Hyperspectral Imaging Market to Reach US$ 2 Bn by 2032 with Attaining 11.34% CAGR - Fact.MR Study

NEW YORK, Feb. 2, 2022 /PRNewswire/ -- By 2022, the hyperspectral imaging market is expected to reach US$ 683 million. Long-term prospects are much stronger, with the industry predicted to reach US$ 2 billion by the conclusion of the assessment period (2022-2032).

As the technology can be used to examine COVID-19 rashes, hyperspectral imaging market is projected to rise in the next years. As stakeholders work to develop low-cost hyperspectral technologies, multispectral cameras and point spectrometers are becoming more portable, low-cost, and easy to manage with handheld devices and cell phones.

The United States is estimated to account for about 22% of the hyperspectral imaging market in 2022, thanks to high spending on hyperspectral images. Imaging services have been widely used in the mining and mineral, forestry and agriculture, and aerospace and defense industries in the United States.

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The Shenzhou-3 spacecraft, the SPARK satellite, the Gaofen-5 satellite, the Zhuhai-1 satellite network for environmental and resource monitoring, the Feng Yun series of meteorological observation satellites, and the Chang'E series of spacecraft for planetary exploration have all been successfully launched and operated in recent years. Wide sweep widths, high spatial resolutions, large spectral ranges, hyperspectral satellite networks, and microsatellites are among the novel features of Chinese HRS systems sent into space.

Earth observation isn't the only application for hyperspectral imagers. They're also part of China's plan to build the world's first lunar lander. The expansion of space-borne HRS in China is due to the development of microsatellite technology and hyperspectral imaging technology.

Adoption in the pharmaceutical sector, particularly in emerging economies, is driving the hyperspectral imaging market forward. As hyperspectral technology becomes more frequently employed for defense and industrial reasons, a burgeoning market for hyperspectral cameras is forming. New and affordable hyperspectral cameras are being created.

"A rise in investment in aerospace and satellites, as well as military expenditures, are expected to boost the market demand for hyperspectral imaging technology in the years to come" says the Fact.MR analyst.

Key Takeaways:

• By the end of 2022, global demand for hyperspectral imaging will be worth US$ 683 million.
• Agriculture and forestry are expected to be profitable investment areas for hyperspectral imaging.
• Aerospace and defense will continue to grow at a rapid rate, with a 14 percent value CAGR.
• By 2022, the United States is expected to be an attractive investment destination, with revenue of 22%.
• With strong applications in space programs, China is expected to grow at a CAGR of 12%.
• Extensive research in the healthcare sector to broaden Germany's growth opportunities, with a CAGR of 9%.

Growth Drivers:

• Hyperspectral imaging is in high demand due to technological improvements and an expanding market demand for research on a number of applications.
• Adoption in the pharmaceutical sector, particularly in emerging economies, is driving the hyperspectral imaging market forward.

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Competitive Landscape:

Manufacturers can improve output and match consumer demands through strategic alliances, increasing profitability and market share. Manufacturers develop various technologies for various purposes while simultaneously boosting their revenues and market share.

• In October 2021, CUBERT GmBH will release the HIS-ULTRIS 5, a miniature Hyperspectral Video Imager with Light Field Technology. With an 8-nm sampling rate, 50 band total, 15 Hz frame rate, and 250 x 250 pixel resolution, the new ULTRIS 20 has the same spectral range as their previous model (450-850 nm - VNIR).
• In July 2021, Resonon released the Pika NUV2 hyperspectral camera. It is the only commercially available ultraviolet imaging system that scans ultraviolet light and covers a spectral range of 330 nm to 800 nm. This gadget will enable new study and development in domains such as insect, animal, agricultural, and horticultural vision, as well as industrial quality control.

Key Players in the Hyperspectral Imaging Market Include:

• Airbus Defence and Space
• Antrix Corporation
• Cyient
• Hansa Luftbild AG
• L3Harris Technologies (Harris Corporation)
• Hexagon AB
• HyperSpectral Solutions LLC
• Planet Labs PBC
• Satellogic SA
• SpecTIR
• Sanborn Map Company

More Valuable Insights on Hyperspectral Imaging Market

Fact.MR provides an unbiased analysis of the hyperspectral imaging market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global hyperspectral imaging market with a detailed segmentation on the basis of:

• 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

Key Questions Covered in Hyperspectral Imaging Market Report

• The report offers insight into the hyperspectral imaging market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for hyperspectral imaging market between 2022 and 2032.
• Hyperspectral imaging market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Hyperspectral imaging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR's Coverage on the Technology Domain –

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