The growing industrial applications of hyperspectral imaging and increasing funding and investments are the major factors driving the growth of the global hyperspectral imaging systems market. However, data storage challenges and the high costs associated with the use of hyperspectral imaging are expected to restrain the growth of this market during the forecast period.
According to research report the global hyperspectral imaging systems market is projected to reach USD 35.8 billion by 2026 from USD 15.4 billion in 2021, at a CAGR of 18.4%.
Based on product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras commanded the largest share of the hyperspectral imaging systems market in 2020, and this trend is expected to continue during the forecast period.
Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment.
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Based on technology, the hyperspectral imaging systems market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point scanning), tunable filters (wavelength scanning), and imaging FTIR (time scanning)]. The pushbroom segment accounted for the largest share of the hyperspectral imaging systems market in 2020.
The advantages associated with pushbroom technology, such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and less capturing time, are supporting its growth in the hyperspectral imaging systems market.
The global hyperspectral imaging systems market is segmented into North America (US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), and the Rest of the World (Latin America and the Middle East & Africa). In 2020, North America dominated the global hyperspectral imaging systems market, followed by Europe.
The large share of the North American market can be attributed to the presence of highly developed research infrastructure, availability of technologically advanced imaging products, and growing adoption of hyperspectral imaging in military surveillance, environmental monitoring, mining, machine vision, and life sciences and diagnostics.
The Asia Pacific hyperspectral imaging market is estimated to grow at the highest CAGR during the forecast period. Hyperspectral imaging has significant growth opportunities in China, Japan, and India.
Currently, China is considered a huge market for hyperspectral cameras due to its flourishing economy in Asia Pacific. Hyperspectral cameras are used for homeland surveillance, space applications, agriculture, mineral surveillance, and other research activities requiring constant spectral vigilance.
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