Hyperspectral Sensor Market Size Worth $14 Billion By 2030: IndustryARC

The Global Hyperspectral Sensor Market size is predicted to reach $14 billion by 2030, growing at a CAGR of 13.85% during the forecast period 2024-2030, according to the latest market research report published by IndustryARC. The Increasing industrial application of hyperspectral imaging and rising technological innovations in the industry are poised to propel the market growth, finds IndustryARC in its recent report, titled “Hyperspectral Sensor Market Size, Share & Trends Analysis Report By Application (Military & Surveillance, Environmental Testing, Mining & Mineralogy, Agriculture, Defense & Security, Life Sciences & Medical Diagnostics, Food & Beverage, Remote Sensing, Industrial Inspection & Manufacturing Processes, Others), By Geography and Segment Forecasts, 2024–2030”

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Europe Register Highest Growth:

The hyperspectral sensor market in the Europe region is expected to grow with a CAGR of 15.5% during the forecast period, driven by a growth of the Germany region and segment growth in hyperspectral applications in agriculture, life sciences, and medical diagnostics. According to a study published in the Precision Agriculture, suggests that, despite the proclaimed benefits, adoption rates of drones are low and literature regarding the adoption of drones in agriculture is scarce. The low penetration of technology provides the market opportunities for drones equipped with hyperspectral sensors in the comparably large agriculture market if appropriate promotions of hyperspectral application in farming are deployed for technology penetration.

Hyperspectral Sensor Market 2023-2030: Scope of the Report

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Hyperspectral Sensor Market Report – Key Takeaways:

Agriculture Dominates the Market

Agriculture segment in applications is analyzed to grow with the highest market share of 19.4% in 2023. This is owing to their enduring popularity and versatility which have positioned them as the top choice among consumers. Whether it’s double chocolate, dark chocolate, or fudge variations, the allure of chocolate remains unparalleled. Its rich and indulgent profile caters to a wide audience seeking both taste and nutrition. As per the IDFA (International Dairy Foods Association) report, chocolate-flavoured ice cream typically ends up in the possession of consumers, accounting for roughly 67% of its sales intended for personal consumption.

Industrial Sector to Register Highest Growth

Industrial Inspection & Manufacturing Process in applications is analysed to grow with a CAGR of 15.9% during the forecast period. Major industrial standards are compatible with SpecimONE, which also enables smooth interaction with machine vision systems including Halcon and Sherlock. End users can develop an infinite number of novel sorting applications by fusing the adaptability of hyperspectral imaging technology with a streamlined platform. On the other hand, hyperspectral imaging creates a thorough spectral profile of each substance being studied using a significantly wider range of wavelengths. This makes it possible to identify and separate materials considerably more precisely and accurately based on their distinctive spectral properties in the manufacturing process.

North America is Leading the Market

North America Region accounted for the largest market share of the global hyperspectral sensor market, and it has a highest share of 37.6% in 2023, driven by the largest revenue share of 74% from the USA, especially in hyperspectral applications in agriculture, military and surveillance. New applications include number of academic and research laboratories, rising investments for development in the healthcare sector and fiber optics and photonics. In 2022, Lockheed Martin has invested $100 million in Terran Orbital, a satellite manufacturer, as the demand for commercial synthetic aperture radar (SAR) satellite images increases, including from the Department of Defense. Such Investments from the major player accelerating the growth of the market in this region.

Burgeoning Opportunities in Medical Imaging and Diagnostics

Hyperspectral imaging has shown promise in areas such as cancer detection, tissue characterization, and wound analysis. In cancer diagnostics, hyperspectral imaging has the potential to enhance the accuracy of tumor identification and delineation, aiding surgeons in more precise and effective tumor removal.

In 2022, Swift Medical released the Swift Ray 1, the first all-in-one hyperspectral imaging device in the world, this device wirelessly connects to a smartphone camera and collects extensive clinical data to support better diagnosis. The Swift Ray 1 makes high-quality medical imaging accessible everywhere, from the hospital to the patient’s home.

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Key Opportunity Analysis:

Ongoing innovations to enhance the application in medical diagnostics

Increased usage of hyperspectral sensor imaging (HSI) systems and the ability to do more sophisticated medical imaging are driving the hyperspectral sensor market. Also, it is anticipated that rising awareness, along with HSI systems’ safety and usability, will stimulate market expansion in the healthcare industry.

In March 2022, Swift Medical introduced the Swift Ray 1, the world’s first all-in-one hyperspectral imaging device which wirelessly attaches to a smartphone camera and captures comprehensive clinical data to support better skin and wound assessment, treatment, and monitoring.

Hyperspectral imaging sensors are making their way into mainstream imaging applications due to expanding technology

In the coming years, as HSI technology becomes less complicated and more affordable, it will unavoidably enter the mainstream of imaging applications because it is the only one with a high enough spectral and spatial resolution to meet the rising demand for accurate and trustworthy material analysis across a wide range of industries. The next step will be the spread of hyperspectral sensor applications into new sectors like biomedicine. The market for more precise and accurate material analysis is expanding, and HSI technology is well-positioned to fill this need.

In 2022, Pixxel, one of the pioneers in cutting-edge earth imaging technology, Accenture has strategically invested through Accenture Ventures in Pixxel.

Increased military spending to promote the widespread use of hyperspectral sensors

China launched the Gaofen 5 hyperspectral Earth observation satellite, which can provide photographs that show the material composition of things examined by using hyperspectral imaging to capture images. By 2028, the United States is anticipated to account for approximately 25% of the hyperspectral sensor market because of significant spending on hyperspectral imaging. The aerospace and defense sectors in the U.S. have all seen significant adoption of imaging services. Also, the United States has the highest military spending, making it the biggest military power in the world.

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The Report also Covers the Following Areas:

Hyperspectral Sensor Market Size and Forecast

Hyperspectral Sensor Market Trends

Hyperspectral Sensor Market Analysis by Application

Hyperspectral Sensor Market 2023-2030: Key Highlights

CAGR of the market during the forecast period 2024-2030

Value Chain analysis of key stake holders

Detailed analysis of market drivers and opportunities during the forecast period

Hyperspectral Sensor Market size estimation and forecast

Analysis and predictions on end users’ behavior and upcoming trends

Competitive landscape and Vendor market analysis including offerings, developments, and financials

Comprehensive analysis of challenges and constraints in the Hyperspectral Sensor Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic had disruptions in the supply chain and manufacturing processes initially affected production, the increased need for remote monitoring and surveillance in response to the pandemic highlighted the importance of hyperspectral imaging technology. Sectors like agriculture, healthcare, and defense, where hyperspectral sensors find applications, experienced varying degrees of demand during the pandemic.

The Ukraine crisis had potentially affected the hyperspectral sensor market due to the involvement of key players in the industry. Disruptions in the supply chain, particularly if companies are sourcing critical components or expertise from the region, could lead to challenges in production and distribution. Additionally, uncertainties stemming from geopolitical tensions may impact investment decisions and market dynamics.

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List of Key Market Players in Hyperspectral Sensor Market:

The Global Hyperspectral Sensor Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

1. Applied Spectral Imaging, Ltd.
2. Brandywine Photonics LLC
3. ChemImage Corporation
4. Cubert-GmbH
5. CytoViva Inc
6. Corning Incorporated
7. Headwall Photonics
8. HyVista
9. IMEC Photonics
10. Telops Inc

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