Europe Hyperspectral Imaging Market Size, Growth, Trends | Report 2022-2030
The Europe hyperspectral imaging market was valued at USD 2.94 billion in 2021 and it is predicted to surpass around USD 7.52 billion by 2030 with a CAGR of 11.0% from 2022 to 2030
Report Highlights
The HSI technology is highly useful in detecting a broad spectrum of light rather than simply assigning the primary colors (red, green, and blue) to each pixel. It is used in a variety of applications, including the chemical, pharmaceutical, medical diagnostic, food, agricultural, aerospace, and defense industries. The growing use of HSI in these applications is expected to boost industry growth. Furthermore, the technological advancements in instrumentation and data analysis of HSI are expected to contribute to market growth.
The industry is expected to develop in the coming years as a result of rapid industrialization and the demand for high bandwidth communication. In addition, to obtain a competitive edge, leading competitors are shifting to product upgrades, regional expansions, portfolio diversifications, and mergers & acquisitions. For instance, in May 2022, Specim, a leading HSI instruments & systems manufacturer, in partnership with Grupo Álava, strengthened its presence in Spain and Portugal. In addition, industry expansion is predicted to be fueled by the increased R&D and growth prospects in Europe as well as efforts to uphold international product quality standards.
Growing chemical, pharmaceutical, food, aerospace, medical diagnostics, and defense industries coupled with increasing awareness about precision diagnosis across the region are also expected to contribute to the industry growth. Furthermore, there has been growing adoption of hyperspectral technologies in hospitals for the identification and diagnosis of solid tumors and imaging guidance tools during the joining of tissues after tumor removal, especially in gastric cancer. This is expected to boost the demand for HSI technology. Cancer has become one of the leading causes of death in Europe, thus augmenting the adoption of HSI. For instance, according to the International Agency for Research on Cancer, Europe accounted for about 4,398,443 new cancer cases and 1,955,231 deaths in 2020.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 2.94 billion |
| Revenue Forecast by 2030 | USD 7.52 billion |
| Growth rate from 2022 to 2030 | CAGR of 11.0% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Product, Region |
| Companies Covered | Imec; XIMEA GmbH; Resonon, Inc.; Headwall Photonics, Inc.; Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Cubert GmbH; EVK DI Kerschhaggl GmbH; Inno-spec GmbH; SPECIM Spectral Imaging Ltd; Diaspective Vision GmbH |
Product Insights
On the basis of products, the industry has been further sub-segmented into cameras and accessories. The camera product segment dominated the industry in 2021 and accounted for the maximum share of more than 52.99% of the overall revenue. The segment is anticipated to expand further at the fastest growth rate maintaining its leading position in the industry during the forecast period. The high share of this segment can be attributed to factors like recent developments in sensor technology. High-speed and inexpensive circuits, sophisticated manufacturing techniques, and unique signal processing techniques are some of the recent innovations.
The quality, economic efficiency, and reliability of technical products are expected to enhance as a result of these improvements. The hyperspectral camera measures light intensity throughout a broad spectrum of spectral bands; as a result, each pixel in the image contains a continuous spectrum that may be utilized for accurate and thorough object identification. In addition, it is anticipated that the availability of inexpensive cameras and expanding computer power would further accelerate the use of these devices, which, in turn, will augment the segment growth during the forecast period.
Application Insights
Based on application, the industry has been further segmented into military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. The military segment held the largest market share of more than 25.9% in 2021 owing to the improvements in component manufacture and data handling. The segment is expected to expand further at a steady CAGR from 2022 to 2030 owing to factors, such as improved consistency and accuracy compared to other traditional imaging modalities. Furthermore, growing uses of HSI, such as the detection of night time enemy activity, the depth measurement of hidden bunkers, and the location of improvised explosive devices, are expected to contribute to the segment expansion. The medical diagnostics segment is expected to register the fastest CAGR from 2022 to 2030.
The presence of disorders that are challenging to detect using other tools can be precisely pinpointed by healthcare professionals using HSI. The diagnostic information regarding the tissue physiology, morphology, and composition is provided by spatially resolved spectrum imaging produced by HSI. Hyperspectral imaging has enormous potential for non-invasive disease diagnosis and surgical guidance in a wide range of applications, such as ophthalmology, procedures of the gastrointestinal tract, wound analysis, fluorescence microscopy, cell biology, and vascular systems. In addition, the non-invasive nature of HSI serves as an advantage for evaluating burns and skin inflammation. During the forecast period, it is projected that the technology’s high clarity and accuracy would open up new growth prospects in the field of medical diagnostics.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Europe Hyperspectral Imaging Market
5.1. COVID-19 Landscape: Europe Hyperspectral Imaging Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Europe Hyperspectral Imaging Market, By Product
8.1. Europe Hyperspectral Imaging Market, by Product, 2022-2030
8.1.1. Camera
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Accessories
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Europe Hyperspectral Imaging Market, By Application
9.1. Europe Hyperspectral Imaging Market, by Application, 2022-2030
9.1.1. Military
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Remote Sensing
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Medical Diagnostics
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Machine Vision & Optical Sorting
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Europe Hyperspectral Imaging Market, Regional Estimates and Trend Forecast
10.1. Europe
10.1.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.3. UK
10.1.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. Germany
10.1.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.5. France
10.1.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.6. Rest of Europe
10.1.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.6.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. Imec
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. XIMEA GmbH
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Resonon, Inc.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Headwall Photonics, Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Telops, Inc.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Corning, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Norsk Elektro Optikk AS
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Cubert GmbH
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. EVK DI Kerschhaggl GmbH
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Inno-spec GmbH
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers