The hyperspectral imaging system market size is expected to reach over US$ 53.5 billion by 2028. The growing adoption of hyperspectral imaging systems across industries along with rising funding and investment for hyperspectral imaging systems are the major factors for hyperspectral imaging system market growth. The hyperspectral imaging system report further mentions that the market size stood at US$ 12.2 billion in 2019, and it is likely to exhibit a CAGR of 20.4% during the forecast period between 2020 to 2028.
Market Trends
The increase in hyperspectral imaging systems in the defence industry is one of the leading trends observed in the global market for hyperspectral imaging systems. The growing adoption of unmanned aerial vehicles (UAVs) in the defence industry is one of the key trends due to the increasing adoption of the latest technologies in the defence sector worldwide and the increased budget of the defence sector worldwide.
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Market Drivers
The major factors which are driving the growth of the global hyperspectral imaging systems market are the rising investments for research activities along with growing industrial applications. The growing funding and investments for research activities is the key driver observed in the global hyperspectral imaging systems market. Since hyperspectral imaging systems are an innovative technology that is used to analyze & acquire images of an object. Furthermore, hyperspectral imaging systems offer numerous advantages such as higher granularity & specificity, non-invasive imaging, and higher image acquisition speed as compared to other spectral imagers. Hence, the use of hyperspectral imaging systems is increasing in research activities which are driving the market growth.
Market Challenges and Restraints
The hyperspectral imaging systems market challenges and restraints are the high cost and data storage. The high cost of hyperspectral imaging systems is one of the key restraints observed by Alchemy Research & Analytics which is anticipated to hinder the market growth during the forecast period.
Segment Insights
The technology-based market for hyperspectral imaging systems is segmented into pushbroom (line scanning), snapshot (single shot) and other technologies. In 2019, the Pushbroom category accounted for the largest share of the global market for hyperspectral imaging systems and accounted for more than 50% of the market share of revenue in the same year. High spectrum resolution, along with simplified illumination requirements and shorter capture time, are the key reasons for the dominance of the Pushbroom category. In addition, the snapshot category is expected to see the fastest growth in the coming years due to the increasing use of this technology for real-time analysis.
Regional Insights
North America accounted for the largest share of the global market for hyperspectral imaging systems followed by Europe in 2019, accounting for more than 35% of the market share of revenues in the same year. The growing adoption of new technologies, along with increasing defense spending, are key factors in regional dominance. The U.S. accounted for the largest market share in North America’s hyperspectral imaging systems market in 2019 due to the growing defence budget for new technologies and the growing adoption of hyperspectral imaging systems in the country. The U.S. accounted for the largest military budget in the world in 2020.
Asia Pacific is expected to witness the fastest growth over the upcoming years owing to rising investment for research & development activities along with rising government focus towards the adoption of advanced technologies. In 2019, China accounted for the largest share in the Asia Pacific hyperspectral imaging systems market and presumed to continue its dominance over the upcoming years.
The growing industrial applications of hyperspectral imaging systems
The growing industrial applications of hyperspectral imaging systems along with increasing investment and funding for hyperspectral imaging systems are the key factors for the growth of the global hyperspectral imaging system market. The increased adoption of hyperspectral imaging systems in the research & development activities along with increased use of unmanned aerial vehicles (UAV) are some other key factors anticipated to enhance the global hyperspectral imaging system market growth over the upcoming years.
Increased demand from the untapped market
The increased demand for hyperspectral imaging systems from untapped markets such as India, Brazil, China, Indonesia and others, along with the growing demand for hyperspectral imaging systems from the defence industry, are other key factors for market growth. According to a recent report, the global military budget was estimated to be around US$1.8 trillion in 2018, an increase of around 2.6 per cent from 2017.
Alchemy Research and Analytics LLP, had taken the impact of the ongoing COVID-19 pandemic on the hyperspectral imaging system market for the year 2020 and 2021. As per our extensive secondary and primary research, the demand for hyperspectral imaging system has decreased in the COVID-19 period owing to sudden lockdown and halt in the manufacturing industry across the globe.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics, the main market players in the hyperspectral imaging system market focus on strategies such as partnerships, collaboration, acquisitions and mergers to enhance their geographic presence as well as product portfolios. The market for hyperspectral imaging systems is highly fragmented.
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Alchemy Market Research lists out the names of key market players in the hyperspectral imaging system market. They are as follows:
- Headwall Photonics, Inc.
- Specim, Spectral Imaging Ltd.
- Corning Incorporated
- Norsk Elektro Optikk AS
- Resonon Inc.
- Telops
- Surface Optics Corporation
- CytoViva, Inc.
- Applied Spectral Imaging Ltd.
- Raytheon Company
- ChemImage Corporation
A Significant Industry Development-
- January 2020: Specim, Spectral Imaging Ltd. a market leader in the hyperspectral industry introduced a new product Specim AFX10. FX10 is a compact and complete solution for lightweight hyperspectral imaging that can be mounted for example on a drone. AFX10 is based on the FX product family, which is a high-quality hyperspectral camera series designed specifically for industrial use. This new product brings the benefits of the FX series to the airborne use.
Further Report Findings-
- In 2019, North America accounted for the largest share in the global hyperspectral imaging system market due to rising investments for research activities along with early technological adoption.
- Asia Pacific is presumed to witness the fastest growth in the years to come owing to rising investments for research & development along with increased awareness for hyperspectral imaging systems and the growing focus of manufacturers in the emerging markets.
- Based on the product, the camera category accounted for the highest market share in the global hyperspectral imaging system and expected to remain dominant over the forecast period. Increased technological advances, together with the growing development of affordable hyperspectral imaging cameras and the growing adoption of hyperspectral imaging systems in the defence industry, are key factors in the growth of the category. In addition, the camera category is expected to see the fastest growth in the forecast period.
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