Northbrook, IL 60062 -- (SBWIRE) -- 05/05/2023 -- The near future of the hyperspectral imaging systems industry is bright. Thanks to the development of newer technology, hyperspectral imaging systems are becoming more capable and cost-effective. This technology allows for more detailed and accurate images to be produced, which can be used in a variety of different fields, such as agriculture, forestry, mineralogy, and even surveillance. With the rise of autonomous vehicles, hyperspectral imaging systems can be used to accurately map terrain and detect objects in order to navigate safely. Additionally, there has been a surge in demand for hyperspectral imaging systems in the medical field as well, as they can help with disease and cancer detection, as well as tissue analysis. As the technology continues to advance, so will the applications for hyperspectral imaging systems, making the industry even more profitable and in demand.

Hyperspectral Imaging Systems Market in terms of revenue was estimated to be worth $16.8 billion in 2023 and is poised to reach $34.3 billion by 2028, growing at a CAGR of 15.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by rising defense funding by the government and growing investments in this field.

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Browse in-depth TOC on "Hyperspectral Imaging Systems Market"
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Hyperspectral cameras segment is expected to account for the largest share in 2022.
The hyperspectral imaging systems market, by product, has been segmented into cameras and accessories. Advancements in technology to make cost-effective hyperspectral cameras are expected to drive the hyperspectral imaging systems market.

The military surveillance segment held the largest market share in the hyperspectral imaging systems market.
By application, the global hyperspectral imaging systems market is broadly segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. Growing investments and budgets by the government for defense will drive the market during the forecast period.

North America dominates the global hyperspectral imaging systems market
Based on the region, the hyperspectral imaging systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by the rising adoption of hyperspectral imaging in military surveillance and, life sciences & medical diagnostics. Europe is the second-largest market for hyperspectral imaging systems, characterized by rising awareness of the benefits of hyperspectral imaging, and the growing demand for hyperspectral data acquisition for building application libraries are the major factors driving the market in Europe.

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Hyperspectral Imaging Systems Market Dynamics:

Drivers:
1. Increasing funding and investments for innovation in hardware and software advancement
2. Growing industrial applications of hyperspectral imaging
3. Increasing need for remote sensing data in defense/homeland security operations and commercial applications

Restraints:
1. Data storage challenges and high costs in hyperspectral imaging systems

Opportunities:
1. AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
2. Untapped market opportunities in emerging countries

Challenges:
1. Lack of cost-effective super-resolution in spatial domain

Key Market Players:

Major players in the hyperspectral imaging systems market include Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).

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Recent Developments:

- In 2022, Headwall Photonics (US) acquired Holographix LLC (US), which will open the channels for new customers and markets as well as for existing customers of both companies while expanding the manufacturing capabilities to address future growth.

- In 2022, Resonon, Inc. (US) introduced Pika IR-L and Pika IR-L+, which are well suited for airborne applications, where they can provide invisible naked-eye contrast of outdoor features.

- In 2021, Resonon, Inc. (US) partnered with NASA (US) to create a new lunar calibration standard. The ARCSTONE hyperspectral instrument was selected by NASA's Earth Science and Technology Office (ESTO) for their In-Space Validation of Earth Science Technologies (InVEST) program.

Hyperspectral Imaging Systems Market Advantages:
- Hyperspectral Imaging Systems provide highly accurate images which can be used for a variety of applications.

- Hyperspectral Imaging Systems are capable of detecting subtle differences in surface features and material composition, as well as measuring the reflectance of light over very small areas.

- Hyperspectral Imaging Systems provide high-resolution imaging capabilities that can be used to monitor environmental changes, detect disease, and identify mineral deposits.

- Hyperspectral Imaging Systems are used to acquire data from multiple wavelengths, which makes them ideal for analyzing complex materials and processes.

- Hyperspectral Imaging Systems are cost-effective, which makes them suitable for many applications.

Hyperspectral Imaging Systems Market - Report Highlights:

- Recession Impact Analysis: The existing report includes an analysis of the impact of the recession on hyperspectral imaging systems in the market overview section.

- Newer and improved representation of financial information: The new edition of the report provides updated financial information till 2022-2023 (depending on the availability) for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will allow for the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, and business segment focus in terms of the highest revenue-generating segment.

- Recent Market Developments: Recent developments are helpful to know the market trend and growth strategies adopted by players in the market. The report provides updated developments regarding acquisitions, agreements, expansions, agreements/collaboration, etc.

- Latest Product portfolio: The new edition of the report provides an updated product portfolio of the companies profiled in the report.

- Competitive leadership mapping: The competitive landscape chapter has been updated with the market evaluation matrix. Updated competitive leadership mapping and competitive situation & trends. This report version has added the vendor dive matrix, covering a comprehensive study of the key vendors. Competitive leadership mapping has also been done for start-ups/SMEs.