The global hyperspectral imaging systems market size reached US$ 13.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 37.5 Billion by 2027, exhibiting a growth rate (CAGR) of 17.74% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A hyperspectral imaging system can be defined as a technique used to analyze a wide spectrum of light through a spectrometer. The device uses reflected, transferred or emitted light from the object to generate its spectral-based image in multiple colors (including red, blue and green). It also measures the absorption of electromagnetic radiations, reflections and emissions from the object. The imaging technique is commonly used to monitor the development of crops, identification of contaminants in food products, screening of manufacturing defects and automated sorting of products. Owing to this, it finds extensive applications across various industries, including military and defense, mining, agriculture, food and beverage, medical diagnostics, etc.
The growing medical and healthcare sector, along with the increasing adoption of medical imaging systems, is one of the key factors driving the growth of the market. Hyperspectral imaging systems are widely utilized for the diagnosis and treatment of various diseases by analyzing the composition and physiology of the tissues and cells in the body. Furthermore, it is used for detecting the presence of cancerous cells and analyzing the progression of other chronic diseases. Additionally, the increasing deployment of these imaging systems in unmanned aerial vehicles (UAVs) is acting as another growth-inducing factor. Technological advancements in imaging sensors and improvements in spatial resolution are making surveillance, mapping and imaging more effective. Other factors, including growing industrial and agricultural applications, along with extensive research and development (R&D) activities, are projected to drive the market further.
IMARC Group’s latest report provides a deep insight into the global hyperspectral imaging systems market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the hyperspectral imaging systems market in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hyperspectral imaging systems market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, application and technology.
Breakup by Product Type:
Based on the product type, cameras currently account for the highest market share.
Breakup by Application:
Life Sciences & Medical Diagnostics
Machine Vision & Optical Sorting
Based on the application, military surveillance currently holds majority of the market share.
Breakup by Technology:
Based on the technology, snapshot segment currently represents the segment with the highest market share.
Breakup by Region:
Middle East and Africa
United Arab Emirates
Based on geography, North America currently represents the biggest market for hyperspectral imaging systems market.
The competitive landscape of the industry has also been examined with some of the key players being Applied Spectral Imaging, BaySpec Inc., ChemImage Corporation, Corning Incorporated, Cubert GmbH, Headwall Photonics, Norsk Elektro Optikk AS (NEO), Resonon Inc., Specim, Spectral Imaging Ltd., Surface Optics Corporation and Telops Inc.
Key questions answered in this report:
How has the global hyperspectral imaging systems market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global hyperspectral imaging systems market?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the technology?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global hyperspectral imaging systems market and who are the key players?
What is the degree of competition in the market?