Hyperspectral imaging is a revolutionary spectroscopy-based analytical method. It collects hundreds of images from the same geographical area at multiple wavelengths. While the human eye only has three color receptors (blue, green, and red), hyperspectral imaging captures the whole spectrum of light for each pixel of the image with exact wavelength accuracy, not just in the visible but also in the near-infrared. Owing to this, hyperspectral imaging is used in a vast range of applications such as medical diagnosis, agriculture, biotechnology, pharmaceuticals, remote sensing, defense, environment monitoring, food assessment, forestry, thin film quality control, geology, vegetation research, and forensics. These applications require high levels of data accuracy and consistency.
There are different types of techniques for hyperspectral imaging according to the application, including pushbroom hyperspectral imaging, whiskbroom hyperspectral imaging, tuneable filters, imaging FTIR, and full data cube snapshots.
Market Forecast and Drivers
According to OMR Research, the global hyperspectral imaging market is projected to grow at a CAGR of 11.7% during the forecast period (2023-2029). The factors contributing to this growth include-
Growing Use of UAVs
The adoption of unmanned aerial vehicles (UAVs) with hyperspectral imaging has increased owing to the rise in demand for mapping, surveillance, and monitoring. These are also used for exploration of rare earth minerals, and UAVs with hyperspectral imaging allow the efficient and speedy process of exploring any area. They also allow for the safe conduct of exploration operations. This, in turn, drives the growth of the global hyperspectral imaging market.
Useful in Clinical Research in the Health Industry
In the health sector, hyperspectral imaging is useful in illness diagnosis, image-guided surgery, and clinic research. According to an article published in SAGE Publications in July 2021, hyperspectral imaging can enhance the diagnosis of carcinomas, the categorization of distinct tissue structures, and the evaluation of tissue blood flow. Hyperspectral imaging investigates deeper tissue layers than conventional types of optical imaging.
Growing Food Industry
Hyperspectral imaging provides rapid chemical detection in the food industry. It is also used with microscopy nowadays for efficient and improved operations. The hyperspectral microscope imaging analyzes nutrient structures and detects microorganisms and residues. Hence, the growing food industry will also bolster the market's demand.
Recent Developments
The key players in the hyperspectral imaging market include Corning, Inc., Cubert GmbH, EVK DI Kerschhaggl GmbH, Headwall Photonics, Inc., Mosaic Mills, Inc., Norsk Elektro Optikk, Resonon, Specim, Spectral Imaging Ltd., Stemmer Imaging, Surface Optics Corp., Applied Spectral Imaging, Bayspec, Inc., Brandywine Photonics LLC, and Chemimage Corp., among others. These companies are continually focused on adopting market development strategies such as mergers and acquisitions, product launches, partnerships, and agreements. Some of the recent developments in the hyperspectral imaging market include-
• In January 2023, Orbital Sidekick announced the completion of a $10 million investment headed by Energy Innovation Capital, including participation from Williams and ONEOK, two large North American energy firms. With this funding, the startup intends to deploy its first space-based commercial analytics solution as well as prepare to launch its first two commercial satellites, SpaceX's Transporter-7 rideshare mission, in April 2023. Orbital Sidekick also intends to launch two satellites, called the Global Hyperspectral Observation Satellite (GHOSt).
• In January 2023, the National Oceanic and Atmospheric Administration (NOAA) granted Xplore, a Redmond, Washington-based startup, a remote-sensing license for the company's maiden voyage to low Earth orbit. The company announced plans to launch its first Xcraft small satellite on a SpaceX Falcon 9 rideshare in the fourth quarter of 2023. The Xcraft will be equipped with a variety of sensors for Earth observation, space domain awareness, and astronomy. The payloads will provide hyperspectral imaging data, ultraviolet data, and high-resolution video data.
• In March 2022, Swift Medical, a global pioneer in digital wound care technology, introduced the Swift Ray 1, a hyperspectral imaging device that wirelessly connects to a smartphone camera and gathers extensive clinical data to aid in the assessment, treatment, and monitoring of skin and wound conditions.
• In March 2022, Pixxel, an Indian startup, announced that the company had raised $25 million for a hyperspectral imaging constellation. The startup intends to offer five-meter resolution imagery over 150 spectrum bands for agriculture, energy, and other areas where it claims there is a need for more data-rich Earth imagery.