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Global Hyperspectral Imaging Systems Market – Industry Trends and Forecast to 2031

  • Semiconductors and Electronics
  • Upcoming Report
  • Feb 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Hyperspectral Imaging Systems Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 6.90 Billion
Diagram Market Size (Forecast Year) USD 32.68 Billion
Diagram CAGR %

Global Hyperspectral Imaging Systems Market, By Product (Cameras, Accessories), Scanning Techniques (Spatial Scanning, Spectral Scanning, Non-Scanning, Spatiospectral Scanning), Technology (Push Broom, Snapshot, Analog Based Video Management Software, IP Based Video Management Software, Others), Range (Less than 400 Nm, 400 Nm to 1700 Nm, More than 1700 Nm), Application (Military, Remote Sensing, Medical Diagnostics, Machine Vision and Optical Sorting, Others) – Industry Trends and Forecast to 2031.

Hyperspectral Imaging Systems Market Analysis and Size

Hyperspectral imaging systems find diverse applications across industries such as agriculture, healthcare, and environmental monitoring. With advanced spectral analysis capabilities, they enable precise identification of materials and substances, aiding in quality control, disease detection, and resource management. Their versatility help the hyperspectral imaging systems market grow.

Data Bridge Market Research analyses that the global hyperspectral imaging systems market which was USD 8.38 billion in 2023, is expected to reach USD 39.70 billion by 2031, growing at a CAGR of 21.46% during the forecast period of 2024 to 2031. Cameras segments dominate with rising software as a service adoption among consumers, securing the highest market share. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Hyperspectral Imaging Systems Market Scope and Segmentation  

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Cameras, Accessories), Scanning Techniques (Spatial Scanning, Spectral Scanning, Non-Scanning, Spatiospectral Scanning), Technology (Push Broom, Snapshot, Analog Based Video Management Software, IP Based Video Management Software, Others), Range (Less than 400 Nm, 400 Nm to 1700 Nm, More than 1700 Nm), Application (Military, Remote Sensing, Medical Diagnostics, Machine Vision and Optical Sorting, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Robert Bosch GmbH (Germany), Hanwha Group. (South Korea), Honeywell International Inc. (U.S.), Schneider Electric (France), Axis Communications AB (Sweden), Johnson Controls (Ireland), Hangzhou Hikvision Digital Technology Co., Ltd. (China), NetApp (U.S.), Dahua Technology USA Inc. (China), KEDACOM (China), Verint Systems Inc. (U.S.), LTIMindtree Limited (India), AxxonSoft. (U.S.), eInfochips (U.S.), Avigilon Corporation (Canada) Panasonic Corporation (Japan), Panopto (U.S.), Backstreet Surveillance (U.S.), Eagle Eye Solutions Group Plc. (U.S.), Arcules, Inc. (U.S.)

Market Opportunities

  • Rising Adoption of Advanced Technologies for Precise Analysis
  • Growth and Expansion in Financial Services Industry

Market Definition

Hyperspectral imaging systems capture and process images across numerous spectral bands, enabling detailed analysis and identification of materials. Widely used in various industries, they enhance quality control, detect contaminants, aid in food processing, and support geological exploration, among other applications.

Global Hyperspectral Imaging Systems Market Dynamics

Drivers

  • Security and Surveillance Features to Detect Anomalies

Increasing security concerns drive the uptake of hyperspectral imaging in surveillance, border control, and defense domains. Its capability to detect anomalies and discern materials strengthen situational awareness, reinforcing endeavors to protect vital infrastructure and national borders, thereby enhancing security measures against emerging threats and ensuring comprehensive surveillance capabilities.

  • Increasing Demand in Healthcare for Early Diagnosis

The healthcare sector witnesses a surge in demand for hyperspectral imaging systems driven by their expanding role in medical diagnostics. These systems, employed for precise tissue analysis and disease detection, offer enhanced capabilities for early diagnosis and treatment planning, contributing significantly to improved patient outcomes and advancing the field of medical imaging technology.

Opportunities

  • Rising Adoption of Advanced Technologies for Precise Analysis

Continuous technological advancements, notably miniaturization and enhanced data processing, strengthen the accessibility and adoption of hyperspectral imaging. Integration with artificial intelligence and machine learning further amplifies its effectiveness, fostering synergies that empower precise analysis and interpretation across various industries, from healthcare to agriculture and beyond, driving its widespread adoption and utility.

  • Growth and Expansion in Financial Services Industry

The increasing banking and financial services industry, particularly in developing economies, offers ample avenues for market expansion. The ongoing trend of digitalization amplifies growth prospects, revealing numerous opportunities within the market. As financial sectors worldwide embrace digital transformation, there's a heightened demand for innovative solutions, driving the evolution and expansion of the industry.

Restraints/Challenges

  • High Cost Leads to Less Adoption Rates

The excessive initial investment and ongoing maintenance costs associated with hyperspectral imaging systems act as significant deterrents, particularly for small businesses. This financial burden severely constrains adoption rates, impeding market growth and accessibility. Consequently, many potential users are unable to afford entry into this technology-driven sector, stifling its broader market potential.

  • Complexity in Understanding the Hyperspectral Imaging Systems

The complexity of interpreting hyperspectral data acts as a significant deterrent in the market. Without adequate expertise, users struggle to derive meaningful insights, limiting the adoption of hyperspectral imaging systems across various industries. This hurdle hampers market growth as potential users hesitate to invest in machinery they cannot fully utilize or understand.

This global hyperspectral imaging systems market,  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global hyperspectral imaging systems market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In December 2023 - SPECIM launched the FX50 middle wave infrared hyperspectral camera, covering the 2.7 - 5.3 μm spectral range. With 640-pixel spatial resolution, 35 nm spectral resolution, 30 μm pixel size, and a maximum frame rate of 377 fps, it offers advanced capabilities for various applications
  • In October 2023 - Axis Communications finalized the sale of its subsidiary Citilog to TagMaster, fostering partnerships between Axis, Citilog, and TagMaster in rail and traffic solutions post-acquisition, strengthening collaborative efforts in the transportation technology sector
  • In May 2021 - Diaspective Vision launched TIVITA 2.0, a hyperspectral imaging camera. Features include non-contact, non-invasive imaging, devoid of contamination risk, ionizing radiation, or contrast agents, ensuring safe and precise imaging solutions for diverse applications
  • In April 2021 - Headwall Photonics joined the Industrial Practitioner Advisory Board for NSF-funded IoT4Ag. Collaborating with the NSF Engineering Research Center, Headwall's hyperspectral sensors integrated onto UAV systems enable data-driven models for analyzing plant physiology, soil properties, and environmental factors, enhancing agricultural technology advancements

Global Hyperspectral Imaging Systems Market Scope

The global hyperspectral imaging systems market, is segmented on the basis of product, scanning techniques, range, technology, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Cameras
  • Accessories

 Scanning Techniques

  • Spatial Scanning
  • Spectral Scanning
  • Non-Scanning
  • Spatiospectral Scanning

 Technology

  • Push Broom
  • Snapshot
  • Analog Based Video Management Software
  • IP Based Video Management Software
  • Others

 Range

  • Less than 400 Nm
  • 400 Nm to 1700 Nm
  • More than 1700 Nm

 Application

  • Military
  • Remote Sensing
  • Agriculture
  • Environmental
  • Medical Diagnostics
  • Machine Vision
  • Optical Sorting
  • Others

Global Hyperspectral Imaging Systems Market Regional Analysis/Insights

The global hyperspectral imaging systems market is analysed and market size insights and trends are provided by product, scanning techniques, range, technology, and application as referenced above.

The countries covered in the global hyperspectral imaging systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America is expected to dominate the hyperspectral imaging systems market, driven by heightened awareness and adoption for aerial remote sensing and research. Regulatory pressure and a concentration of dominant and local players in the U.S. are poised to fuel significant market growth.

Europe holds the position of the second largest market in the hyperspectral imaging systems market, with Germany leading the region's growth due to significant advancements in spectroscopy imaging research and development.

Asia-Pacific has witnessed high growth in the hyperspectral imaging systems market, notably in China, driven by increased investment in remote sensing projects. This surge reflects growing recognition of hyperspectral technology's capabilities and its expanding applications across various sectors in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Hyperspectral Imaging Systems Market Share Analysis

The global hyperspectral imaging systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global hyperspectral imaging systems market.

Some of the major players operating in the global hyperspectral imaging systems market are:

  • Robert Bosch GmbH (Germany)
  • Hanwha Group. (South Korea)
  • Honeywell International Inc. (U.S.)
  • Schneider Electric (France)
  • Axis Communications AB (Sweden)
  • Johnson Controls (Ireland)
  • Hangzhou Hikvision Digital Technology Co., Ltd. (China)
  • NetApp (U.S.)
  • Dahua Technology USA Inc. (China)
  • KEDACOM (China)
  • Verint Systems Inc. (U.S.)
  • LTIMindtree Limited (India)
  • AxxonSoft. (U.S.)
  • eInfochips (U.S.)
  • Panasonic Corporation (Japan)
  • Panopto (U.S.)
  • Backstreet Surveillance (U.S.)
  • Eagle Eye Solutions Group Plc. (U.S.)
  • Arcules, Inc. (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The hyperspectral imaging systems market size will be worth USD 39.70 billion by 2031.
The growth rate of the hyperspectral imaging systems market is 21.46% in the forecast period by 2031.
Security and surveillance features to detect anomalies & increasing demand in healthcare for early diagnosis are the growth drivers of the hyperspectral imaging systems market.
Product, scanning techniques, range, technology, and application are the factors on which the hyperspectral imaging systems market research is based.
Major companies in the hyperspectral imaging systems market are Robert Bosch GmbH (Germany), Hanwha Group. (South Korea), Honeywell International Inc. (U.S.), Schneider Electric (France), Axis Communications AB (Sweden), Johnson Controls (Ireland), Hangzhou Hikvision Digital Technology Co., Ltd. (China), NetApp (U.S.), Dahua Technology USA Inc. (China), KEDACOM (China), Verint Systems Inc. (U.S.), LTIMindtree Limited (India), AxxonSoft. (U.S.), eInfochips (U.S.), Avigilon Corporation (Canada) Panasonic Corporation (Japan), Panopto (U.S.), Backstreet Surveillance (U.S.), Eagle Eye Solutions Group Plc. (U.S.), Arcules, Inc. (U.S.).
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