Increasing funding and investments and growing industrial applications are expected to drive the overall growth of the hyperspectral imaging systems market. The global hyperspectral imaging (HSI) systems market is projected to reach USD 25.2 billion by 2024 from USD 11.1 billion in 2019, marking a CAGR of 17.8%. Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of HSI. The untapped market opportunities in emerging markets are also expected to provide growth opportunities for players in the market. On the other hand, data storage issues and the high costs associated with HSI systems are expected to limit adoption, thereby restricting market growth during the forecast period. Attaining super-resolution in a cost-effective manner is a major challenge faced by the industry, which may hamper market growth to a certain extent.
The 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 are expected to command a larger share of the hyperspectral imaging systems market, by product, in 2019.
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.
The life sciences and medical diagnostics segment will witness the highest growth in the hyperspectral imaging systems market.
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 is estimated to account for the largest share of the hyperspectral imaging systems market in 2019, while the life sciences & medical diagnostics segment is projected to register the highest CAGR during the forecast period.
This is attributed to the increasing use of hyperspectral imaging in medical diagnosis and image-guided surgery.
North America will dominate the market during the forecast period. Geographically, the hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and Rest of the World.In 2018, North America accounted for the largest share of the hyperspectral imaging systems market.
The large share of this region can be attributed to the presence of highly developed research infrastructure, availability of technologically advanced imaging products, and growing adoption of hyperspectral imaging in military surveillance, environmental monitoring, mining, machine vision, and life sciences and diagnostics. 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%
List of Companies Profiled in the Report • Headwall Photonics, Inc. (US) • Applied Spectral Imaging, Inc. (US) • Corning Incorporated (US) • Surface Optics Corporation (US) • Norsk Elektro Optikk AS (Norway) • Resonon, Inc. (US) • Specim, Spectral Imaging Ltd. (Finland) • Telops, Inc. (Canada) • BaySpec, Inc. (US) • Cubert GmbH (Germany) • inno-spec GmbH (Germany) • XIMEA GmbH (Germany) • Brandywine Photonics (US) • Photon Etc (Canada) • imec (Belgium) • Galileo Group, Inc. (US) • Hypermed Imaging, Inc. (US) • Camlin Group (Ireland) • ChemImage Corporation (US) • Raytheon (US)
Research Coverage: This report provides a detailed picture of the global hyperspectral imaging systems 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 includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall hyperspectral imaging systems market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to position their business better and make suitable go-to-market strategies.
This report will enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, restraints, opportunities, and challenges.
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