The Hyperspectral Imaging System Market Is Set To Reach $41 Billion By 2027, With Rising Demand From The Automotive Sector - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 28, 2023 /PRNewswire/ -- The global hyperspectral imaging system market is on a trajectory of remarkable expansion, driven by the growing demand for advanced imaging technology, particularly in the autonomous vehicle sector. According to the latest Hyperspectral Imaging Systems Global Market Report 2023 from The Business Research Company, the market is set to achieve a remarkable growth rate in 2023 and beyond, with the global hyperspectral imaging system market size projected to reach $21.13 billion in 2023, marking a notable CAGR of 18.0%. Furthermore, this growth is expected to continue, propelling the market to an impressive $41.96 billion by 2027, with an anticipated CAGR of 18.7%.
The Autonomous Vehicle Revolution
One of the key catalysts for the growth of the hyperspectral imaging system market is the surge in autonomous vehicles (AVs). These vehicles, whether fully autonomous or partially autonomous, rely on advanced technologies to navigate safely and efficiently, avoiding obstacles and adapting to traffic conditions. Hyperspectral imaging systems play a pivotal role in enabling AVs to map their surroundings accurately and detect objects, ensuring safe and reliable operation.
For instance, the Insurance Institute for Highway Safety predicts that by 2025, there will be 3.5 million autonomous vehicles on American roads, a number expected to grow to 4.5 million by 2030.
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Market Dynamics and Top Players
The global hyperspectral imaging system market is characterized by its high fragmentation, with a multitude of players vying for market share. In 2022, the top ten competitors collectively accounted for less than 1% of the total market. Corning Incorporated emerged as the market leader with a 0.561% share, followed by Cubert GmbH with 0.019%, Norsk Elektro Optikk AS, Telops Inc., Thorlabs, Inc., Surface Optics Corporation, Applied Spectral Imaging Inc., Headwall Photonics, XIMEA GmbH, and Bayspec Inc.
Major companies operating in the hyperspectral imaging systems market are dedicated to enhancing their market position through continuous product innovation and the development of cutting-edge solutions. For example, in September 2022, Resonon, a US-based company renowned for designing and manufacturing hyperspectral imaging cameras and complete solutions, launched two new near-infrared (NIR) range hyperspectral imagers – Pika IR-L and Pika IR-L+. These imagers offer superior spectral resolution, are lightweight, and compact, setting new standards in NIR imaging technology.
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Market Segmentation
The global hyperspectral imaging system market is segmented into four key categories:
- By Product: Cameras, Accessories
- By Technology: Push Broom, Snapshot, Other Technologies
- By Application: Military Surveillance, Remote Sensing, Life Sciences and Medical Diagnostics, Machine Vision and Optical Sorting, Other Applications
- By End User: Food and Agriculture, Healthcare, Defense, Mining and Metrology, Other End Users
The hyperspectral imaging systems market is poised to witness substantial growth in the cameras segment, with global annual sales expected to reach $12.3 billion by 2027.
Regional Insights
In 2022, Asia Pacific emerged as the largest region in the hyperspectral imaging systems market, accounting for 19.6% of the global market share. This was followed by Western Europe, North America, and other regions. Looking ahead, the fastest-growing regions in the hyperspectral imaging systems market are expected to be Eastern Europe and the Middle East.
The global hyperspectral imaging system market is at the forefront of technological innovation, with applications spanning various industries, from autonomous vehicles to healthcare. As the industry continues to evolve, The Business Research Company remains committed to providing comprehensive insights and market intelligence, enabling businesses to navigate this dynamic landscape successfully.
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