Hyperspectral Imaging Market Scope
Hyperspectral imaging also called as imaging spectroscopy is combined spectroscopy and power of digital imaging. The main aim of hyperspectral imaging is to collect the spectrum for each pixel and find objects, detect processes and identify materials by using hyperspectral cameras, hyperspectral sensors, and accessories. Increasing industrial applications such as remote sensing and machine vision of hyperspectral imaging and increasing utilization of hyperspectral imaging for environmental monitoring by many regional governments are the major drivers for the market. Additionally, the rising use of hyperspectral imaging in the healthcare sector for eye care is supplementing the growth of the market. However, high initial investments, rising reimbursement, and data storage issues, and installation costs are limiting the market. Moreover, increasing funding, investment for hyperspectral imaging, innovation in miniaturization and sensor technology may create an opportunity for the market
The market study is being classified, by Application (Military Surveillance, Remote Sensing (Agriculture, Mining/Mineral Mapping, Environmental Monitoring), Life Sciences & Medical Diagnostics, Machine Vision & Optical Sorting and Other Applications) and major geographies with country level break-up. According to AMA, the Global Hyperspectral Imaging market is expected to see growth rate of 18.12% and may see market size of USD25.21 Billion by 2024.
In the last couple of decades, the global hyperspectral imaging market was highly concentrated to very few players including Headwall Photonics, Corning Incorporated, SPECIM, Resonon, Telops, and few others. Thus the market was showing strategic monopoly in a moderately competitive environment. However, with respect to minimal initial investments in hyperspectral imaging manufacturing has favored the number of new entrants to gain market share from the local market. The global leaders business might be affected due to new entrants. Moreover, global leaders will continuously adopt strategic partnerships and technological developments to gain a competitive edge in a moderately competitive environmentThe Players having a strong hold in the market are Headwall Photonics, Corning Incorporated, SPECIM, Resonon, Telops. Research Analyst at AMA predicts that United States and European Players will contribute to the maximum growth of Global Hyperspectral Imaging market throughout the predicted period.
Headwall Photonics (United States), Corning Incorporated (United States), SPECIM (Finland), Resonon (United States), Telops (Canada), Norsk Elektro Optikk (Norway), Applied Spectral Imaging (United States), BaySpec (United States), Surface Optics Corporation (United States) and ChemImage Corporation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Cubert (Germany) and Gilden Photonics Ltd. (United Kingdom).
AdvanceMarketAnalytics has segmented the market of Global Hyperspectral Imaging market by Type, Application and Region.
On the basis of geography, the market of Hyperspectral Imaging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Product Type, the sub-segment i.e. Visible/Near-Infrared (VNIR) will boost the Hyperspectral Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Spatial scanning will boost the Hyperspectral Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hyperspectral Cameras will boost the Hyperspectral Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On November 2018, Indian Space Research Organization has launched hyperspectral imaging satellite. This is India’s 1st hyperspectral imaging satellite
- Rising Use of Hyperspectral Imaging in Healthcare Sector for Eye Care
- Increasing Industrial Applications such as remote sensing and Machine Vision of Hyperspectral Imaging
- Increasing Utilization of Hyperspectral Imaging for Environmental Monitoring by Many Regional Governments
- Increasing Funding and Investment for Hyperspectral Imaging
- Innovation in Miniaturization and Sensor Technology may create an Opportunity for the market
- Growing Number of Research Projects for Hyperspectral Imaging
- High Initial investments and installation costs limiting the market
- Rising Reimbursement and Data Storage Issues
Key Target AudienceHyperspectral Imaging Manufacturers, Distributors and Suppliers, Raw Material Suppliers, Government Agencies, Private Research Organization and Others
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