Hyperspectral Imaging Market

2021-2030 Analysis and Review Hyperspectral Imaging Market

Hyperspectral Imaging Market

Hyperspectral Imaging Market By Application (Agriculture, Colorimetry, Environmental Testing, Food testing, Life Science and Medical Diagnostics, Military Surveillance, Mining and Mineralogy, Meteorology, Machine Vision and Process Control) – Growth, Future prospects& Competitive Analysis 2021-2030

25-08-2021 REP-HC-139280 115 pages Format

The global hyper spectral imaging market is anticipated to grow at a CAGR of 13.2% during the forecast period 2021-2030. The hyperspectral imaging market is primarily driven by some crucial factors such as growing awareness across the industries such as food and life science etc. regarding hyper spectral imaging techniques, growing adoption of hyperspectral imaging among various medical procedures such as surface tissue, mucosal membrane analysis, ophthalmology and vascular system etc. Furthermore, growing use of the technique in various research activities are also supporting for the growth of market. In current period, there has been a sudden increase in the demand of high band width communication owing to rapid industrialization and growing number of new ventures. Moreover, various companies are trying to gain international standards and develop their product quality to withstand in the market which will boost and help for the market expansion. In addition, growing adoption of IT in medical diagnostics, military surveillance & mining and growing opportunities from untapped emerging markets are expected to boost the demand of global hyper spectral imaging market. Though, lack of skilled professionals, reimbursement issues handled by the manufacturers, requirement of high initial investment and high installation cost are some crucial restraints that are restricting the growth of the market.

Hyperspectral Imaging Market

Big data market is witnessing a rapid growth from last few years and is projected to continue this trend in the upcoming scenario as well. According to Atlantic Market Research Analysis, big data market is estimated to top $70.7 billion in 2022 attaining a CAGR of 19.2% for the forecast period 2016-2023. The growth of this market is backed by the tremendous increase in the organizational data. Big data solutions empower enterprises to analyze and manage the generated data to assist in instant decision making. Generation of high volume of data has forced enterprises to adapt such solutions which can provide the valuable information/data as and when needed in presentable terms such as graphical representation.

The report has the analysis of emerging and leading companies in the current worldwide hyperspectral imaging market. The competitive environment is observed and are majorly focused on how new technologies and products are influencing the current hyperspectral imaging market.  Mergers and acquisitions recently accomplished are detailed with a major focus on what organizational, product-specific and strategic changes are expected in the forecasted period. Detailed profiles of the market leaders are discussed in detail. Also, factors holding opportunities such as research and development activities, untapped market scenario is discussed in detail.

Military surveillance held the largest market share of 17.8% in 2020. The growth of hyper spectral imaging market is driven by an increasing adoption of hyper spectral imaging in defense, Today's surveillance needs demand a substantial level of discrimination and necessitate the capacity to recognize, detect, and identify humans and targets of interest rapidly and efficiently. The potential of high-definition remote sensing or hyper spectral imaging have placed the solutions to meet the concern related to the airborne and ground military sensing applications. Advances in component fabrication and data management have made hyper spectral imaging viable in the airport security.

Hyperspectral imaging is stepping into medical research as one of the key emerging trend in global hyper spectral imaging market. Adoption of hyper spectral imaging in ophthalmology, surface tissue, mucosal membrane analysis, vascular system and gastrointestinal tract is increasing on a rapid pace which is contributing to the growth of this market. Moreover, its property of image formation with uniqueness of classification and identification of information has increased the usage of hyper spectral imaging in industrial applications. It is a rising technology for medical applications such as disease diagnosis and image guided surgery.  The Increase in R&D investment of medical devices is also contributing to the growth of hyper spectral imaging.

Globally, North America is the largest market of hyper spectral imaging. In 2020, North America has a market share of 47.30%. The major reason for high market share is prevalence of major manufacturers in the region with increased awareness and adoption of the HIS technology. Europe holds the second largest market share followed by Asia Pacific. However, Asia Pacific is anticipated to grow at the highest CAGR of 16.5% during forecast period. China and Japan provides great opportunities in the region and is expected that the market will grow rapidly during the forecast period.  The key drivers in APAC region for the growth of hydro spectral imaging market are, increasing number of research projects, increasing usage of hydro spectral imaging in mining explorations, environmental testing and research activities. Moreover, increasing awareness in healthcare, increase in funding from Govt. for research activities and increase in health care expenditure adds to the growth in the region.

Global hyper spectral imaging market is exceedingly consolidated, as it has huge number of companies globally. Globally, around more than 200+ small and big players are operating in these markets. Furthermore, these companies are competitive in nature. They all are actively trying to cater new clients, with their rapid changing needs.  Some of the key market players are Applied Spectral Imaging Ltd., Brandywine Photonics LLC,  ChemImage Corporation,  Cubert-GmbH,  CytoViva, Inc.,  Gilden Photonics Ltd.,  Headwall Photonics, Inc.,  HyVista Corporation Pty Ltd.,  Imec,  LemnaTec GmbH,  Norsk Elektro Optikk A/S,  Optics A/S,  Specim Spectral Imaging Ltd.,  Surface Optics Corp. and  Telops Inc.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global hyperspectral imaging market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?

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