Hyperspectral Imaging Systems Market Size, Share & Trends Analysis Report By Product (Camera, Accessories), By Technology, By Application (Military, Remote Sensing), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global hyperspectral imaging systems market size was estimated at USD 10.36 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2023 to 2030. The rising adoption of hyperspectral imaging in various sectors, such as R&D, healthcare, defense, food industry, night vision, and remote sensing, is anticipated to create high demand in the market. In addition, technological advancements, such as sensor design, high spectral resolution, high spatial resolution, and compact and lightweight devices are anticipated to further boost the adoption. For instance, Pixxel launched its third hyperspectral imaging satellite which was mounted on the Polar Satellite Launch Vehicle (PSLV) in November 2022.

When compared to traditional imaging and detection techniques, hyperspectral imaging improves sensitivity and distinguishability as it combines digital imaging with spectroscopy. Hyperspectral imaging extensively improves the ability to segregate objects based on spectral properties. The increasing adoption of this technology is mainly attributed to its clarity and high accuracy. Some key advantages offered by hyperspectral imaging include the non-requirement of prior knowledge for the use of the spectrum at each point. In addition, it provides extensive information for analyzing and processing the image. Due to its advantages, hyperspectral imaging technology is encouraging investments from many companies.

The growing applications of hyperspectral imaging, such as the detection of rock minerals, the diagnosis of plant diseases in crops, diagnostic imaging, and the detection of foreign toxins in food processing are expected to boost its adoption rate during the forecast period. In addition, the applications of hyperspectral imaging are particularly increasing in the field of disease diagnosis and image-guided surgeries. The market is anticipated to grow at a significant rate, as hyperspectral imaging offers strong potential for disease screening, detection, and diagnosis due to its ability to recognize biochemical modifications brought on by the development of diseases, such as changes in cancer cell metabolism.

In January 2023, Imec demonstrated a system that combines a Visible and Near Infrared (VIS-NIR) spectral camera with high-resolution RGB imaging for data acquisition at video rate. The camera offers three sensors, which are integrated into a single housing. The camera is also equipped with a standard F-mount lens. This is expected to help the users to opt for a suitable sensor and compare the pros and cons of different spectral resolutions and ranges without needing to own numerous gadgets. The camera is likely to provide support in uncontrollably dynamic scenarios including medical situations such as image-assisted surgeries.

Product Insights

Based on product, the hyperspectral imaging market is segmented into camera and accessories. The camera segment held the largest market share of over 50.0% in 2022 and is further expected to expand at the fastest CAGR of 10.3% during the forecast period from 2023 to 2030. Technological advancements such as high-speed and low-cost circuits, advanced manufacturing technologies, and novel signal-processing methods in sensor development have contributed to the growth of the camera segment. Factors such as the quality, economic efficiency, and reliability of technical products are anticipated to contribute to market growth.

A hyperspectral camera acquires light intensity for a wide range of spectral bands. With this feature, every pixel in the image has a continuous spectrum, which can be used for the identification of objects with precision and detail. In addition, the availability of low-cost cameras and widening computing power are projected to further boost the adoption of these products during the forecast period.

Technology Insights

Based on technology, the market is segmented into push broom, snapshot, and others. The push broom sensors segment held a considerable revenue share in 2022. Push broom sensors are mounted on moving platforms, such as aircraft or satellites, and scan the scene line by line, creating a continuous image of the spectral information. For instance, BaySpec’s OCI-F Hyperspectral Imager is a compact ‘true push-broom technology. The HSI push broom market is expected to grow significantly over the forecast period, due to the increasing demand for remote sensing, environmental monitoring, mineral exploration, and other fields that require detailed and accurate data.

The snapshot segment is expected to grow at a significant rate over the forecast period, owing to the increasing demand for high-resolution and real-time spectral data. In April 2018, Surface Optics introduced LVIRA, their first commercial multimodal polarization imager, and snapshot HSI at the SPIE Defense and Commercial Sensing (DCS).

Application Insights

Based on application, the market is segmented into military, satellite imagery, medical diagnosis, machine vision & optical sorting, among others. The military segment dominated the market with a share of over 25.0% in 2022, owing to the advancements in data management along with component fabrication techniques. Hyperspectral imaging has a wide range of military applications in the domains of tracking and identification of personnel or other objects. Better accuracy and consistency compared to other conventional imaging techniques are contributing to segment growth.

On the other hand, medical diagnostics is expected to become the fastest-growing segment with a CAGR of 11.3% during the forecast period from 2023 to 2030. Hyperspectral imaging offers a diagnosis of issues related to tissue morphology, structure, and physiology. During the progression of a disease, the fluorescence, scattering, and absorption of the tissue change. Hence, tissue imaging techniques create major scope of application in the diagnosis of tissue pathology.

Furthermore, ophthalmology, injury analysis, procedures involving the digestive system, fluorescence microscopy, biology of cells, and cardiovascular systems all make extensive use of hyperspectral imaging techniques. The high precision and clarity of the hyperspectral imaging technology and ongoing innovation and technological advancements are expected to lead to market growth opportunities in medical diagnostics.

Regional Insights

In 2022, North America held the largest market share of over 30.0%, owing to technologically advanced healthcare infrastructure, increased healthcare expenditure, adoption of novel technologies, and the existence of several market players in the region. In addition, improved funding for R&D has boosted research activities in the region. The U.S. spends the most per capita on healthcare and has the largest funds and grants available for research through government agencies such as the National Institutes of Health (NIH). The emphasis on healthcare and related initiatives, such as the Patient Protection and Affordable Care Act, is accelerating the market growth. 

Due to the presence of a sizable patient population, rising healthcare awareness, funding from the government for R&D, and forthcoming research projects, the Asia Pacific region is predicted to grow at a CAGR of 12.2% during the forecast period. The increasing need for hyperspectral imaging in research activities, remote sensing, and mining explorations is projected to further fuel the market growth in the Asia Pacific.

Key Companies & Market Share Insights

Some of the major players are focusing on strategic initiatives such as new product launches, partnerships, acquisitions, mergers, government approvals, and improvements in current products & technologies to strengthen their market presence & expand their business portfolio. For instance, in November 2020, XIMEA and IMEC jointly developed an enhanced version of the xiSpec hyper-spectral cameras. The bandpass filters and camera housing have both been improved to boost the cameras' spectral performance. Some prominent players in the global hyperspectral imaging systems market include:

• Imec

• XIMEA GmbH

• Resonon, Inc.

• Headwall Photonics, Inc.

• Telops Inc.

• Corning Incorporated

• Norsk Elektro Optikk AS

• Surface Optics Corporation

• Bayspec Inc.

• Applied Spectral Imaging

• Spectral Imaging Ltd.

• Pixxel

• Surface Optics Corporation

Hyperspectral Imaging Systems Market Report Scope

Global Hyperspectral Imaging Systems Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global hyperspectral imaging systems market report based on product, technology, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Cameras

  • Accessories

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Push Broom

  • Snapshot

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Military

  • Remote Sensing

  • Medical Diagnostics

  • Machine Vision & Optical Sorting

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE