Hyperspectral imaging systems are used to capture narrow spectral bands over a continuous spectral range. Industry growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of hyperspectral imaging. The untapped market opportunities in emerging markets are expected to provide growth opportunities for players in the hyperspectral imaging systems market during the forecast period. However, data storage issues and the high costs associated with hyperspectral imaging systems are expected to limit their adoption, thereby restricting market growth during the forecast period.
According to research report the global hyperspectral imaging systems market is projected to reach USD 35.8 billion by 2026 from USD 15.4 billion in 2021, at a CAGR of 18.4%.
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Based on product, the hyperspectral imaging market is segmented into cameras and accessories. Cameras commanded the largest share of the hyperspectral imaging systems market in 2020, and this trend is expected to continue during the forecast period. 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.
Based on technology, the hyperspectral imaging systems market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point scanning), tunable filters (wavelength scanning), and imaging FTIR (time scanning)]. The pushbroom segment accounted for the largest share of the hyperspectral imaging systems market in 2020. The advantages associated with pushbroom technology, such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and less capturing time, are supporting its growth in the hyperspectral imaging market.
The global hyperspectral imaging market is segmented into North America (US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), and the Rest of the World (Latin America and the Middle East Africa). In 2020, North America dominated the global hyperspectral imaging market, followed by Europe. The large share of the North American market can be attributed to the presence of highly developed research infrastructure, availability of technologically advanced imaging products, and growing adoption of hyperspectral imaging in military surveillance, environmental monitoring, mining, machine vision, and life sciences and diagnostics.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Hyperspectral imaging has significant growth opportunities in China, Japan, and India. Currently, China is considered a huge market for hyperspectral cameras due to its flourishing economy in Asia Pacific. Hyperspectral cameras are used for homeland surveillance, space applications, agriculture, mineral surveillance, and other research activities requiring constant spectral vigilance.
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This study involved four major activities in estimating the current size of the hyperspectral imaging systems market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
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