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Global Hyperspectral Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Hyperspectral Imaging Market (henceforth referred to as the market studied or HSI market) was valued at USD 154. 20 million in 2021, and it is expected to reach USD 359. 10 million by 2027, registering a CAGR of 15.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hyperspectral Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06179100/?utm_source=GNW
96% from 2022 to 2027 (henceforth referred to as the forecast period). The adoption of hyperspectral imaging has started to change slowly and is gaining traction in the agriculture, chemical analysis, and defense sectors, in addition to the metal and meteorology sector for which it was initially designed.
Key Highlights
Hyperspectral imaging (HSI) is a set of activities via which images are captured, and spectral radiance values are assigned to each pixel through various wavelengths of the electromagnetic spectrum under visible and infrared regions. Sensors provide information on hundreds of narrow wavelength bands of the composite. The pixels are sorted and characterized using statistical analysis with the help of software classifying among the groups of pixels. The current hyperspectral imaging technology is complemented by powerful sensors capable of covering large surfaces of the earth with exceptional spatial, spectral, and temporal resolutions. The technology is effectively used in numerous remote sensing applications that require the estimation of physical parameters of many complex surfaces and identification of visually similar materials having fine spectral signatures due to such features.
Technological advancements, such as micro-hyperspectral imaging technology development, have led to data acquisition and analysis improvements. Micro-hyperspectral technology addresses the need for small, lightweight, and efficient hyperspectral imaging instruments capable of being deployed in harsh environments. For instance, Specim offers Specim FX17, the smallest and fastest InGaAs-based near-infrared hyperspectral camera designed for industrial machine vision. The camera provides more detailed chemical, physical, and biological information, thereby saving money and time and reducing the amount of unrecyclable waste.
Further, a major application of HSI is in the inspection of food surfaces (reflectance imaging is used on various products to check for bruises and other damages) to maintain the quality and safety of food products. Hyperspectral imaging may analyze the chemical composition of food products for ripeness, grading, contamination, and disease conditions. Thus, by implementing hyperspectral imaging, users may benefit from a significant financial return by increasing the throughput and yield of the processing centers. Today, the food producers’ main fear is losing the brand image above all the costs and repercussions of quality failures. Companies’ solutions in the food sector are x-ray equipment, metal detectors, and even manual operators for certain defects. There are some artificial vision machines on the market, though most of them cannot detect defects beyond comparing a color palette.
To cater to such issues, Inndeo, a Spanish company, uses Specim’s hyperspectral imaging technology to improve the quality inspection processes in the food industry by increasing automation INSPECTRA’s advantage is their integration of different technologies, sensor fusion, to improve the detection capabilities. The company recently, in August 2021, trusted Specim (one of the prominent providers of hyperspectral imaging), and it allowed them to detect different types of defects and contaminations undetectable to the human eye and other technologies.
With the outbreak of COVID-19, the hyperspectral imaging market is likely to grow as this technology can be an excellent tool for analyzing COVID-19 rashes. For instance, hyperspectral imaging technology provider HinaLea Imaging (Emeryville, CA) has entered into a research program to investigate the prognostic value of skin findings associated with COVID-19 infection using the company’s advanced hyperspectral imaging system.
Additionally, the technology is gaining traction for various applications, backed by the government and research institutes. For instance, the US government made attempts to address the opioid crisis in the United States. The Department of Homeland Security conducted the ’Opioid Detection Challenge,’ which involved using technology to detect opioids, such as fentanyl in mail packages, which is a standard route for illicit opioids entering the United States. The Automated Multimodal Opioid Detection System by Battelle currently uses Headwall Photonics’ hyperspectral imaging sensors, dual-energy radiography, and machine learning algorithms to non-invasively detect opioids in packages without disrupting the flow of mail.
Key Market Trends
Defense sector is Expected to Witness Robust Market growth
The defense industry faces a variety of challenges daily, and many of the challenges need to be countered with the latest technologies. The lack of such the latest technologies indirectly leads to the vulnerability of the entity. The defense sector has particularly invested in the acquisition of the latest technologies. According to Stockholm International Peace Research (SIPRI), total global military expenditure rose to USD 1,981 billion in 2020, an increase of 2.6% in real terms from the year before. Such an increase in the budget is expected to create opportunities for many such innovations to be implemented in the domain.
Collecting airborne and space-borne intelligence, surveillance, and reconnaissance (ISR) information is mandatory for addressing the defense challenges posed in the current scenario. A key tool for increasing the information content of ISR is using advanced electro-optical devices, including hyperspectral imaging.
The rise in spectral information and spectral degrees of freedom creates a unique opportunity to detect challenging targets at the subpixel level, analyze a scene without prior information of the materials to be encountered, distinguish hidden features and camouflage, tag disturbed earth over buried objects, identify chemical agents in plumes, and perform image classification with greatly improved accuracy.
Military applications exploit the ability to differentiate materials to detect and recognize camouflaged targets. Hence, hyperspectral images captured from earth-observing satellites, aircraft, or UAS are a source of potential advantage in surveillance and the battlefield. Hyperspectral imaging sensors are used across various defense applications such as high-altitude reconnaissance aircraft and medium-altitude commercial aircraft. Recently, the Pentagon’s Defense Innovation Unit started to seek offers from US operators of remote sensing satellites that can provide data analytics and imagery services—interested in remote sensing technologies, such as hyperspectral imaging, synthetic aperture radar, electro-optical imaging, the DOD further aims to invest in HS sensors for a wide range of applications.
Defense environments are extensively using unmanned aerial vehicles (UAV) to improve aerial and ground reconnaissance activities. This is where HSI technologies find applications. Aerial vehicles have been in rising demand over recent years. AI-powered military machines facilitate long-term savings. The department of defense stated that the cost incurred by the Pentagon to support a soldier in Afghanistan roughly amounted to USD 850,000 per year. On the contrary, an AI-powered TALON robot costs only USD 230,000, thus saving significant public budgets. Such trends are expected to increase the scope of the market during the forecast period.
North America is Expected to Hold a Major Market Share
Increasing innovations in surveillance in the region are expected to drive the market’s growth. The region is marked with the presence of countries like the United States that has significant investments as far as surveillance is concerned. The surveillance is not limited by the military and includes several law enforcement agencies that leverage advanced technology to monitor and track multiple individuals or vehicles during the day and at night and surveil the events in an area. Such new deployments are anticipated to increase the adoption of hyperspectral imaging systems and devices.
The United States has a significantly high military expenditure in the world. In the budget proposed for fiscal 2022 as released in May 2021, the Biden administration sought USD 753 million for national defense, increasing by 2% compared to the prior year. Furthermore, the Defense Department sought USD 715 billion from the Congress of the United States in the fiscal 2022 budget, increasing by USD 10 billion from its 2021 allocation. The budget allocated to the Pentagon of USD 715 billion is likely to fund weapons programs and key national security priorities. Another addition of USD 38 billion is outlined for defense-related programs at the Department of Energy and other federal agencies. US troops have removed many thousand pounds of explosives from the battlefields in Afghanistan by using hyperspectral imagers to spot objects that are typically hidden from view, like tanks draped in camouflage or emissions from an improvised bomb-making factory.
Apart from the United States, Canada also increased its military spending. Further, the focus shift of the United States from the Middle East and Afghanistan to more imminent threats from Asia-Pacific countries, especially China, created pressure on Canada’s military funding as part of its membership in NORAD, NATO, and the so-called Five Eyes intelligence-sharing alliance. In the budget released in April 2021 by the Finance minister of Canada, CAD 163.4 million was allocated in funding over five years for NORAD modernization.
According to the Stockholm International Peace Research Institute, Canada’s military expenditure reached USD 22.8 billion in 2020. The organization further highlighted North America as the leading region in terms of military expenditure globally in 2020. Such high spending is anticipated to drive the deployment of new surveillance technologies in the military sector, which could present opportunities for the growth of the market in the region.
The region’s high investments in aerospace are also anticipated to drive the market significantly. The Biden administration proposed large funding in space and commercial space, which is anticipated to create a favorable space for hyperspectral cameras. These investments aim to enhance the current US space capabilities while improving the country’s ability to access and travel through space. The white house released a federal spending bill of USD 6 trillion in its proposed budget for 2022 in May 2021, which earmarked USD 24.8 billion for NASA. USD 7.9 billion was allocated to the space division of NASA, increasing by 9% from 2021. Furthermore, the Biden administration of the United States proposed an increase in funding for deep-space exploration systems by 5% from 2021.
Competitive Landscape
The Global Hyperspectral Imaging Market is moderately fragmented. A few of the prominent players in this market are Headwall Photonics, Spectral Imaging Ltd, Corning Incorporated, among others. Product launches, high investments in R&D, partnerships and acquisitions, etc., are the prime growth strategies adopted by these companies to sustain in the market. Some of the key developments in the market are:
October 2021 - Cubert GmBH? launched miniature HIS-ULTRIS 5 based on Hyperspectral Video Imager based on Light Field Technology. It covers the same spectral range as their first ULTRIS 20 (450-850 nm – VNIR), with a sampling rate of 8 nm, a total of 50 bands, a frame rate of 15 Hz, and offers a resolution is 250 x 250 pixels. It is targeted towards original equipment manufacturers, as the company envisages numerous industrial and operational applications ranging from skin cancer detection to triage of recycling.
April 2021 - Headwall Photonics collaborated as a member of the Industrial Practitioner Advisory Board for NSF-funded Internet of Things for Precision Agriculture (IoT4Ag). The partnership aims to leverage remote-sensing applications of the company’s hyperspectral imaging technology to help the agricultural technology community.
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