The global hyperspectral imaging market accounted for USD 8.7 billion in 2019. It is projected to register growth at a CAGR of 12.9% during the forecast period.
COVID-19 has impacted all the businesses across the globe. It has disrupted many markets for long term but it is expected to have short-tem impact on hyperspectral imaging market. Due to lockdown the production and manufacturing of many industries have been halted. The demand and supply gap has been severely affected. Due to lockdown and mobility restriction the hyperspectral market is expected to have some short-term negative impact.
For more details, visit: Global Hyperspectral Imaging Market By Product(Cameras, Accessories), By Technology (Snapshot, Pushbroom, Others), By End User (Military, Machine Vision, Others), By Region–Forecast & Opportunities to 2026
The advancement in technologies in hyperspectral imaging sector is likely to drive the growth in this market. The various advancements in software and hardware for analysis and processing of image have been taking place. Due technological advancement more industries are adopting HSI. Thus, drives the market to witness growth.
On the basis of product the hyperspectral imaging market has been segmented into cameras and accessories. The cameras market accounted for the highest market share in 2019. The cameras market is projected to register growth at highest CAGR. The major drives factor are the affordable hyperspectral imaging cameras are being developed, technological advancement and increase in the adoption of hyperspectral technology in various sectors such as industrial and defense application. All this factors together drive the growth in market.
Based on the technology, the hyperspectral imaging market has been segmented into snapshot, pushbroom and other technologies. The pushbrrom segment accounted for the maximum market share in 2019. It known for simplified illumination requirements and high spectral resolution. It has features such as minimum heat, minimum illumination exposure and shorter capturing time when compared to others. All this factors drives the growth of hyperspectral imaging market during forecast period.
On the basis of end-user, the hyperspectral imaging market is segmented into remote sensing, military, machine vision, medical diagnostics, optical sorting and others. The military segment has accounted for the maximum market growth in 2019. The various factors leading to growth are better accuracy & consistency, component fabrication and advanced data management.
The North America region accounted for maximum market share in 2019. The funding for research has been increased immensely in North America region which is driving market growth. The technological advancement and awareness about the benefits of hyperspectral imaging in commercial industries is increasing is also responsible for market growth in North America segment. The North America region is projected to witness growth at highest CAGR during the forecast period.
The key market players in hyperspectral imaging market are Spectral Imaging, Specim, Headwall Photonics, Corning Incorporated, Resonon Inc., Norsk Elektro Optikk, Telops, CytoViva, Surface Optics Corporation, Raytheon Company, Appied Spectral Imaging Ltd., Chemlmage Corporation, BaySpec Inc., HyperMed Imaging Inc. and Camlin Ltd.
- What are the expected industry trends over the next three to five years?
- Which of the hyperspectral imaging technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?