Hyperspectral Imaging System Global Market Opportunities and Strategies to 2032

This report describes and explains the hyperspectral imaging systems market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global hyperspectral imaging systems market reached a value of nearly $17.9 billion in 2022, having grown at a compound annual growth rate (CAGR) of 16.1% since 2017. The market is expected to grow from $17.9 billion in 2022 to $38.0 billion in 2027 at a rate of 16.2%. The market is then expected to grow at a CAGR of 12.5% from 2027 and reach $68.5 billion in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, rising healthcare expenditure, rising use of diagnostic medical imaging and rising advanced healthcare infrastructure.

Going forward, increasing cancer cases, increasing geriatric population, increase in healthcare access and rise of autonomous vehicles will drive the market. Factors that could hinder the growth of the hyperspectral imaging systems market in the future include rise in interest rates, Russia-Ukraine War, and high cost of raw materials.

The hyperspectral imaging systems market is segmented by product into cameras and accessories. The cameras market was the largest segment of the hyperspectral imaging systems market segmented by product accounting for 60.6% of the total in 2022. Going forward, the accessories market is expected to be the fastest growing segment in the hyperspectral imaging systems market segmented by product, at a CAGR of 16.4% during 2022-2027.

The hyperspectral imaging systems market is segmented by technology into push broom, snapshot and other technologies. The push broom market was the largest segment of the hyperspectral imaging systems market segmented by technology accounting for 49.0% of the total in 2022. Going forward, the snapshot market is expected to be the fastest growing segment in the hyperspectral imaging systems market segmented by technology, at a CAGR of 17.0% during 2022-2027.

The hyperspectral imaging systems market is segmented by application into military surveillance, remote sensing, life sciences and medical diagnostics, machine vision and optical sorting and other applications. The remote sensing market was the largest segment of the hyperspectral imaging systems market segmented by application accounting for 51.8% of the total in 2022. Going forward, the remote sensing market is expected to be the fastest growing segment in the hyperspectral imaging systems market segmented by application, at a CAGR of 16.6% during 2022-2027.

The hyperspectral imaging systems market is segmented by end-user into food and agriculture, health care, defense, mining and metrology and other end users. The food and agriculture market was the largest segment of the hyperspectral imaging systems market segmented by end-user accounting for 37.4% of the total in 2022. Going forward, the health care market is expected to be the fastest growing segment in the hyperspectral imaging systems market segmented by end-user, at a CAGR of 17.2% during 2022-2027.

Asia Pacific was the largest region in the hyperspectral imaging systems market, accounting for 19.6% of the total in 2022. It was followed by Western Europe, North America then the other regions. Going forward, the fastest-growing regions in the hyperspectral imaging systems market will be Eastern Europe and Middle East where growth will be at CAGRs of 14.4% and 15.4% respectively. These will be followed by South America and Africa where the markets are expected to grow at CAGRs of 16.3% and 14.6% respectively.

The global hyperspectral imaging system market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up of less than 1 % of the total market in 2022. Corning Incorporated was the largest competitor with 0.561% of the market, followed Cubert GmbH with 0.019%, Norsk Elektro Optikk AS with 0.018%, Telops Inc. with 0.017%, Thorlabs, Inc. with 0.015%, Surface Optics Corporation with 0.013%, Applied Spectral Imaging Inc. with 0.012%, Headwall Photonics with 0.012%, XIMEA GmbH with 0.011%, Bayspec Inc. with 0.008%.

The top opportunities in the hyperspectral imaging systems market segmented by product will arise in the cameras segment, which will gain $12.3 billion of global annual sales by 2027. The top opportunities in segment by technology will arise in up to the push broom sensing segment, which will gain $9.6 billion of global annual sales by 2027. The top opportunities in segment by the application will arise in up to remote sensing segment, which will gain $10.7 billion of global annual sales by 2027. The top opportunities in the segment by the end user will arise in the food and agriculture segment, which will gain $7.8 billion of global annual sales by 2027. The hyperspectral imaging systems market size will gain the most in the China at $5.9 billion.

Market-trend-based strategies for the hyperspectral imaging systems market include focus on product innovations, collaborations and acquisitions, investments, technology advancements and using artificial intelligence.

Player-adopted strategies in the hyperspectral imaging systems market include focus on strategic partnerships and collaborations, increasing investments, product expansions and mergers and acquisitions.

To take advantage of the opportunities, the recommends the hyperspectral imaging systems companies to focus on innovative product launches, focus on technologically advanced products, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-use industries, focus on fast-growing applications, focus on autonomous vehicle manufacturers and focus on diagnostic medical imaging centers.