The global hyperspectral imaging system market accounted for over US$ 10.9 Bn in 2019. It is anticipated to grow at a CAGR of 17.5% from 2020 to 2030.
The significant market growth can be attributed to the wide range of industrial applications of hyperspectral imaging systems and technological advancements in imaging sensors. Moreover, increasing awareness regarding the advantages that hyperspectral imaging offers, such as no prior knowledge required by the operator to process samples and high spectral resolution when compared with tradition imaging systems, are anticipated to boost growth of the hyperspectral imaging systems market over the forecast period. Prominent players are focusing on increasing their foothold in the hyperspectral imaging system market by incorporating inorganic growth strategies such as collaborations, agreements, and partnerships with other market players. For instance, in 2019, Headwall Photonics, Inc. and Ocean Insight entered into an agreement for the distribution of Headwall Photonics, Inc. hyperspectral imaging systems in China.
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Some of the prominent players in the global hyperspectral imaging system market include Headwall Photonics, Inc., Specim, Spectral Imaging Ltd., Corning Incorporated, Norsk Elektro Optikk AS (NEO), Resonon Inc., BaySpec, Inc., Telops, Cubert GmbH., Galileo Group, Inc., and Itres Research, among others.
Hyperspectral imaging is rapidly developing and has been widely used as an emerging scientific tool for several applications in diverse fields including agricultural, quality testing, remote sensing, defense, medical diagnostic, and others. For instance, hyperspectral imaging has been used for non-destructive evaluation of food & agricultural products compared to other traditional imaging and spectroscopy. Traditional imaging methods have certain limitations to acquire spatial and spectral information and cannot cover large sample areas; however, the use of hyperspectral imaging can help to overcome these problems. Similarly, it can also be used for monitoring plant health, identification of weeds, yield estimation, evaluation of ripeness of fruits, and the early detection of crop stress.
Technological advancements in hyperspectral imaging systems have also played a major role in boosting market growth. For instance, in 2019, Specim, Spectral Imaging Ltd. launched its new product, Specim AFX10, for airborne use. Specim AFX10 is a compact and complete solution for lightweight hyperspectral imaging that can be mounted on a drone and used to estimate fertilizing needs in agriculture, check the contamination & determine the water quality, identify vegetation species, and study wildlife population from the air.
Machine Vision & Optical Sorting,
and Life Sciences & Medical Diagnostics
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Regionally, North America held the largest market share in the hyperspectral imaging system market. This large market share of this region can be attributed to factors, such as the presence of prominent players that are launching newer products with enhanced technologies, including imaging sensors. Similarly, the increasing awareness and adoption of hyperspectral imaging systems in industries for various applications and increasing government funding are further anticipated to drive growth of the hyperspectral imaging system market in this region.
The Research Provides Answers To The Following Key Questions:
1.To categorize and examine the worldwide Hyperspectral Imaging System Market status and future figure comprising, manufacture, utilization, income, record and assumption.
2.To introduce the key Hyperspectral Imaging System Market makers to the readers, manufacture, piece of the pie, income, SWOT analysis and improvement models in the years to come.
3.To divide categorization information by region, product type, manufacturers and applications, and end users.
4.To categorize the worldwide and major areas marketing potential and favored position, opportunities and challenges, limitations and threats.
5.To differentiate remarkable patterns, drivers, impacting factors, on the global scale and districts.
6.To purposely investigate each sub-segment regarding standalone development pattern and their contribution to the industry.
7.To categorize major advancements, for instance, understandings, developments, dispatching of new items, and mergers and acquisitions in the industry.
Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottom Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecasting Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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