Europe Hyperspectral Imaging Market Growth & Trends
The Europe hyperspectral imaging market size is expected to reach USD 7.33 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to register a CAGR of 9.4% from 2022 to 2030. 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.
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Europe Hyperspectral Imaging Market Report Highlights
By product, the hyperspectral camera segment is estimated to account for the largest share of the overall revenue by 2030
The growth of this segment can be attributed to the recent advancements in sensor development
By application, the military segment accounted for the largest share of the overall revenue in 2021
The growth can be attributed to the advancements in data management of HSI along with component fabrication techniques, better accuracy, and consistency compared to other conventional imaging techniques
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