According to research report the global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%.
The growing industrial applications of hyperspectral imaging and increasing funding & investments are the major factors driving the growth of the global hyperspectral imaging systems market. However, data storage issues and high costs associated with the use of hyperspectral imaging are expected to restrain the growth of this market during the forecast period.
The hyperspectral imaging systems market is categorized into two product segments, namely, cameras and accessories. The cameras segment is expected to command the largest share of the global hyperspectral imaging systems market in 2018. Factors such as recent advances in sensor development and computing power and the availability of low-cost cameras with widening industrial applications are driving the growth of this market segment.
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On the basis of application, the hyperspectral imaging systems market is segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. The life sciences and medical diagnostics segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to various advantages associated with hyperspectral imaging, such as early detection of various types of cancer and retinal diseases.
On the basis of remote sensing application, the hyperspectral imaging systems market is segmented into agriculture, environmental monitoring, mining/mineral mapping, and other remote sensing applications. The agriculture segment is expected to grow at the highest CAGR during the forecast period.
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Among the four regional segments covered in the hyperspectral imaging market—North America, Europe, Asia Pacific, and the Rest of the World (RoW), Asia Pacific is expected to register the highest CAGR during the forecast period. Factors such as technological advancements have resulted in the development of cost-effective hyperspectral imaging systems, which are being used in several commercial applications in the price-sensitive Asia Pacific region. Also, the emerging economies in Asia Pacific and Latin America are expected to offer significant growth opportunities for players in the hyperspectral imaging systems market.
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According to the new market research report hyperspectral imaging systems market is projected to reach USD 30.0 billion by 2025 from USD 12.4 billion in 2020, at a CAGR of 19.3%.The increasing funding and investments, growing industrial applications of hyperspectral imaging are the major factors driving the growth of the hyperspectral imaging systems market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246979343The Snapshot technology segment is expected to grow at the highest CAGR during the forecast periodBased on technology, the hyperspectral imaging systems market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point-scanning), tunable filters (wavelength scan), and imaging FTIR (time scanning)].
The pushbroom segment is estimated to account for the largest share of the hyperspectral imaging market in 2019, while the snapshot segment is projected to register the highest CAGR during the forecast period.
This can be attributed to the advantages offered by snapshot hyperspectral imaging systems, which make this technology most suitable for real-time analysis.PERSONALIZE THIS RESEARCH> Triangulate with your Own Data> Get Data as per your Format and Definition> Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor> Any level of PersonalizationIn 2019, the cameras segment accounted for the largest share of the marketOn the basis of product, the Hyperspectral Imaging Market is segmented into cameras and accessories.
Cameras are expected to command the larger share of the market, by product, in 2019.
Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment.The prominent players operating in the hyperspectral imaging systems market include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), BaySpec, Inc. (US), Cubert GmbH (Germany), inno-spec GmbH (Germany), XIMEA GmbH (Germany), imec (Belgium), and ChemImage Corporation (US).Recent Developments> In 2019, Headwall Photonics launched its advanced sensor payloads (consisting of hyperspectral sensors and LIDAR for unmanned aerial vehicle platforms)> In 2018, SPECIM opened a new facility in Espoo, Finland> In 2018, Telops signed a distribution agreement with Infrared Imaging LLC.
This agreement strengthened the position of Telops in the US market.
Hyperspectral Imaging Systems Market Research report provides a detailed analysis of of main manufactures and geographic regions,global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players.
Hyperspectral Imaging Systems Market report includes definitions, classifications, applications, and industry chain structure, development trends, and key regions distributors analysis.The report also provides supply and demand Figures, revenue, revenue and shares.
value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches.The hyperspectral imaging systems market is expected to witness market growth at a rate of 17.09% in the forecast period of 2021 to 2028.Hyperspectral Imaging Systems report helps disclose ambiguities that may happen due to changes in business activities or entry of a new product in the market.
Under market definition topic of this report, market drivers which indicate the factors causing rise in the market growth and market restraints which indicate the factors causing fall in the market growth have been explored.
The report also showcases important product developments and tracks recent acquisitions, mergers and research in the Hyperspectral Imaging Systems industry by the key players of the market.
This report not only works to compete but also to outshine the competition.
