The "Hyperspectral Imaging System Market by Product (Camera, Accessories), Technology (Snapshot, Push broom), Application (Military, Remote Sensing (Agriculture, Mining, Environmental), Machine Vision, Life Sciences & Medical Diagnosis) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global hyperspectral imaging systems market is projected to reach USD 30.0 billion by 2025 from USD 12.4 billion in 2020, at a CAGR of 19.3%.
Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of HSI. The untapped market opportunities in emerging markets are also expected to provide growth opportunities for players in the market. On the other hand, data storage issues and the high costs associated with HSI systems are expected to limit adoption, thereby restricting market growth during the forecast period. Attaining super-resolution in a cost-effective manner is a major challenge faced by the industry, which may hamper market growth to a certain extent.
The cameras segment is expected to dominate the market during the forecast period.
On the basis of product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras are expected to command a larger share of the hyperspectral imaging systems market, by product, in 2019. 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 life sciences and medical diagnostics segment will witness the highest growth in the hyperspectral imaging systems market.
Based on application, the hyperspectral imaging systems market is segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications (includes colorimetry, meteorology, thin-film manufacturing, and night vision). The military surveillance segment is estimated to account for the largest share of the hyperspectral imaging systems market in 2019, while the life sciences & medical diagnostics segment is projected to register the highest CAGR during the forecast period. This is attributed to the increasing use of hyperspectral imaging in medical diagnosis and image-guided surgery.
North America will dominate the market during the forecast period.
Geographically, the hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the hyperspectral imaging systems market. The large share of this region 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.
Increasing Funding and Investments
Growing Industrial Applications of Hyperspectral Imaging
Data Storage Challenges and High Costs
Untapped Market Opportunities in Emerging Countries
Attaining Super-Resolution in a Cost-Effective Manner
Headwall Photonics, Inc.
Specim, Spectral Imaging Ltd.
Norsk Elektro Optikk as (Neo)
Applied Spectral Imaging
Camlin Group Ltd.
Galileo Group, Inc.
Hypermed Imaging, Inc.
Surface Optics Corporation
Diaspective Vision GmbH
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200814005250/en/
Laura Wood, Senior Press Manager
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