Hyperspectral Imaging System Global Market Report 2024

The hyperspectral imaging system market size has grown rapidly in recent years. It will grow from $21.33 billion in 2023 to $25.35 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The expansion observed in the historical period can be attributed to robust economic growth in emerging markets, an increase in healthcare expenditure, a rise in the utilization of diagnostic medical imaging, and the development of advanced healthcare infrastructure.

The hyperspectral imaging system market size is expected to see rapid growth in the next few years. It will grow to $51.76 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The anticipated growth in the forecast period can be attributed to the increasing incidence of cancer cases, a growing geriatric population, improved healthcare access, and the rise of autonomous vehicles. Key trends expected in this period encompass a focus on product innovations, collaborations and acquisitions, increased investments, technological advancements, and the integration of artificial intelligence.

The increasing adoption of autonomous vehicles is poised to drive the growth of the hyperspectral imaging system market in the future. Autonomous vehicles, capable of operating without human intervention, can benefit significantly from hyperspectral imaging systems. These systems enhance the perception and decision-making abilities of autonomous vehicles, enabling them to navigate various and challenging environments with heightened safety and efficiency. In 2021, the International Energy Agency reported a global increase of over 35 million SUVs on the roads. With SUVs constituting more than half of all car sales in the US and Europe, their projected share in worldwide vehicle sales is expected to reach nearly 45%. Consequently, the rising popularity of autonomous vehicles is anticipated to stimulate demand for hyperspectral imaging systems.

The surge in cancer prevalence is expected to contribute to the expansion of the hyperspectral imaging system market. Cancer, a leading cause of global mortality, affects one in five individuals during their lifetimes. The widespread occurrence of cancer creates a significant opportunity for hyperspectral imaging systems to play a crucial role in medical diagnostics, leading to improved patient outcomes. According to a 2022 report by the American Cancer Society, there were 1.92 million new cancer cases in the US, compared to 1.89 million in 2021. Hence, the increasing prevalence of cancer is a key driver for the growth of the hyperspectral imaging system market.

Prominent players in the hyperspectral imaging systems market are concentrating on product innovation and the development of new solutions to solidify their market positions. For instance, in September 2022, Resonon, a US-based company specializing in hyperspectral imaging cameras and solutions, introduced two new near-infrared (NIR) range hyperspectral imagers, Pika IR-L and Pika IR-L+. These imagers are smaller, nearly three times lighter, and offer improved spectral resolution compared to the previous generation of NIR imagers.

Major companies in the hyperspectral imaging systems market are dedicated to incorporating new technologies and introducing innovative products to enhance their market standing. In January 2023, Panasonic Holdings Corporation, a Japan-based company, achieved the highest sensitivity in hyperspectral imaging technology by applying compressed sensing technology, commonly used in medical care and space exploration. This advancement allows for the identification of subtle color differences that are challenging to discern with the naked eye, maintaining the usability of conventional color cameras and improving image analysis and recognition accuracy.

In April 2023, Photonis, a France-based manufacturer of electro-optical detection and imaging systems, acquired Telops for an undisclosed amount. This acquisition enables Photonis to expand its technological expertise by incorporating hyperspectral capabilities into its portfolio. Telops, a Canadian-based company, is known for developing and manufacturing high-performance hyperspectral imaging systems and infrared cameras.

Major companies operating in the hyperspectral imaging system market report are Corning Incorporated, Cubert GmbH, Norsk Elektro Optikk AS, Telops Inc., Thorlabs Inc., Surface Optics Corporation, Applied Spectral Imaging Inc., Headwall Photonics, XIMEA GmbH, Bayspec Inc., DAEIL SYSTEMS Co Ltd., LightPath Technologies Inc., Zolix Instruments Co Ltd., Beijing Huaqiang Zongheng Technology Co Ltd., Shenzhen Wayho Technology Co Ltd., Specim, Pixxel, Imec, Photonis, Resonon partners, NTechLab, Russian Space Systems (RKS), Geoscan Group, Space Research Institute of the Russian Academy of Sciences, ScanEx Research and Development Center Terrasigna, TRL Space, Romanian Space Agency, MDA Corporation, ITRES Research Limited, Optech (Teledyne Optech), APEX Spectral Technol, ImpactVision, Vitta, Hi Technologies, Brain4care, TissueLabs, Ninsaúde, Zane Wave, Mvp Tech, N Tech Security Systems, Ansari Security Systems, V-ITS, Rezatec, HyVista Corporation,, Specto Natura, Sokotra Capital Ltd.

North America was the largest region in the hyperspectral imaging system market in 2023. The regions covered in the hyperspectral imaging system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hyperspectral imaging system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary products within hyperspectral imaging systems comprise cameras and accessories. Cameras play a crucial role in capturing images and scanning them under ultraviolet, infrared, and other specified rays. These cameras find applications in laboratories, diagnostics, and various other fields. Different technologies such as push broom, snapshot, and others are utilized in applications such as military surveillance, remote sensing, life sciences, medical diagnostics, machine vision, optical sorting, and more. Hyperspectral imaging is implemented across diverse sectors, including food and agriculture, healthcare, defense, mining and metrology, among others.

The hyperspectral imaging system market research report is one of a series of new reports that provides hyperspectral imaging system market statistics, including hyperspectral imaging system industry global market size, regional shares, competitors with a hyperspectral imaging system market share, detailed hyperspectral imaging system market segments, market trends and opportunities, and any further data you may need to thrive in the hyperspectral imaging system industry. This hyperspectral imaging system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hyperspectral imaging systems market includes revenues earned by entities by providing point scanning, line scanning, and area scanning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.