Hyperspectral Imaging Market Size To Grow USD 108 Million by 2028 at a CAGR of 15% | Valuates Reports
BANGALORE, India, April 21, 2023 /PRNewswire/ -- The Global Hyperspectral Imaging Market is Segmented by Type (Visible/Near Infrared (VNIR), Short Wave Infrared (SWIR), Medium Wave Infrared (MWIR), Long Wave Infrared (LWIR)), by Application (National Defense Security, Environmental Monitoring And Mineralogy, Food And Agriculture, Life Sciences And Medical Diagnosis, Vegetation And Ecological Research, Environmental Recycling Field)): Global Opportunity Analysis and Industry Forecast, 2023-2028. It is published in Valuates Reports under the Heavy Machinery Category.
Due to the COVID-19 pandemic, the global Hyperspectral Imaging market size is expected to grow USD 108 Million by 2028 with a CAGR of 15.0% during the review period.
Major Factors Driving the Growth of the Hyperspectral Imaging Market:
It is projected that the market would see significant demand due to the growing application of hyperspectral imaging in numerous industries, including R&D, healthcare, defense, the food industry, night vision, and remote sensing. Additionally, it is projected that in the near future, technological developments such as sensor design, high spectrum resolution, high spatial resolution, and compact and lightweight devices would further promote usage.
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TRENDS INFLUENCING THE GROWTH OF THE HYPERSPECTRAL IMAGING MARKET:
Significant improvements in spectrograph and detector designs throughout the years have reduced costs and increased the capabilities of the apparatus. As a result, HSI is being employed more frequently in a variety of application fields. Hyperspectral cameras, in contrast to ordinary cameras, capture a 3D picture cube and spectral data, making them suitable for any case where images must cover a broad area and encode a lot of information in a single shot. Initially, HSI was created for use in satellite earth imaging and other remote sensing applications. However, thanks to technical developments, HSI is now more portable, reasonably priced, and better suitable for usage in a variety of industries, including waste management, agriculture, pharmaceuticals, food testing, and the medical industry. This factor is expected to drive the growth of the Hyperspectral Imaging Market.
The analyzed item may be described in considerably more detail thanks to the high spectral resolution. Agriculture is the most biologically diverse and complex environment there is, and spectroscopy is an effective instrument for identifying biological complexity and different crop factors. Technology for hyperspectral imaging enables the capture of all types of variability. Hyperspectral imaging's great spectral resolution broadens the range of potential problems that might be studied. This factor is expected to drive the growth of the Hyperspectral Imaging Market.
Using hyperspectral imaging, it is possible to diagnose problems with tissue morphology, composition, and physiology. The tissue's fluorescence, scattering, and absorption alter as a disease progresses. This aspect is anticipated to greatly expand the range of applications for tissue pathology diagnostics. Additionally, ophthalmology, operations involving the digestive system, wound examination, fluorescence microscopy, cell biology, and vascular systems all make extensive use of hyperspectral imaging. During the projected years, it is expected that the high clarity and accuracy of the technology due to ongoing innovation and technological improvements will generate growth prospects in medical diagnostics. This factor is expected to drive the growth of the Hyperspectral Imaging Market.
Hyperspectral imaging is not just for significant corporate and academic research endeavors. Prices for sensors are falling quickly. Small and medium-sized businesses can invest in automated quality inspection setups because the performance-to-cost ratio satisfies industry standards. There are significant cost savings as a result of the reduction in the need for manual inspections and laboratory testing. This factor is expected to drive the growth of the Hyperspectral Imaging Market.
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HYPERSPECTRAL IMAGING MARKET SHARE ANALYSIS:
China comes in second with a market share of around 11%, after North America and Europe, which together account for about 41% of the global market for hyperspectral imaging equipment.
The major producers are Headwall Photonics, Specim, Resonon, Cubert, and IMEC, with Specimen holding the biggest market share (20%).
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Key Companies:
- Headwall Photonics
- Specim
- Resonon
- IMEC
- Surface Optics
- Norsk Elektro Optikk A/S
- Corning (NovaSol)
- ITRES
- Telops
- BaySpec
- Brimrose
- Zolix
- Wayho Technology
- Inno-spec
- Spectra Vista
- Cubert
- TruTag
- Ocean Insight
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SIMILAR REPORTS:
- Hyperspectral Remote Sensing market size is estimated to be worth USD 189.4 million in 2022 and is forecast to a readjusted size of USD 248.3 million by 2029 with a CAGR of 3.9% during the forecast period 2023-2029.
- Healthcare Hyperspectral Imaging Market
- Hyperspectral Microscope Market
- Surface-Enhanced Raman Spectroscopy (SERS) Substrate Market
- Terahertz and Mid-infrared Spectroscopy Market
- Terahertz and Far-infrared Spectroscopy Market
- Infrared Detector market size is estimated to be worth USD 2250.5 million in 2022 and is forecast to a readjusted size of USD 2772.3 million by 2029 with a CAGR of 3.9% during the forecast period 2023-2029.
- Infrared Reflective Glazing market size is estimated to be worth USD 2165.6 million in 2022 and is forecast to a readjusted size of USD 3759.4 million by 2029 with a CAGR of 8.1% during the forecast period 2023-2029.
- Infrared Sensors for Automatic Door Market
- Ultraviolet Infrared Flame Detector Market
- Infrared Camera Modules Market
- Hyperspectral Imaging for Food And Agriculture Market
- Biomedical Hyperspectral Imaging Market
- Hyper-Spectral Imaging (HSI) Equipment market was valued at USD 108 million in 2022 and is anticipated to reach USD 290.5 million by 2029, witnessing a CAGR of 15.0% during the forecast period 2023-2029.
- Medical Hyperspectral Imaging (MHSI) market is projected to reach USD 44 million by 2028 from an estimated USD 21 million in 2022, at a CAGR of 13.3% during 2023 and 2028.
- Hyperspectral Imaging Cameras Market
- UAV Hyperspectral Imaging Camera Market
- Agriscience Hyperspectral Imaging (HSI) market was valued at USD 14 million in 2022 and is anticipated to reach USD 37 million by 2029, witnessing a CAGR of 17.1% during the forecast period 2023-2029.
- Industrial Hyperspectral Imaging System Market
- Industrial Hyperspectral Imaging System Market
- Agriscience Hyperspectral Imaging (HSI) market was valued at USD 14 million in 2022 and is anticipated to reach USD 37 million by 2029, witnessing a CAGR of 17.1% during the forecast period 2023-2029.
- Airborne Hyperspectral Imaging Camera market was valued at USD 46 million in 2022 and is anticipated to reach USD 166.2 million by 2029, witnessing a CAGR of 19.9% during the forecast period 2023-2029.
- Agriscience Hyperspectral Imaging (HSI) market was valued at USD 14 million in 2022 and is anticipated to reach USD 37 million by 2029, witnessing a CAGR of 17.1% during the forecast period 2023-2029.
- Military Image Intensifier market was valued at USD 672.2 Million in 2020 and it is expected to reach USD 1145.3 Million by the end of 2027, growing at a CAGR of 7.9% during 2021-2027.
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