According to the new market research report Hyperspectral Imaging System Market size is projected to reach USD 35.8 billion by 2026 from USD 15.4 billion in 2021, at a CAGR of 18.4% during the forecast period.
Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of hyperspectral imaging. Emerging markets in developing economies are expected to offer potential growth opportunities for players operating in the market. The hyperspectral imaging systems market is segmented based on product, technology, application, and region
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OPPORTUNITY: Growth 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. For instance, in China, 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 comprises 34 micro-nano satellites, including video, HSI, and high-resolution optical satellites, as well as radar and infrared satellites
The agriculture segment dominated the hyperspectral imaging systems market for remote sensing in 2020.
Remote sensing applications are categorized as agriculture, mining/mineral mapping, environmental monitoring, and other remote sensing applications. The agriculture segment accounted for the largest share of the hyperspectral imaging systems market for remote sensing in 2020. The large share of the agriculture segment is due to the fact that crop monitoring with hyperspectral data can help in the detection of invasive plant species, plant diseases, and insect infestations, which further aids the decision-making process of herbicide/pesticide application, thereby maximizing the cost-benefit ratio.
Cameras segment accounted for the largest part of the hyperspectral imaging system market share .
Based on product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras commanded the largest share of the hyperspectral imaging systems market, by product, 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
The global hyperspectral imaging system market trends is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Cubert GmbH (Germany), Inno-Spec GmbH (Germany), XIMEA GmbH (Germany), Imec (Belgium), and ChemImage Corporation (US).
Headwall Photonics (US) is one of the leading players in the hyperspectral imaging systems market. The company manufactures and provides optical modules and fully integrated imaging instruments with original holographic diffraction gratings. The company offers products for industrial inspection, defense & security, remote sensing, and research applications. The company primarily pursues product launches and expansions as its growth strategy to widen its sales and distribution network.
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The hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe.
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