Hyperspectral Imaging Market

Hyperspectral Imaging Market Outlook (2024 to 2034)

Expanding at a CAGR of 10.6%, the global hyperspectral imaging market is expected to increase from a value of US$ 856.3 million in 2024 to US$ 2.34 billion by the end of 2034, according to this updated industry analysis by Fact.MR.

Image analysis of micro plastics using hyperspectral imaging is an emerging technique. Recent developments in hyperspectral sensors have made hyperspectral image processing an important research field in remote sensing.

Hyperspectral imaging technologies are expected to exhibit high growth in the coming 10 years because these systems can be used to analyse contagious diseases including those like COVID-19. Multispectral cameras and point spectrometers are set to become more portable, cost-effective, and easily controlled with handheld devices and cell phones as manufacturers are focusing on investing in R&D of mobile imaging technologies. New advancements in instrumentation and data analysis are further expanding the therapeutic potential of hyperspectral imaging.

Hyperspectral imaging can be viewed as a ‘Next Generation Imaging’ for clinical research in the future. Further, due to its contactless, non-invasive nature and short processing time, it can quantify a wide range of predefined substances. Through hyperspectral imaging, one could detect carcinomas, classify different tissue structures, and assess blood flow in tissues.

• The North American hyperspectral imaging market size is anticipated to reach US$ 569.9 million by 2034.
• East Asia is estimated to hold 22.4% of the global hyperspectral imaging market share in 2024.

Report Attributes	Details
Hyperspectral Imaging Market Size (2024E)	US$ 856.3 Million
Forecasted Market Value (2034F)	US$ 2.34 Billion
Global Market Growth Rate (2024 to 2034)	10.6% CAGR
South Korea Market Value (2034F)	US$ 125.1 Million
Canada Market Value (2024E)	US$ 68.8 Million
Key Companies Profiled	Hexagon AB HyperSpectral Solutions LLC Hansa Luftbild AG L3Harris Technologies (Harris Corporation) Planet Labs PBC Airbus Defence and Space Satellogic SA SpecTIR Antrix Corporation Cyient Sanborn Map Company

Which Market Dynamics are Influencing Sales of Hyperspectral Imaging Solutions?

“Multi-faceted Features of Hyperspectral Imaging Driving Widespread Application”

Growing number of funding and investments is leading to a rise in the need for advanced hyperspectral imaging technologies. Technological advancements such as integration of artificial intelligence, machine learning, and Internet of thongs and the increasing demand from various sectors are expected to boost the sales of advanced hyperspectral imaging systems.

Increasing data management techniques and improved component fabrication is allowing hyperspectral imaging to be used for a range of applications, from food inspection to pathogen detection to airport security.

Hyperspectral technology was originally developed for secret military satellites and surveillance but was limited due to its high cost and the difficulty in shifting data. However, advancements in computing and improvement to data acquisition and analysis are enabling hyperspectral imaging’s benefits to be applied across countless disciplines, from astronomy to weather forecasting. Rising need for food inspections, pathogen detection, airport security, law enforcement, and oil & gas pipeline inspections reflects a high focus on safety and security.

Ongoing advancements in computing, data processing techniques, and volume fabrication techniques are set to reduce the cost and size of sensors and detectors leading to the production of HSI systems. Hyperspectral imaging (HSI) is exhibiting increasing adoption in the pharmaceutical sector, particularly in emerging economies. Furthermore, hyperspectral cameras are being widely used in defense and industrial purposes.

“Integration of Digital Technologies to Boost Capabilities of Hyperspectral Imaging Systems”

In collaboration with industry partners, researchers are discovering new ways to use and analyze HSI video for a wide variety of applications. Using conventional imaging technology and spectroscopy, researchers developed spectral imaging to get both spatial and spectral information from an object.

Though it was originally developed for remote sensing, this technology is now applied to biological and biomedical research as an analytical tool with great utility. Analytical capabilities and performance of spectral imaging systems for biological and biomedical imaging are examined by the researchers.

With encouraging results, hyperspectral imaging was recently used for microplastics (MP) analysis in aquatic environment. This technique was initially developed for remote sensing of the earth's surface, but now it is used for identifying various materials. HSI is most commonly utilized in the recycling industry to separate plastics by polymer type.

Miniature imaging spectrographs/spectrometers, snapshot hyperspectral cameras, and all-in-one small hyperspectral cameras are useful in creating compact and portable imaging systems and devices. Integration of artificial intelligence and machine learning are expected to produce smart sensing devices and instruments.

Which Factors are Impacting the Market for Hyperspectral Imaging Systems?

“High Costs of Advanced Hyperspectral Imaging Technologies”

For analysing hyperspectral data, sensitive detectors, smart computers, and large storage capacities are needed. Manufactures are investing heavily in the development of compact hyperspectral imaging systems but this is set to boost the overall production costs. Thus, high cost of advanced technologies is expected to hamper the hyperspectral imaging market growth during the next 10 years.

Start-up Ecosystem

• Gamaya is a Switzerland-based start-up that offers hyperspectral cameras with advanced data analytics for precise agriculture practices. The 40-band detects pests, weeds, diseases and nutrition issues.
• Outsight is a France-based start-up offers 3D hyperspectral camera solution to attain full situational awareness for autonomous cars and robots. The camera monitors and detects traffic signs, markings, road, plants, black ice, snow, and debris.

Country-wise Analysis

What Makes the United States an Opportunistic Market for Hyperspectral Imaging Technology Providers?

“Surge in Defense Expenditure to Push Uptake of Hyperspectral Imaging Solutions”

Attribute	United States
Market Value (2024E)	US$ 91.1 Million
Growth Rate (2024 to 2034)	11.1% CAGR
Projected Value (2034F)	US$ 259.9 Million

The United States is witnessing high adoption of hyperspectral imaging services in the mining & mineral, forestry & agriculture as well as aerospace & defense sectors. The country spends heavily on the military sector, to make it the world's largest military power. The increase in expenditure is likely to finance the next-generation fighter jet equipped with sensors that can detect different surfaces and radiation from greater heights. Surveillance and defense spending developments are expected to drive the growth of the market in the United States.

Small companies are seeing a rise in federal and private investments to finance R&D activities, opening the door for hyperspectral vendors to commercialize their initial discoveries. Also, government agencies are reassessing their strategies and trying to launch hyperspectral imaging satellites.

Why is China a Key Market in East Asia?

“Rapid Progress in Space-Borne Hyperspectral Remote Sensing”

Attribute	China
Market Value (2024E)	US$ 93.8 Million
Growth Rate (2024 to 2034)	10.6% CAGR
Projected Value (2034F)	US$ 257.3 Million

A series of Chinese hyperspectral satellites have been successfully launched and operated in recent years, including the Shenzhou-3 spacecraft, the SPARK satellite, the Gaofen-5 satellite, the Zhuhai-1 satellite network for environmental and resources monitoring, the Feng Yun series of satellites for meteorological observation, and the Chang’E series of spacecraft for planetary exploration. Space-borne Chinese Hyperspectral Remote Sensing (HRS) systems now have various new features, such as wide swath widths, high spatial resolutions, broad spectral ranges, hyperspectral satellite networks, and microsatellites.

Hyperspectral imagers are used for more than just Earth observation. They are also a part of the Chinese program for creating the first-ever lunar lander. The development of microsatellite technology and hyperspectral imaging technology is responsible for the growth in space-borne HRS in China.

• For instance, In September 2021, China launched its Gaofen 5 (02) hyperspectral Earth observation satellite to carry out 40 missions. By employing hyperspectral imaging, the satellite can photograph hundreds of very narrow channels of light from ultraviolet to long-wave infrared, which allows it to produce images that indicate the material composition of objects viewed.

Why is Hyperspectral Imaging Gaining Traction in Germany?

“Extensive Applications of Hyperspectral Imaging Systems in Pharmaceutical Sector”

Medical care needs in this country are leading to a rise in demand for hyperspectral imaging. A thematic analysis of the spatial distribution of potentially reusable materials at dumpsites using terrestrial hyperspectral imaging is a novel application that has a timely impact in terms of society's drive to better manage resources.

Category-wise Analysis

Which Technology is Popular in This Market?

“Snapshot Spectral Imaging Systems Based on Diffracted Rotation Gaining Widespread Attention”

Attribute	Snapshot
Segment Value (2024E)	US$ 411 Million
Growth Rate (2024 to 2034)	9.6% CAGR
Projected Value (2034F)	US$ 1.03 Billion

Rising need for high-resolution and real-time spectral data is driving the demand for snapshot technology-based hyperspectral imaging solutions. These snapshot spectral sensors uses optical designs, which vary from standard forms. Furthermore, these technologies do not require scanning in spectral or spatial dimensions such as push broom. These systems based on diffracted rotation are also gaining traction.

Where Will Hyperspectral Imaging Solution Providers Find Ample Business Opportunities?

“Rising Integration of Hyperspectral Technologies in Environmental Monitoring and Control”

Attribute	Environmental Monitoring and Control
Segment Value (2024E)	US$ 154.1 Million
Growth Rate (2024 to 2034)	13.8% CAGR
Projected Value (2034F)	US$ 562.8 Million

Hyperspectral imaging is emerging as a vital tool for various applications ranging from remote sensing of earth’s surface to archaeology and art conservation. The introduction of field deployable hyperspectral imaging solutions within environmental monitoring is an innovative hyperspectral imaging market trend that is expected to revolutionize the sensing field in the coming decade.

Competitive Landscape

Through strategic partnerships, manufacturers are set to boost production and meet consumer demands, which are further expected to increase profits of key players in the hyperspectral imaging market. Innovative hyperspectral technologies are also developed by manufacturers to attain a strong market position.

• In 2021, Apeel Sciences, a leading provider of fresh produce preservation technology, acquired ImpactVision a start-up that provides hyperspectral imaging solutions.
• In 2023, Specim announced the launch of next-generation NIR hyperspectral camera ‘Specim GX17’ for industrial machine vision.

Key Segments of Hyperspectral Imaging Market Research

• By Technology :

  • Snapshot
  • Push Broom
  • Others

• By Product :

  • Cameras
  • Accessories

• By End-Use Industry :

  • Mining & Mineral
  • Forestry & Agriculture
  • Infrastructure & Urban Planning
  • Oil & Gas
  • Utility & Energy
  • Aerospace & Defense
  • Environment Monitoring & Control
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa