According to a recently updated study by Fact.MR, the global hyperspectral imaging market is anticipated to reach US$ 2 Bn by 2032's end, registering an astounding 11.34% CAGR. The market for hyperspectral remote sensing has experienced a boom in investment due to an increase in demand from industrial clusters for effective imagery analysis.
The market for hyperspectral imaging is expected to remain largely healthy from 2017 to 2021, with a CAGR of 10% during that time. Prospects declined as COVID-19 began to take effect in a number of application industries, including space research. However, its application has greatly expanded in the healthcare industry, particularly for identifying the novel coronavirus in infected patients.
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Governments and private businesses alike are investing a tonne of money in hyper spectral imaging technology because of its advantages. On the other hand, government-sponsored organisations like NASA and ISRO are committed to developing and launching hyperspectral imaging systems with finer spatial resolutions for hyperspectral astronomy.
Important conclusions from the market study
· By the end of 2022, the market for hyperspectral imaging will be worth US$683 million.
· For hyperspectral imaging, agriculture and forestry are expected to become lucrative investment sectors.
· Aerospace and defence will continue to experience rapid growth, with a 14% value CAGR.
· The United States will attract investors and generate 22% revenue by 2022.
· China will see a CAGR of 12% due to the country's extensive space programme applications.
· extensive study in the healthcare industry to broaden Germany's growth prospects, registering a 9% CAGR
Market Size Value in 2022
US$ 683 Mn
Projected Market Forecast Value by 2032
US$ 2 Bn
Global Growth Rate (2022 to 2032)
Market Share of U.S
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Strategic partnerships enable manufacturers to increase production, meet consumer demand, and grow their market share. Manufacturers create a variety of technologies for a variety of uses while also increasing their sales and market share.
· The HIS-ULTRIS 5, a pocket-sized Hyperspectral Video Imager with Light Field Technology, will be made available in October 2021 by CUBERT GmBH. The new ULTRIS 20 has the same spectral range as their previous model and has the same 8-nm sampling rate, 50 band total, 15 Hz frame rate, and 250 x 250 pixel resolution (450-850 nm - VNIR).
· Resonon released the Pika NUV2 hyperspectral camera in July 2021. It is the only ultraviolet imaging system on the market that scans ultraviolet light and has a spectral coverage of 330 to 800 nm. This device will facilitate new research and advancement in fields like industrial quality control, insect, animal, agricultural, and horticultural vision.
Key Players in the Hyperspectral Imaging Market Include:
- Airbus Defence and Space
- Antrix Corporation
- Hansa Luftbild AG
- L3Harris Technologies (Harris Corporation)
- Hexagon AB
- HyperSpectral Solutions LLC
- Planet Labs PBC
- Satellogic SA
- Sanborn Map Company
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Key Segments Covered in Hyperspectral Imaging Industry Survey
- End Use Industry
- Mining and Mineral
- Forestry and Agriculture
- Infrastructure and Urban Planning
- Oil & Gas
- Utility and Energy
- Aerospace & Defense
- Environment Monitoring and Control
- Other Industries
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