cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Hyperspectral Imaging Systems 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 which differ from multispectral imaging in image quality and provide greater sensitivity than either multispectral imaging or conventional imaging. Multispectral imaging, for example, provides 2-20 images per dataset, while hyperspectral imaging provides more than 20 images per dataset. Additionally, multispectral imaging provides 4 to 20 data points per pixel, while hyperspectral imaging provides the entire spectrum per pixel.
The increasing use of hyperspectral imaging in the healthcare sector creates a favorable environment for the growth of the hyperspectral imaging market in the near future. The technology is widely used in ophthalmology, medical imaging, and procedures involving the vascular systems, gastrointestinal tract, and tissue diagnostics. It is also used in cell biology, wound analysis and fluorescence microscopy. The wide application of the technology is mainly due to its high accuracy and clarity. However, the purchase costs are higher, which is a major impediment to market growth.
Hyperspectral Imaging System Market Trend
Rising services of R&D hyperspectral imaging systems technology to boost the global hyperspectral imaging systems 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, pharmacy, forensics and industrial inspection, resulting in a booming market for hyperspectral imaging systems. Additionally, emerging technologies for hyperspectral imaging systems are significantly contributing to the development of the hyperspectral imaging systems market. The development of the hyperspectral imaging system market, on the other hand, is mainly influenced by reimbursement issues and high costs. However, growing player investment and an untapped market are expected to generate new revenue for hyperspectral imaging systems in the coming years.
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Hyperspectral Imaging System Market Segmentation
The global hyperspectral imaging systems market is split into product, application, and region. The global hyperspectral imaging systems market is divided into two product-based categories: cameras and accessories. The global hyperspectral imaging systems market by application includes military, remote sensing, medical diagnostics, machine vision and optical sorting, etc. Further, the global hyperspectral imaging systems market is bifurcated into North America, Europe, Latin America, 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, according to our analysis of the hyperspectral imaging systems industry. Based on the hyperspectral imaging system market forecast, military application will account for a major share of the market from 2022 to 2030. North America held a major market share and is expected to dominate the market during the period forecast.
The pharmaceutical sector is thriving in the hyperspectral imaging market, mainly in emerging countries
The global hyperspectral imaging systems market is expected to experience double-digit growth 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 help identify foreign bodies present in drugs, as well as synthetic substances mixed in counterfeit drugs. Similarly, hyperspectral imaging systems facilitate the detection of targeted tumor tissue, blood vessel, lymph nodes and nerve bundle by covering the surface of the target and producing an image in which each pixel of the The image contains data relating to different light wavelength groups. Additionally, hyperspectral imaging is widely used in cancer treatment because these systems provide continuous information and help understand tissue changes that occur in the early stages of disease development; moreover, it distinguishes healthy cells from carcinogenic cells.
Regional Growth of the Hyperspectral Imaging System Market
In 2021, North America is expected to dominate the global hyperspectral imaging systems market, ahead of Europe. The presence of highly developed research infrastructures; increased prevalence of hyperspectral imagery in military surveillance; the presence of technically sophisticated environmental monitoring, imaging, machine vision, mining, life science and diagnostic products can all be attributed to the large share of the region.
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Hyperspectral Imaging System Market Players
Attracted by this expanding hyperspectral imaging systems market and crucial latent demand, several vendors are expanding their businesses through new product development and strategic mergers and acquisitions and multi-vendor partnerships. Some of the key players operating in the global adhesives 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 this report answers
- What was the market size of Hyperspectral Imaging System Market in 2021?
- What will be the CAGR of the Hyperspectral Imaging System Market during the forecast period from 2022 to 2030?
- Who are the key players in the Global Hyperspectral Imaging System Market?
- Which region held the largest Hyperspectral Imaging System market share in 2021?
- What are the key market drivers of Hyperspectral Imaging System Market?
- Who is the largest end-user in the Hyperspectral Imaging System market?
- What will be the market value of hyperspectral imaging system in 2030?
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