CHICAGO, April 17, 2024 /PRNewswire/ --
The hyperspectral imaging systems market is expected to be
valued at USD 847 million in 2024 and
is projected to reach USD 1,359
million by 2029; and is expected to grow at a CAGR of 12.6%
during the forecast period according to a new report by
MarketsandMarkets™. Development of more affordable,
portable, and user-friendly hyperspectral imaging systems, and
increasing funding for R&D focused on enhancing the analytical
capabilities of hyperspectral imaging technologies are some of the
key drivers fueling the expansion of the hyperspectral imaging
systems market. Restraints such as needing specialized expertise
and meeting regulatory compliance hinder market growth. However,
factors such as the ongoing miniaturization of sensors enabling
deployment in handheld and airborne platforms and growing industry
collaborations provide lucrative opportunities for market players
in coming years.
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Browse in-depth TOC on "Hyperspectral Imaging Systems
Market"
170 – Tables
55 – Figures
270 – Pages
Hyperspectral Imaging Systems Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 847 million
|
Estimated Value by
2029
|
$ 1,359 million
|
Growth Rate
|
Poised to grow at a
CAGR of 12.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product Type,
Technology, Wavelength and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Management and storage
of sizeable hyperspectral imagery datasets and high-resolution
maps
|
Key Market
Opportunities
|
Growing industry
collaboration
|
Key Market
Drivers
|
Emerging applications
in industries due to superior spectral and spatial details offered
by hyperspectral sensors
|
Based on application type, the hyperspectral imaging systems market
for research & diagnostics is expected to hold the highest CAGR
during the forecast period.
As businesses prioritize efficiency and accuracy in research and
diagnostic processes, hyperspectral imaging offers unparalleled
capabilities in identifying subtle differences and anomalies in
materials or biological samples. Moreover, technological
advancements are enhancing the resolution and speed of
hyperspectral imaging systems, making them increasingly valuable
for research institutions, laboratories, and medical facilities
seeking innovative solutions for analysis and diagnosis.
Snapshot by technology type to witness the highest CAGR
during the forecast period.
Snapshot technology can capture spectral data in a single
snapshot, eliminating the need for scanning and significantly
reducing acquisition time. This makes snapshot systems ideal for
real-time or rapid analysis applications, such as medical
diagnostics, food inspection, and industrial quality control.
Additionally, advancements in sensor technology are enhancing the
performance and affordability of snapshot systems, driving their
adoption across various industries seeking efficient and
cost-effective imaging solutions.
Hyperspectral imaging systems market for visible & NIR by
wavelength to hold the highest market share during the forecast
period.
Visible & NIR hyperspectral cameras have versatility and a
wide range of applications. These wavelengths can capture detailed
spectral information across visible and NIR spectra, making them
suitable for diverse industries such as agriculture, environmental
monitoring, and food inspection. Moreover, combining visible and
NIR wavelengths enables enhanced analysis capabilities, allowing
businesses to extract valuable insights for improved
decision-making and quality control processes.
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North America, in the
hyperspectral imaging systems market, is expected to exhibit the
highest market share during the forecast period.
Due to several key factors, the North American region is
expected to hold the highest market share in the hyperspectral
imaging systems industry. The region boasts a robust technological
infrastructure and a strong presence of key market players driving
innovation and adoption. Increasing investments in agriculture,
defense, and healthcare sectors fuel the demand for advanced
imaging solutions.
Key Players
The hyperspectral imaging systems companies includes major Tier
I and II players like SPECIM, SPECTRAL IMAGING LTD. (Finland), Malvern Panalytical Ltd (UK),
Corning Incorporated (US), HORIBA (Japan), Bayspec, INC. (US) and others. These
players have a strong market presence in advanced packaging across
various countries in North
America, Europe,
Asia Pacific, and the Rest of the
World (RoW).
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