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The hyperspectral imaging market is estimated to grow by USD 758.38 million at a CAGR of 12.56% between 2022 and 2027. The growth of the market for night vision cameras is influenced by several key factors. The increasing use of night vision cameras in various industries, such as surveillance, security, and wildlife observation, is driving market growth. Additionally, the rising number of medical diseases that require night vision technology for diagnostic and surgical purposes is contributing to market expansion. Furthermore, the growing adoption of unmanned aerial vehicles (UAVs) equipped with night vision cameras for surveillance and reconnaissance missions is also fueling market growth. These factors combined create a favorable environment for the growth of the night vision camera market.
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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. 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.
The market is witnessing rapid growth due to its ability to capture detailed spectral information beyond the capabilities of the human eye. Operating in the near-infrared ranges, hyperspectral imaging creates a three-dimensional data cube of spectral information for materials and substances. This technology finds applications in various sectors, including agriculture, defense, and healthcare, offering modern technologies for enhanced safety and buying behavior insights. It also enhances capabilities in areas like remote sensing, night vision, and food industry inspections, with satellites like the Polar Satellite Launch Vehicle (PSLV) expanding its reach. Compared favorably to traditional imaging and detection methods, hyperspectral imaging offers superior spectral resolution and temporal resolution for various industries' needs. 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.
The increasing use of night vision cameras is the key factor driving the market growth. Territorial disputes worldwide have heightened global security concerns, prompting governments to seek out advanced technologies for enhanced citizen safety. The escalating threat of terrorism has created a market for surveillance products offering continuous monitoring. The demand for night vision cameras is expected to increase due to deteriorating global security conditions, driven by a growing emphasis on secure living environments worldwide. This rise in demand is particularly relevant for startups, as they explore innovative solutions to address security challenges. Additionally, advancements in data storage and AI-based hyperspectral sensing techniques are enhancing the capabilities of night vision cameras, making them more effective for surveillance purposes. Night vision cameras are increasingly utilized for uninterrupted surveillance, particularly in smart homes equipped with technologies for detecting and managing intrusions.
Hyperspectral imaging is instrumental in capturing high-precision images in low light or darkness. These cameras are employed in residential and industrial settings to detect any abnormal nighttime activities. Hyperspectral imaging provides detailed scene information, surpassing the capabilities of standard color cameras. By utilizing these sensors, cameras can differentiate objects based on their spectral characteristics. These factors are fueling the adoption of hyperspectral imaging in various applications, thereby propelling market growth.
The growing number of research projects using hyperspectral imaging techniques is the primary trend in the 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. Hyperspectral cameras equipped with F-mount lenses enable high-resolution imagery crucial for digital imaging in diagnosing diseases like glaucoma by capturing full spectrum data of diseased or malignant cells within ecosystems undergoing digital transformation.
However, The new finding extends the present ability of this imaging technology by enabling 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.
High capital investment is a major challenge to 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 companies in the market cannot make high capital investments and find the investment very risky as profitability comes after a long time. This can put these companies in a disadvantageous position compared with the leading companies, who can support high investments to launch innovative products.
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.
Market Customer Landscape
Companies 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.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023-2027, as well as historical data from 2017 - 2021 for the following segments.
The market is experiencing rapid growth driven by Hardware and software advancement and advancements in AI capabilities and hardware and software. This technology offers detailed Spectral range across the visible and near-infrared (VIS-NIR) spectral camera range, enabling early disease detection in medical applications like diabetes and skin cancer diagnosis. It also finds use in life sciences for diagnostic imaging and medical diagnostics that include Multispectral imaging and Territorial fights and its Commercial applications. In the agricultural sector, hyperspectral imaging aids in detecting plant diseases. Military surveillance benefits from its airborne intelligence and surveillance capabilities, while homeland security relies on its persistent surveillance features. Mining and environmental monitoring also utilize hyperspectral imaging for atmospheric scattering and harmful algae blooms detection.
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.56% |
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Market growth 2023-2027 |
USD 758.38 million |
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Market structure |
Fragmented |
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YoY growth (%) |
9.81 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, Market Forecasting, 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. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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