Hyperspectral Imaging System Market

The report "Hyperspectral Imaging System Market by Product (Camera, Accessories), Technology (Snapshot, Push broom), Application (Military, Remote Sensing (Agriculture, Mining, Environmental), Machine Vision, Life Sciences & Diagnostic) - Global Forecast to 2027" The global hyperspectral imaging systems market is projected to reach USD 42.3 billion by 2027 from USD 18.1 billion in 2022, at a CAGR of 18.5% during the forecast period. Market is driven by factors such as the untapped market opportunities in emerging markets, and rising hyperspectral applications in industries. However, attaining super-resolution in a cost-effective manner is a major challenge faced by the industry, which may also hamper the market growth to a certain extent.

Browse 273 market data Tables and 33 Figures spread through 245 Pages and in-depth TOC on "Hyperspectral Imaging System Market by Product (Camera, Accessories), Technology (Snapshot, Push broom), Application (Military, Remote Sensing (Agriculture, Mining, Environmental), Machine Vision, Life Sciences & Diagnostic) - Global Forecast to 2027 "
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The cameras accounted for the largest market share in the Hyperspectral Imaging Systems market, product, during the forecast period

The Hyperspectral Imaging System market is segmented into cameras and accessories. In 2021, cameras accounted for a sizable market share and is expected to increase significantly between 2021 and 2027. The technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defence and industrial applications will drive the hyperspectral cameras segment.

Machine vision and optical sorting segment accounted for the highest CAGR

Based on application, the Hyperspectral Imaging System market is segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. The military surveillance segment accounted for the highest CAGR during the forecast period. This can be attributed due to Advancements in hyperspectral imaging data management and component fabrication techniques, as well as the better accuracy and consistency of hyperspectral imaging data (as compared to other conventional imaging techniques).

Pushbroom segment accounted for the largest market share in the Hyperspectral Imaging Systems market, by technology, during the forecast period

Based on technology, the Hyperspectral Imaging System market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies. The pushbroom segment accounted for the largest market share in 2021. This can be attributed to the advantages associated with pushbroom technology, such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and less capturing time

Asia Pacific region accounted for the highest CAGR.

The global Hyperspectral Imaging System market is divided into five regions: North America, Asia-Pacific, Europe, and Rest of the World. According to the regional analysis, North America dominated the global hyperspectral imaging systems market, followed by Europe. However, the Asia Pacific market is estimated to register the highest CAGR during the forecast period. Technological advancements have resulted in the development of cost-effective hyperspectral imaging systems, which are being used in several commercial applications in the price-sensitive Asia Pacific region. This is the major factor responsible for the high growth of the Asia Pacific market.

The global hyperspectral imaging systems market 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).

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