The global hyperspectral imaging market is estimated to project a CAGR of 13.06% during the forecast period, 2021-2028. The rising R&D in several sectors, growing usage of hyperspectral imaging (HSI) in several applications, technological advancements, rising demand for consistency, and data accuracy in HSI applications, are the factors predicted to influence market growth.
Hyperspectral imaging is an analyzing technique, adding a whole new dimension to optical imaging. There is an increasing demand for R&D in flourishing applications like chemical imaging sectors, food processing, military & surveillance, medical diagnosis, etc. This is one of the primary drivers of market growth. The recent innovations in processing speed and sensor design has enabled the application of hyperspectral imaging. There is a growing focus on enhanced imaging in terms of pixels in sectors like healthcare, which is encouraging the major players to invest heavily in R&D initiatives. The rising need for R&D in geological samples like drill cores are also pushing for investment in R&D activities. Such factors are projected to contribute to market growth. However, the complex nature of hyperspectral imaging systems hinders its market growth. This is because the evaluation of hyperspectral data requires fast computers, sensitive detectors, and a high amount of data storage capacities.
The global hyperspectral imaging market growth encompasses the assessment of North America, Asia Pacific, Europe, and the rest of world. The Asia Pacific region is slated to record substantial growth by the end of the forecast period. One of the dominant factors shaping the market growth of the region is the growing demand for research and development in healthcare.
The competitive rivalry in the market is fueled by technological innovations. Corning Inc, Chemimage Corporation, Applied Spectral Imaging Inc, Headwall Photonics Inc, Cubert GmbH, etc. are some of the big players in the global market.
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