Hyperspectral Imaging System Market is anticipated to grow at a CAGR of 17.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Hyperspectral Imaging System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, 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.
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.
Moreover, in the medical industry, hyperspectral imaging system can be used for the early diagnosis of various types of cancers or retinal diseases. Hyperspectral imaging can also be used to track environmental changes and is most commonly used to track pollution levels, map hydrological formations and understand surface CO2 emissions, among others. During this current COVID-19 pandemic, several people from around the world have turned to the adoption of machine vision and imaging technologies. In this situation Zhuhai-1 (hyperspectral imaging satellite), a remote sensing micro-satellite constellation built and operated by Zhuhai Orbita Aerospace Science and Technology Co., Ltd, helped in the non-stop monitoring of hospital construction in China.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Hyperspectral Imaging System Market By Product (Cameras and Accessories), Technology (Pushbroom, Whiskbroom, and Snapshot), Application (Military Surveillance, Remote Sensing, Machine Vision & Optical Sorting, and Life Sciences & Medical Diagnostics) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/hyperspectral-imaging-system-market/343
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.
However, the cost of implementation and maintenance of these imaging systems, as well as the dearth of skilled professionals to handle these systems, are hindering growth of the hyperspectral imaging system market to a certain extent. Also, sensitive detectors and large data storage capacities are needed to analyze hyperspectral data since hyperspectral cubes are large, multidimensional datasets. Such factors have led to the increased costs of these imaging systems, further restraining the growth of the market.
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.
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.
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