Hyperspectral imaging has applications in a wide range of industries, such as mineralogy, agriculture, astronomy, and surveillance, through unmanned aerial vehicle (UAV) solutions. Since the 2000s, research has been carried out on the application of technology in the agricultural industry. By using hyperspectral imaging cameras and accessories, a wide range of crop issues can be addressed through hyperspectral imaging. Growers around the world have started to accept hyperspectral imaging in agriculture because of the better awareness about the benefits that the technology entails.Agriculture
Global Hyperspectral Imaging in Agriculture Industry Overview
The global hyperspectral imaging in agriculture market is expected to reach $56.88 million by 2026, with a CAGR of 11.93% during the forecast period 2021-2026. The growth rate in the market is because of the increased emphasis on precision farming around the world. Due to the increasing global food demand, growers must adopt better ways for growing to maximize their yield increase production. The technology provides a wide range of solutions for the agricultural industry such as crop stress detection, pathogen detection, and monitoring. With improved technological advancements and better adoption of the technology, hyperspectral imaging will help drive the precision farming market globally.
Demand - Drivers and Limitations
Following are the demand drivers for the hyperspectral imaging market:
- Widespread applications of hyperspectral imaging technology
- Increasing demand from the military and defense sectors
- Increasing investment by the government for research and development activities
- Increase in the prevalence of chronic disorders and the geriatric population boosting the growth of medical hyperspectral imaging market
- Growing awareness regarding early diagnosis of diseases
- Increased global food safety concerns
The market is expected to face some limitations as well due to the following challenges:
- High cost of hyperspectral devices
- Lack of infrastructure and skilled professionals to support hyperspectral devices
- High volume of produced data
Analyst's Take on the Market:
According to Satyendra Singh Rajput, Lead Analyst, BIS Research, "The market for hyperspectral imaging, in the healthcare segment, is expected to grow rapidly as the technology has the potential to be used in image-guided surgeries, where it can provide better visuals without the use of contrast agents."
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Key Companies Operating in the Market and Competitive Landscape
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of company coverage, product portfolio, and market penetration.
Some of the players in this market are:
Company Type 1: Established Companies
- BaySpec, Inc.
- Corning Incorporated
- CytoViva, Inc.
- Headwall Photonics, Inc.
- HORIBA Ltd.
- HyperMed Imaging, Inc.
- Konica Minolta (Specim Spectral Imaging Ltd)
- Norsk Elecktro Optikk A/S
- Photon Etc.
- Resonon, Inc.
- Swift Medical
- IMEC International
- Teledyne FLIR LLC
- Inno-Spec GmbH
Company Type 2: Emerging Companies
- Clyde Hyperspectral Imaging and Technology Ltd
- Cubert GmbH
- Diaspective Vision GmbH
- Emberion
- GAMAYA
- HAIP Solutions GmbH
Who Should Buy This Report?
The companies that are manufacturing and commercializing hyperspectral imaging cameras and accessories for use in healthcare, defense, agriculture, mining and minerals, research institutions, and regulatory bodies.
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Key Questions Answered in the Report:
- What are the major market drivers, challenges, and opportunities in the global hyperspectral imaging market?
- What are the underlying structures resulting in the emerging trends within the global hyperspectral imaging market?
- How is each segment of the global hyperspectral imaging market expected to grow during the forecast period, and what is the anticipated revenue to be generated by each segment by the end of 2027?
- What are the significant developmental strategies implemented by the major players in order to sustain in the competitive market? What are the key regulatory bodies controlling the entry of hyperspectral imaging products into the market?
- Who are the leading players with significant offerings to the global hyperspectral imaging market? What is the current market dominance for each of these leading players?
- What is the expected compound annual growth rate (CAGR) to be witnessed by the leading players in the market during the forecast period 2022-2027?
- What are the major technological as well as regional adoption trends pertaining to the global hyperspectral imaging market?
- What are the major technologies employed in the global hyperspectral imaging market? Which is the most dominating technology?
- Who are the key manufacturers in the global hyperspectral imaging market, and what are their contributions?
