The global Hyperspectral Imaging Systems Market is projected to reach USD 30.0 billion by 2027 from USD XX billion in 2020, at a CAGR of 19.3%.
In today’s economical market place, businesses take a lot of efforts to seek better solutions in terms of product trends, future products, marketing strategy, future events, actions or behaviours. The Hyperspectral Imaging Systems report has been worked out with the accurate use of tools like SWOT analysis and Porter’s Five Forces analysis methods. A talented team works strictly with their potential capabilities to produce this finest Hyperspectral Imaging Systems Market research report. The Hyperspectral Imaging Systems Market report considers new product development from beginning to launch by performing detailed market study. Getting thoughtful about competitive landscape is another significant aspect of this market report.
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Some of the key players in the study are Headwall Photonics, Resonon, Norsk Elektro Optikk AS, Specim, Spectral Imaging, Applied Spectral Imaging. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Hyperspectral Imaging Systems Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Hyperspectral Imaging Systems Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Hyperspectral Imaging Systems Market By Product (Cameras, Accessories), Application (Military Surveillance, Remote Sensing, Life Sciences & Medical Diagnostics, Machine Vision & Optical Sorting, Other Applications), Geography (North America, Europe, APAC, South America, Middle East and Africa) – Industry Trends and Forecast to 2027″. Early buyers will get 10% customization on study.
To Avail deep insights of Hyperspectral Imaging Systems Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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The increasing funding and investments, growing industrial applications of hyperspectral imaging are the major factors driving the growth of the hyperspectral imaging systems market. However, data storage issues and high costs associated with the use of hyperspectral imaging are expected to restrain the growth of this market during the forecast period.
COVID-19 impact on the hyperspectral imaging systems market
The COVID-19 (coronavirus) outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the hyperspectral imaging systems market to a certain extent.
With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Trade barriers have further impacted the demand-supply gap. Companies operating in the hyperspectral imaging systems market, such as Surface Optics Corporation (US), have suspended non-essential visits/activities until the COVID-19 outbreak is resolved. However, many of these companies are continuing their business operations remotely. In critical industries such as defence, food and agriculture, and healthcare, production and manufacturing have already begun. Some companies such as Resonon (US) remained open even during the early outbreak of the pandemic. Hence, the pandemic is not expected to have a very severe long-term effect on the hyperspectral imaging systems market; the short-term negative impact are mainly caused due to mobility restrictions or staff safety restrictions. However, businesses will resume normalcy once restrictions are lifted.
Global Hyperspectral Imaging Systems Market Dynamics
DRIVER: Increasing funding and investment
Hyperspectral Imaging System(HSI) is an innovative technology used to acquire and analyze images of an object. With continuous advancements in hardware and software for image processing and analysis, HSI is increasingly being used in a number of research projects across the globe. HSI offers several advantages, such as higher specificity and granularity, higher image acquisition speed as compared to other spectral imagers, and non-invasive imaging. Considering its advantages, the technique is used in various application areas with support from authorities in the form of funding and grants.
RESTRAINT: Data storage challenges and high cost
HSI is a complex process that involves a huge amount of data and thus requires large storage space and enhanced software technologies to analyze data in a shorter time frame. Although HSI has immense potential for various applications, the high cost of the equipment and manufacturing processes and the requirement of large volumes of data for acquisition and processing are limiting its adoption for real-time commercial purposes.
OPPORTUNITY: Untapped market opportunities in emerging economies
Emerging economies in Asia and Latin America are expected to offer significant growth opportunities for players in the HSI systems market. In China, for instance, a number of hyperspectral sensors were designed and launched to meet the rising demand for precise and fast mapping of natural resources using remote sensing applications. In September 2019, China launched five new remote sensing satellites under the project Zhuhai-1, which is comprised of 34 micro-nano satellites, including video, HSI, and high-resolution optical satellites, as well as radar and infrared satellites. Furthermore, in May 2018, China launched Gaofen-5 (GF-5), a remote sensing HSI satellite for atmospheric research.
The cameras segment will witness the highest growth during the forecast period.
Based on product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras are expected to command the 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 pushbroom segment dominated the hyperspectral imaging systems market in 2019.
The hyperspectral imaging systems market is categorized into three technology segments, namely, pushbroom (line scanning), snapshot (single shot), and other technologies [whiskbroom (point scanning), tunable filters (wavelength scanning), and imaging FTIR (time scanning)]. The pushbroom technology segment is expected to command the largest share of the global hyperspectral imaging systems market in 2019. Factors such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and the shorter capturing time as compared to whiskbroom technology are driving the growth of this market segment.
North America was the largest regional market for hyperspectral imaging systems in 2019.
The hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe. Factors such as growth in research funding, technological advancements, and increasing awareness of the benefits of hyperspectral imaging in commercial industries across the region are driving the market for hyperspectral imaging systems in North America.
Key Market Players
The prominent players operating in this market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Norsk Elektro Optikk AS (Norway), Corning Incorporated (US), and Resonon, Inc. (US).
Scope of the report
This report categorizes the hyperspectral imaging technologies market into the following segments and subsegments
Hyperspectral Imaging Systems, by Product
Hyperspectral Imaging Systems, by Technology
- Other Technologies
Hyperspectral Imaging Systems, by Application
- Military Surveillance
- Remote Sensing
- Mining/Mineral Mapping
- Environmental Monitoring
- Other Remote Sensing Applications
- Life Sciences & Medical Diagnostics
- Machine Vision & Optical Sorting
- Other Applications
Hyperspectral Imaging Systems Market, by Region
- North America
- Asia Pacific
- Rest of the World
- In 2019, Headwall Photonics launched its advanced sensor payloads (consisting of hyperspectral sensors and LIDAR for unmanned aerial vehicle platforms)
- In 2018, SPECIM opened a new facility in Espoo, Finland
- In 2018, Telops signed a distribution agreement with Infrared Imaging LLC. This agreement strengthened the position of Telops in the US market.
Key Questions Answered in Competitive Landscape-
• Detailed information about Key Top Competitors in the Global Hyperspectral Imaging Systems Market
• What is the expected Market size and growth rate of the Hyperspectral Imaging Systems market for the forecast period
• Where is the largest and fastest growing market for Hyperspectral Imaging Systems market
• How does the market relate to the overall economy, demography and other similar markets
• What forces will shape the market going forward
• Can I include additional segmentation / market segmentation
• Hyperspectral Imaging Systems market global report answers all these questions and many more.
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