According to research report the global hyperspectral
imaging systems market is projected to reach USD 21.33 billion by
2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%.
The growing industrial
applications of hyperspectral imaging and increasing funding & investments
are the major factors driving the growth of the global hyperspectral imaging
systems market. However, data storage issues and high costs associated with the
use of hyperspectral imaging are expected to restrain the growth of this market
during the forecast period.
The hyperspectral imaging
systems market is categorized into two product segments, namely, cameras and
accessories. The cameras segment is expected to command the largest share of
the global hyperspectral imaging systems market in 2018. Factors such as recent
advances in sensor development and computing power and the availability of
low-cost cameras with widening industrial applications are driving the growth
of this market segment.
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On the basis of
application, the hyperspectral imaging systems market is segmented into
military surveillance, remote sensing, machine vision & optical sorting,
life sciences & medical diagnostics, and other applications. The life
sciences and medical diagnostics segment is expected to grow at the highest
CAGR during the forecast period. The high growth of this segment is attributed
to various advantages associated with hyperspectral imaging, such as early
detection of various types of cancer and retinal diseases.
On the basis of remote
sensing application, the hyperspectral imaging systems market is segmented into
agriculture, environmental monitoring, mining/mineral mapping, and other remote
sensing applications. The agriculture segment is expected to grow at the
highest CAGR during the forecast period.
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Among the four regional segments covered in the
hyperspectral imaging market—North America, Europe, Asia Pacific, and the Rest
of the World (RoW), Asia Pacific is expected to register the highest CAGR during
the forecast period. Factors such as 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. Also, the emerging economies in Asia
Pacific and Latin America are expected to offer significant growth
opportunities for players in the hyperspectral imaging systems market.
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