The global hyperspectral imaging systems market is projected to reach USD 35.8 billion by 2026 from USD 15.4 billion in 2021, at a CAGR of 18.4% during the forecast period. Hyperspectral imaging systems are used to capture narrow spectral bands over a continuous spectral range. Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of hyperspectral imaging. In addition, the untapped market opportunities in emerging markets are expected to provide growth opportunities for players in this market during the forecast period. However, data storage issues and the high costs associated with hyperspectral imaging systems are expected to limit their adoption, thereby restricting market growth during the forecast period.
“Cameras segment is expected to dominate the market during the forecast period.”
On the basis of product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras commanded the largest share of the hyperspectral imaging systems market, by product, in 2020, and this trend is expected to continue during the forecast period. Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment.
“Military surveillance segment to dominate the market during the forecast period.”
Based on application, the hyperspectral imaging systems market is segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications (includes colorimetry, meteorology, thin-film manufacturing, and night vision). The military surveillance segment accounted for the largest share of the hyperspectral imaging systems market in 2020. Advancements in hyperspectral imaging data management and component fabrication techniques, as well as the better accuracy and consistency of hyperspectral imaging data (as compared to other conventional imaging techniques), are the major factors driving the adoption of hyperspectral imaging systems in military surveillance applications.
“Asia Pacific is expected to grow at the highest CAGR during the forecast period.”
Geographically, the hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the hyperspectral imaging systems market. North America is the largest market for hyperspectral imaging systems. Asia Pacific market is estimated to register the highest CAGR during the forecast period. Technological advancements have resulted in the development of cost-effective hyperspectral imaging systems, which are being used in several commercial applications in the price-sensitive Asia Pacific region. This is the major factor responsible for the high growth of the Asia Pacific market. Hyperspectral imaging has significant growth opportunities in China, Japan, and India. Currently, China is considered a huge market for hyperspectral cameras due to its flourishing economy.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1: 30%, Tier 2: 48%, and Tier 3: 22%
- By Designation - C-level: 28%, D-level: 33%, and Others: 39%
- By Region - North America: 32%, Europe: 30%, Asia Pacific: 23%, and Rest of the World: 15%
This report provides a detailed picture of the global hyperspectral imaging system market. It aims at estimating the size and future growth potential of the market across different segments, such as product, technology, application, and region. The report also analyzes factors (such as drivers, restraints, challenges and opportunities) affecting the market growth. It evaluates the opportunities in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total hyperspectral imaging system market. The report forecasts the revenue of the market segments with respect to four major regions.
Reasons To Buy the Report:
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on hyperspectral imaging system offered by the top 25 players in the hyperspectral imaging system market. The report analyses the hyperspectral imaging system market by product, technology, application, and region.
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various hyperspectral imaging system across key geographic regions.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the hyperspectral imaging system market.
Competitive Assessment: In-depth assessment of market ranking and strategies of the leading players in the hyperspectral imaging system market.