The global hyperspectral imaging systems market size was estimated to be USD 11.26 billion in 2023 and is expected to reach at USD 34.2 billion by 2033 with a CAGR of 10.64% during the forecast period 2023-2033. Increasing adoption of hyperspectral imaging in various sectors, such as R&D, healthcare, defence, food industry, night vision, and remote sensing, rising technological advancements, growing investment for research & development activities, expanding use of cutting-edge hyperspectral imaging technology for applications include detecting rock minerals, identifying plant diseases in crops, diagnosis illnesses, and finding foreign toxic substances in food processing, growing demand for disease diagnosis and image-guided surgeries, and rising launch of technologically advanced products are some of the key factors boosting the market growth.
Rising launch of technologically advanced products is predicted to boost the market growth during the forecast period. For instance, in September 2022, Resonon Inc has unveiled Pika IR-L and Pika IR-L+, two imaging devices specifically designed for airborne applications. These devices offer the ability to visually distinguish outdoor features that are typically invisible to the naked eye.
By Product, Camera was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to increasing technological advancements such as high-speed and low-cost circuits, rising advanced manufacturing technologies, and surge in novel signal-processing methods in sensor development, and growing launch of advanced products. For instance, in November 2020, An improved version of the xiSpec hyper-spectral cameras has been developed in cooperation with XIMEA and IMEC. Enhancements have been made to both the bandpass filters and camera housing, resulting in improved spectral performance for the cameras. Additionally, Accessories is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements and surge in development of novel products.
By Technology, Push broom was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to the rising need for precise data in industries such as remote sensing, environmental monitoring, mining development, etc and increasing technological advancements. Additionally, snapshot is predicted to grow at a fastest CAGR during the forecast period owing to the growing demand for high-resolution and real-time spectral data and increasing introduction of advanced products. For instance, in January 2023, Imec showcased a system that integrates a Visible and Near Infrared (VIS-NIR) spectral camera with high-resolution RGB imaging, enabling real-time data acquisition. The camera, housed in a single unit, incorporates three sensors, allowing users to select the appropriate sensor and easily compare various spectral resolutions and ranges. This eliminates the need for multiple devices and facilitates the evaluation of different options.
By Application, Military was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to the increasing advancements in data management along with component fabrication techniques, growing demand for advanced hyperspectral imaging techniques, and rising technological advancements, and surge in initiatives by leading market players. For instance, In July 2022, Headwall Photonics has completed the acquisition of Holographix LLC, which will create opportunities for new customers and markets, as well as serve the existing customer base of both companies. The acquisition also enables the expansion of manufacturing capabilities to accommodate future growth. Additionally, medical diagnostics is predicted to grow at fastest CAGR during the forecast period owing to the rising demand of hyperspectral imaging technique for diagnosis of tissue pathology, ophthalmology, procedures involving the digestive system, fluorescence microscopy, & cardiovascular systems, increasing research & development activities, and surge in technological advancements.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising expenditure, growing adoption of novel technologies, increasing technological advancements, presence of key market players, rising research & development activities, and surge in investment by key market players. For instance, in September 2021, HySpecIQ, a company specializing in satellite-based hyperspectral analytics, has revealed the successful closure of its Series B investment round, led by venture capitalist Peter Thiel. The funding secured will accelerate the development of a constellation consisting of twelve satellites, offering high-resolution hyperspectral imagery capabilities. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing healthcare awareness, increasing funding for research & development from the government organizations, rising need for hyperspectral imaging in research activities, remote sensing, & mining explorations, and surge in strategic initiatives by major market players. For instance, in August 2022, Pixxel, has received a strategic investment from Accenture Ventures. Pixxel is developing a highly advanced hyperspectral imaging satellite constellation. This constellation aims to offer AI-powered industry insights to address climate challenges, providing efficient solutions at a significantly reduced cost compared to traditional satellite systems.
Rising launch of technologically advanced products is predicted to boost the market growth during the forecast period. For instance, in September 2022, Resonon Inc has unveiled Pika IR-L and Pika IR-L+, two imaging devices specifically designed for airborne applications. These devices offer the ability to visually distinguish outdoor features that are typically invisible to the naked eye.
By Product, Camera was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to increasing technological advancements such as high-speed and low-cost circuits, rising advanced manufacturing technologies, and surge in novel signal-processing methods in sensor development, and growing launch of advanced products. For instance, in November 2020, An improved version of the xiSpec hyper-spectral cameras has been developed in cooperation with XIMEA and IMEC. Enhancements have been made to both the bandpass filters and camera housing, resulting in improved spectral performance for the cameras. Additionally, Accessories is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements and surge in development of novel products.
By Technology, Push broom was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to the rising need for precise data in industries such as remote sensing, environmental monitoring, mining development, etc and increasing technological advancements. Additionally, snapshot is predicted to grow at a fastest CAGR during the forecast period owing to the growing demand for high-resolution and real-time spectral data and increasing introduction of advanced products. For instance, in January 2023, Imec showcased a system that integrates a Visible and Near Infrared (VIS-NIR) spectral camera with high-resolution RGB imaging, enabling real-time data acquisition. The camera, housed in a single unit, incorporates three sensors, allowing users to select the appropriate sensor and easily compare various spectral resolutions and ranges. This eliminates the need for multiple devices and facilitates the evaluation of different options.
By Application, Military was the highest revenue-grossing segment in the global hyperspectral imaging systems market in 2022 owing to the increasing advancements in data management along with component fabrication techniques, growing demand for advanced hyperspectral imaging techniques, and rising technological advancements, and surge in initiatives by leading market players. For instance, In July 2022, Headwall Photonics has completed the acquisition of Holographix LLC, which will create opportunities for new customers and markets, as well as serve the existing customer base of both companies. The acquisition also enables the expansion of manufacturing capabilities to accommodate future growth. Additionally, medical diagnostics is predicted to grow at fastest CAGR during the forecast period owing to the rising demand of hyperspectral imaging technique for diagnosis of tissue pathology, ophthalmology, procedures involving the digestive system, fluorescence microscopy, & cardiovascular systems, increasing research & development activities, and surge in technological advancements.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising expenditure, growing adoption of novel technologies, increasing technological advancements, presence of key market players, rising research & development activities, and surge in investment by key market players. For instance, in September 2021, HySpecIQ, a company specializing in satellite-based hyperspectral analytics, has revealed the successful closure of its Series B investment round, led by venture capitalist Peter Thiel. The funding secured will accelerate the development of a constellation consisting of twelve satellites, offering high-resolution hyperspectral imagery capabilities. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing healthcare awareness, increasing funding for research & development from the government organizations, rising need for hyperspectral imaging in research activities, remote sensing, & mining explorations, and surge in strategic initiatives by major market players. For instance, in August 2022, Pixxel, has received a strategic investment from Accenture Ventures. Pixxel is developing a highly advanced hyperspectral imaging satellite constellation. This constellation aims to offer AI-powered industry insights to address climate challenges, providing efficient solutions at a significantly reduced cost compared to traditional satellite systems.
Segmentation: Hyperspectral Imaging Systems Market Report 2022 - 2033
Hyperspectral Imaging Systems Market Analysis & Forecast by Product 2022 - 2033 (Revenue USD Bn)
- Accessories
- Cameras
Hyperspectral Imaging Systems Market Analysis & Forecast by Technology 2022 - 2033 (Revenue USD Bn)
- Snapshot
- Push Broom
- Others
Hyperspectral Imaging Systems Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Medical Diagnostics
- Remote Sensing
- Military
- Machine Vision & Optical Sorting
- Others
Hyperspectral Imaging Systems Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Hyperspectral Imaging Systems Market: Product Estimates & Trend Analysis
8. Hyperspectral Imaging Systems Market: Technology Estimates & Trend Analysis
9. Hyperspectral Imaging Systems Market: Application Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Hyperspectral Imaging Systems Market
12. Europe Global Hyperspectral Imaging Systems Market
13. Asia Pacific Global Hyperspectral Imaging Systems Market
14. Latin America Global Hyperspectral Imaging Systems Market
15. MEA Global Hyperspectral Imaging Systems Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Surface Optics Corporation
- Imec
- Bayspec Inc.
- XIMEA GmbH
- Pixxel
- Resonon Inc.
- Headwall Photonics Inc.
- Applied Spectral Imaging
- Corning Incorporated
- Telops Inc.
- Norsk Elektro Optikk AS
- Spectral Imaging Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 11.26 Billion |
| Forecasted Market Value ( USD | $ 34.2 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
