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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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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