Hyperspectral Imaging Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2675
Hyperspectral Imaging Market size is expanding attributed to emerging applications in healthcare, agriculture, military surveillance, and many other areas of interest. The technology adoption is growing due to the ability to precisely characterize the color of a viewed object, whether a wide strip of vegetation, a bruise on the body, or a camouflaged vehicle. The increasing utilization of drones with integrated hyperspectral cameras for different applications will augment the market growth over the forecast period.
Hyperspectral imaging has emerged to become one of the most comprehensive sources of remote sensing. It has the capability to capture the entire continuous electromagnetic spectrum of light and color and not just the bands of blue, green, and red light visible to the human eye.
Agricultural applications are likely to capture a substantial share of the market by 2027. Remote sensing through UAVs, sensors, and satellites is revolutionizing agriculture worldwide, making it possible to monitor crops day-by-day and year-on-year. Hyperspectral imaging exceeds human vision and can capture problems not visible to agronomists. It offers the capability to characterize a wide variety of biological and chemical traits of plants and soil along with various crop parameters.
North America could be a highly lucrative market for hyperspectral imaging in terms of demand, revenue, and consumption through 2027 led by growing innovations in surveillance technologies and increased defense spending. For instance, in June 2021, Canada’s Department of National Defense had awarded Metaspectral with a USD 200,000 contract to supply AI and machine learning powered surveillance technology. Expansion of food & agriculture sector could also provide promising opportunities to the regional market players.
Corning, Headwall Photonics, Spectral Imaging, Applied Spectral Imaging, Brandywine Photonics, ChemImage, Surface Optics, Imec, BaySpec, Norsk Elektro Optikk, Telops, Ximea, Resonon, and Specim are some of the top companies in the market. With the expanding application scope of the technology in different areas, manufacturers are consistently focusing on product innovation and R&D.
In May 2021, for example, Belgian R&D organization Imec had collaborated with university hospital UZ Leuven to conduct a new clinical study to identify the signs of plaque accumulation in the retina. The study shows that hyperspectral imaging systems could help in the early diagnosis of Alzheimer’s disease. Early detection of the disease is a global health challenge and hyperspectral imaging, a novel analytical technique based on spectroscopy, could prove to be an effective solution for the same.
Challenges and opportunities for hyperspectral imaging market amid COVID-19
The sudden outbreak of the coronavirus pandemic in 2020 and its widespread impact has slowed down market trends, but only slightly. Logistics and supply chains issues had resulted in reduced availability of raw materials in certain regions, impacting end-users like chemical industries.
However, military expenditure during the pandemic and acceptance of UAVs in agriculture have created new growth opportunities for the market. The pandemic has also fueled the application of hyperspectral imaging in healthcare. In August 2020, hyperspectral imaging company HinaLea Imaging had started using their technology to study COVID-19 related skin conditions such as COVID toes and vasculitis in hospitals in New York and Maryland.
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