The global hyperspectral imaging market is witnessing significant growth across various sectors due to its ability to create a modern and efficient work environment. Hyperspectral imaging technology captures detailed spectral information across a wide range of wavelengths, enabling precise identification and analysis of materials, objects, and environments.
Hyperspectral imaging systems consist of specialized cameras capable of capturing hyperspectral data. These cameras are designed to capture a wide range of wavelengths with high spectral resolution. Other accessories include various components such as illumination systems, data processing software, and spectrometers, which are integral to the hyperspectral imaging process.
Key Drivers of the Hyperspectral Imaging Market
Growing Applications in Several Industries
Hyperspectral imaging is used in various industries. For instance,
• In the medical industry, the technology is extensively used for diagnostics, surgery, and research purposes. It aids in disease identification, anomaly detection, and tissue analysis, facilitating accurate diagnoses and effective treatment planning. Additionally, ACS Chemical Neuroscience published a study that suggests retinal hyperspectral imaging technology could serve as a biomarker for early detection of Alzheimer's disease. This non-invasive and low-cost imaging technique allows for the identification of degenerative alterations in the retina associated with the disease, potentially enabling early intervention and improved patient outcomes.
• In the military and defense industry, it is used for surveillance, target detection, and scouting. This technology allows for the identification of specific materials, detection of camouflage, and enhanced situational awareness, providing valuable insights for defense and security purposes.
• In the agriculture and forestry industry, hyperspectral imaging is used for precision agriculture and forestry management, monitoring plant health and optimizing resource management. By analyzing the spectral data of crops, soil, and vegetation, it enables farmers and foresters to monitor plant health, detect diseases, optimize irrigation and fertilization, and make informed decisions for improved yield and resource management.
• The food and beverages industry utilizes hyperspectral imaging for quality control, contamination detection, and sorting of agricultural produce. It enables the identification of foreign objects, measurement of food properties, assessment of freshness, and detection of spoilage, ensuring product safety and adherence to quality standards.
• The mining industry benefits from hyperspectral imaging for mineral identification and mapping. It helps in locating and analyzing valuable mineral deposits, improving exploration efficiency, and reducing environmental impact.
Technological Advancements
Advances in sensor technology and image processing algorithms have significantly contributed to the growth of the hyperspectral imaging market. Higher spectral resolution, improved signal-to-noise ratio, and faster data processing enable more accurate and detailed analysis. Additionally, Hyperspectral imaging combined with artificial intelligence (AI) and machine learning (ML) techniques allows for automated data analysis and interpretation. AI algorithms can classify and identify objects, detect abnormalities, and extract valuable insights from hyperspectral data.
Recently, in January 2023, Orbital Sidekick (OSK) is deploying a constellation of hyperspectral imaging microsatellites, powered by Nvidia's Jetson AGX Xavier AI module, for 3D imaging spectroscopy. The satellites will monitor the planet for hydrocarbon leaks and help accelerate the energy transition by identifying areas with signals of elements like lithium and cobalt. OSK's GHOSts offer faster, more accurate leak detection, minimizing spillage. The technology has potential applications in various industries and contributes to a safer and more sustainable future.
Expansions and Innovations by Major Market Players
The hyperspectral imaging market has significant contributors such as Corning Inc., HORIBA, Ltd., Applied Spectral Imaging, Brandywine Photonics, LLC, and Teledyne DALSA, among others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments in the market include-
• In May 2023, Accenture Ventures made a strategic investment in Pixxel, a startup specializing in hyperspectral imaging satellite technology. Pixxel's constellation of satellites, offering AI-powered insights at a lower cost than traditional satellites, will provide high-resolution data for industries such as agriculture, defense, and mining to make informed decisions and reduce environmental impact. The investment supports Pixxel's mission to create a comprehensive Earth health monitoring system. Pixxel is part of Accenture Ventures' Project Spotlight, connecting startups with global clients and expertise.
• In May 2023, Raytheon Technologies has introduced RAIVEN, an electro-optical intelligent-sensing capability that enables pilots to rapidly and accurately identify threats. Utilizing AI, hyperspectral imaging, and LiDAR, RAIVEN provides real-time, multi-object optical and spectral identification, enhancing aircraft survivability and decision-making for warfighters. The modular system builds on Raytheon's Multi-Spectral Targeting System family and offers mission versatility while reducing operator workload. The first version, RT-1000, will support various missions, including the US Army's Future Vertical Lift program, with a flight test scheduled for 2024.
• In November 2022, Canadian hyperspectral imaging startup Wyvern raised $7 million in additional seed funding, led by Uncork Capital and joined by previous investors MaC Venture Capital and Y Combinator. With a total of $15 million raised, Wyvern aims to develop a foldable telescope for its satellites, enabling commercial customers to access hyperspectral imaging services traditionally reserved for larger, costlier defense satellites. Wyvern's initial satellites, set for launch in 2023, will offer imagery at a 5-meter resolution, serving as a stepping stone in the competitive commercial Earth observation market.