Agriscience Hyperspectral Imaging (HSI) Market Size, Share, Growth, and Industry Analysis, By Type (Visible Light + Near Infrared and Short Wave Infrared), By Application (Agricultural Robots/Agricultural Vehicles/Handheld and Drone), and Regional Forecast to 2028

Updated On: 11 September 2023

Report Overview

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The global agriscience hyperspectral imaging (HSI) market size was USD 12 million in 2021. As per our research, the market is expected to reach USD 37 million by 2028, exhibiting a CAGR of 17.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the agriscience hyperspectral imaging (HSI) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Agriscience hyperspectral imaging (HSI) is a technology that uses sensors to capture images of objects or scenes in multiple bands of wavelengths of light. This allows HSI to collect more information about the object or scene than traditional imaging methods, which typically only capture images in visible light.

HSI is a powerful tool that can be used to improve agricultural practices and increase crop yields. As the technology continues to develop, it is likely to become even more widely adopted by farmers and agricultural professionals.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a significant impact on the agriscience hyperspectral imaging (hsi) market share. The pandemic has disrupted supply chains for a variety of goods and services, including agriscience hyperspectral imaging (HSI) systems. This has made it more difficult and expensive for companies to obtain the components and raw materials they need to manufacture agriscience hyperspectral imaging (HSI) systems. As a result, the cost of HSI systems has increased, which has led to a decline in demand. The pandemic has also led to an increase in the cost of raw materials, such as semiconductors and plastics. This is because the pandemic has disrupted production and transportation of these materials. As a result, the cost of HSI systems has increased, which has led to a decline in demand. The pandemic has also led to a decrease in demand for agricultural products, as people have been eating out less and cooking more at home. This has led to a decrease in the demand for agriscience hyperspectral imaging (HSI) systems, as farmers are less likely to invest in new technologies when they are not seeing a return on their investment.

Latest Trends

"Increase adoption of HSI technology in precision agriculture is expected to fuel the growth in the market"

HSI technology is being increasingly adopted by farmers to improve crop yields and reduce input costs. HSI systems can be used to monitor crop health, identify pests and diseases, and optimize fertilizer and irrigation applications. HSI systems can be used to collect data on the health of crops, such as their moisture content, nutrient levels, and stress levels. This data can then be used to identify areas of the field that need attention, such as areas that are drought-stressed or that are infested with pests or diseases. Agriscience hyperspectral imaging (HSI) systems can be used to identify pests and diseases in crops early on. This can help farmers to take corrective action quickly and prevent crop losses. For example, agriscience hyperspectral imaging (HSI) systems can be used to identify the presence of soybean rust, a devastating disease that can cause significant crop losses. HSI systems can automate many of the tasks that are currently done manually by farmers, such as scouting for pests and diseases. This can free up farmers to focus on other tasks, such as managing their finances and marketing their products.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into visible light + near infrared and short wave infrared.

• By Application Analysis

Based on age, the market can be divided into agricultural robots/agricultural vehicles/handheld and drone.

Driving Factors

"Rising need for food security to foster the market growth"

The global population is expected to reach 9.7 billion by 2050, which will put a strain on global food production. HSI systems can be used to identify areas of the field that are not performing well and to target those areas with additional resources, such as fertilizer or irrigation. This can help to improve crop yields and to ensure that more food is produced. Agriscience hyperspectral imaging (HSI) systems can be used to identify pests and diseases early on and to take corrective action quickly. This can help to prevent crop losses and to ensure that more food is available. HSI systems can help farmers to use resources more efficiently, such as water and fertilizer. This can help to reduce the environmental impact of agriculture and to ensure that food production is sustainable in the long term.

"Growing adoption in crop monitoring and disease detection to result in the expansion of the market"

HSI systems can be used to monitor crop health and identify pests and diseases early on. This can help farmers to take corrective action quickly and prevent crop losses. HSI systems can be used to identify pests and diseases by measuring the reflectance of different wavelengths of light. This information can be used to create a spectral signature for each pest or disease. Once a spectral signature has been created, it can be used to identify the pest or disease in other plants. By using HSI technology, farmers can improve crop yields, reduce crop losses, and make more informed decisions about how to manage their crops. This can lead to a more sustainable and secure food supply. HSI systems can be used to collect data on a variety of factors that can affect crop yields, such as soil moisture, nutrient levels, and weather conditions. This data can then be used to create models that can predict crop yields with a high degree of accuracy.

Restraining Factors

"Lack of skilled labour to hamper the market growth"

The lack of skilled labour to operate and maintain HSI systems is a major challenge that is limiting the adoption of this technology. HSI systems are complex pieces of equipment that require specialized knowledge to operate and maintain. This knowledge is not readily available, as there are few educational programs that teach HSI technology.

Regional Insights

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"Asia Pacific to lead the market owing to growing population"

The Asia Pacific region has shown the highest agriscience hyperspectral imaging (HSI) market growth. The Asia-Pacific region is home to the world's largest population, which is expected to reach 5.3 billion by 2050. This growing population is putting a strain on food supplies, which is driving demand for precision agriculture technologies such as HSI.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market.  "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Cubert: Berlin, Germany
• Surface Optics: Tucson, Arizona, USA
• Resonon: Woburn, Massachusetts, USA
• Headwall Photonics: Burlington, Vermont, USA
• IMEC: Leuven, Belgium
• Specim: Oulu, Finland
• Zolix: Sunnyvale, California, USA
• BaySpec: San Jose, California, USA
• ITRES: Quebec City, Canada
• Norsk Elektro Optikk A/S: Kongsberg, Norway
• Wayho Technology: Shanghai, China
• TruTag（HinaLea Imaging）: Beijing, China
• Corning（NovaSol）: Corning, New York, USA
• Brimrose: Rochester, New York, USA
• Spectra Vista: Vancouver, British Columbia, Canada

Report Coverage

This report examines an understanding of the agriscience hyperspectral imaging (HSI) market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.