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The hyperspectral imaging market is estimated to grow at a CAGR of 12.56% between 2022 and 2027. The size of the market is forecast to increase by USD 758.38 million. The growth of the market depends on several factors, including the increasing use of night vision cameras, the increasing number of medical diseases, and the growing adoption of UAVs.
This report extensively covers market segmentation by application (military and surveillance, healthcare, food and agriculture, remote sensing, and other applications), product (cameras and accessories), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global hyperspectral imaging market as a part of the global electronic equipment and instruments market within the overall electronics market. The parent global electronic equipment and instruments market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing use of night vision cameras is notably driving the market growth, although factors such as the high capital investment may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Hyperspectral Imaging Market Driver
The increasing use of night vision cameras is the key factor driving the global hyperspectral imaging market growth. Territorial conflicts across the world have raised security concerns globally. This is forcing governments across the world to explore modern technologies that offer better safety to the citizens. The rising fear of terrorism has created a market for products that provide perpetual surveillance. The demand for night vision cameras is expected to grow due to the worsening global security. The increasing demand for secure living premises will lead to an increased demand for night vision cameras globally. Night vision cameras are finding increasing use for uninterrupted surveillance. Smart homes are integrated with technologies that allow people to identify and control any break-ins.
Hyperspectral imaging helps capture images in low light intensity and in the dark with high precision. Night vision cameras are used both in houses and industries and can identify any type of unusual activity that occurs during the night. Hyperspectral images offer precise information related to the specific scene as compared to normal color cameras. With the use of these sensors, a camera can distinguish objects depending on their spectral features. These factors are enabling the use of hyperspectral imaging in a variety of applications, thus driving the growth of the market during the forecast period.
Key Hyperspectral Imaging Market Trend
The growing number of research projects using hyperspectral imaging techniques is the primary trend in the global hyperspectral imaging market. Hyperspectral imaging has been used in different research areas, such as vegetation research, food analysis, mineral research, and forensics. Hyperspectral scanners can detect and measure the physical, chemical, and biological properties of objects and living organisms. Some government organizations are also using hyperspectral imaging. The same image can be collected across 48 color channels in hyperspectral imaging. This yields several values for every pixel, which offers accurate data for categorizing between fluorophores and cells.
However, The new finding extends the present ability of this imaging technology by enabling the users to see and analyze more colors of fluorophores simultaneously. In addition, several universities are collaborating with companies for research related to hyperspectral imaging devices with modern technology. Thus, continuity for several projects is expected, and this factor will drive the market during the forecast period.
Key Hyperspectral Imaging Market Challenge
High capital investment is a major challenge to the global hyperspectral imaging market growth. The global hyperspectral imaging sensors market needs high capital investment, which is a major challenge for the growth of this market. The rapid advances in technology have resulted in the emergence of sophisticated electronic goods that need special types of low-light-level imaging sensors and capital equipment.
To cater to the growing requirements of consumers, foundries require high capital to expand their production capacity and invest in R&D. Some of the vendors in the market do not have the capacity to make high capital investments and find the investment very risky as profitability comes after a long time. This can put these vendors in a disadvantageous position compared with the leading vendors, who can support high investments to launch innovative products.
Key Hyperspectral Imaging Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hyperspectral Imaging Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
spectral-imaging.com - The company offers hyperspectral imaging through its hyperspectral system. Also, under this segment, the company offers a wide range of products such as HiPath Pro, PathFusion, HiBand, HiFISH, CytoPower, and Rainbow.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on application, the market is segmented into military and surveillance, healthcare, food and agriculture, remote sensing, and other applications. The market share growth by the military and surveillance segment will be significant during the forecast period. Hyperspectral imaging sensors are loaded with spectral signatures and are, hence, powerful tools for tactical missions. Hyperspectral imaging sensors are used for base protection and security. They are increasingly being used in intelligence, surveillance, and reconnaissance (ISR) missions. Such factors will increase segment growth during the forecast period.
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The military and surveillance segment was valued at USD 176.09 million in 2017 and continue to grow by 2021. Hyperspectral sensors are increasingly being used in unmanned air vehicles (UAVs) and Unmanned Ground Vehicles (UGVs) in tactical missions. UGVs and UAVs require strong and small sensors that are efficient and can ensure better optical performance. The growth of the UAVs and UGVs market will thus drive the growth of the hyperspectral market during the forecast period.
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North America is projected to contribute 34% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The US is the leading revenue-generating country in this region, and it is an early adopter of hyperspectral imaging technology for aerial remote sensing applications. One of the factors driving the growth of the market in this region is the increasing investments by the US government in aerospace and defense. Such government initiatives can increase the demand for hyperspectral imaging from the military and surveillance sectors in the region during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. However, in 2021, economic activities resumed due to a gradual decline in the daily count of COVID-19 cases with the introduction of vaccines and large-scale vaccination drives in the region. With the resumption of various industrial operations such as mining and mineral, forestry and agriculture, infrastructure and urban planning, oil and gas, and utility and energy, the demand for hyperspectral imaging rebounded. Additionally, with the resumption of business activities, vendors are able to meet the increased demand for hyperspectral imaging. Such factors are expected to positively impact the market in focus during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by application, product, and region.
Hyperspectral Imaging Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.56% |
Market growth 2023-2027 |
USD 758.38 million |
Market structure |
Fragmented |
YoY growth (%) |
9.81 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Applied Spectral Imaging, BaySpec Inc., Brandywine Photonics, Corning Inc., Cubert GmbH, Galileo Group Inc., Gamaya, Headwall Photonics Inc., HyperMed Imaging Inc., HyVista Corp. Pty Ltd., IMEC Inc., inno-spec GmbH, Konica Minolta Inc., Norsk Elektro Optikk AS, Polytec GmbH, Resonon Inc., Surface Optics Corp., Telops Inc., TruTag Technologies Inc., and XIMEA GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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