The global hyperspectral imaging market is anticipated to grow at a significant CAGR of 11.7% during the forecast period. The application of hyperspectral imaging is significantly increasing in different areas such as biotechnology and pharmaceutical, medical diagnosis, environment monitoring, and agriculture during the forecast period. There are various key factors that are contributing to the growth of the global market and one such is technological advancement and innovation. The market players are constantly innovating technology to achieve their enhanced goals, which has increased the scope for different developments and has increased the demand in multiple industries. Spectroscopy and digital imaging is a combination of hyperspectral imaging that enhances sensitivity toward conventional imaging and detection methods. For instance, in April 2022, Pixxel launched a hyperspectral imaging satellite on SpaceX’s Transporter-4 mission which has one of the highest-resolution hyperspectral commercial cameras ever flown. However, 

Impact of COVID-19 Pandemic on Global Hyperspectral Imaging Market

The impact of COVID-19 occurred in early 2020, which affected most businesses across the globe. Initially, the hyperspectral imaging market also faced lower sales but the market was impacted lower than the many other markets. Corning Inc, one of the major companies in the hyperspectral imagingmarket recorded a bit lower sales in 2020 as compared to 2019. However, the hyperspectral imaging market is projected to grow as the technology can be an exceptional tool for analyzing COVID-19 rashes. For instance, hyperspectral imaging technology provider HinaLea Imaging (Emeryville, CA) entered a research program to investigate the prognostic value of skin findings associated with the COVID-19 infection using the company's advanced hyperspectral imaging system. As the situation got normalized, the sales increased exponentially. As per Corning Inc, sales reached $14.0 billion in 2021 which was $11.3 billion in 2020.

Segmental Outlook 

The global hyperspectral imaging market is segmented based on the end-user and component. Based on end-user, the market is segmented into the medical industry, military and defense industry, agriculture and forestry industry, food & beverage industry, mining industry, and other industries.Based on the component, the market is segmented into cameras and other accessories. The above-mentioned segments can be customized as per the requirements. Based on components, cameras are estimated to hold a prominent share in the market while based on end-user, the military and defense industry is showing a great market share potential in the forecast period.   

Global Hyperspectral Imaging  Market Share by Component, 2021 (%)

The Camera SegmentProjected to Hold a Prominent Share in the Global Hyperspectral Imaging Market

Based on components, the camera segment is anticipated to hold a prominent share in the Hyperspectral imaging market during the forecast period. Hyperspectral imaging is increasing in the healthcare sector due to the growing prevalence of tumors and due to the presence of hyperspectral cameras that can scan the spot tumor in the patient’s body. The demand for hyperspectral cameras is increasing due to the possibility of early diagnosis of the disease and the demand for better treatments for patients across the globe. For instance, hyperspectral cameras are used in the treatment of identifying the brain tumors that impact the growth of the global hyperspectral imaging market.

Regional Outlooks

The global hyperspectral imaging market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. North America is estimated to grow significantly during the forecast period while Asia-Pacific is anticipated to grow fastest during the forecast period. 

Global Hyperspectral Imaging  Market Growth, by Region 2022-2028

The North America RegionAnticipated to Grow Significantly in the GlobalHyperspectral Imaging Market

North America region is projected to rise promisingly in the market during the forecast period. The region is having a great market potential owing to growing adoption in areas such as military surveillance, mining, life sciences, diagnostics, R&D activities, and so forth. These activities have been rising in the region to develop, and update the technology and information which has boosted the demand for hyperspectral imaging in the region. For instance, in April 2021, Headwall Photonics teamed up as a member of the Industrial Practitioner Advisory Board for the NSF-funded Internet of Things (IoT) for Precision Agriculture. The partnership aimed to leverage remote-sensing applications of the company’s hyperspectral imaging technology to help the agricultural technology community.

Market Players Outlook

The major companies serving the global hyperspectral imaging market include Applied Spectral Imaging, Brandywine Photonics, LLC, Corning Inc., HORIBA, Ltd., Teledyne DALSA, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Resonon introduced the Pika NUV2 hyperspectral camera. This unique instrument is able to cover a spectral range of 330-800 nm and is the only commercially existing hyperspectral imager that could scan ultraviolet light. The Pika NUV2 enabled new research and developments inanimal and insect vision, agriculture and horticulture, and industrial quality control.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global hyperspectral imaging market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.