Hyperspectral Imaging Systems Market in terms of revenue was estimated to be worth $16.8 billion in 2023 and is poised to reach $34.3 billion by 2028, growing at a CAGR of 15.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by rising defense funding by the government and growing investments in this field.
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Hyperspectral cameras segment is expected to account for the largest share in 2022.
The hyperspectral imaging systems market, by product, has been segmented into cameras and accessories. Advancements in technology to make cost-effective hyperspectral cameras are expected to drive the hyperspectral imaging systems market.
The military surveillance segment held the largest market share in the hyperspectral imaging systems market.
By application, the global hyperspectral imaging systems market is broadly segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. Growing investments and budgets by the government for defense will drive the market during the forecast period.
North America dominates the global hyperspectral imaging systems market
Based on the region, the hyperspectral imaging systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by the rising adoption of hyperspectral imaging in military surveillance and, life sciences & medical diagnostics. Europe is the second-largest market for hyperspectral imaging systems, characterized by rising awareness of the benefits of hyperspectral imaging, and the growing demand for hyperspectral data acquisition for building application libraries are the major factors driving the market in Europe.
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Hyperspectral Imaging Systems Market Dynamics:
Drivers:
- Increasing funding and investments for innovation in hardware and software advancement
- Growing industrial applications of hyperspectral imaging
- Increasing need for remote sensing data in defense/homeland security operations and commercial applications
Restraints:
- Data storage challenges and high costs in hyperspectral imaging systems
Opportunities:
- AI-based hyperspectral sensing techniques for food, agriculture, and medical applications
- Untapped market opportunities in emerging countries
Challenges:
- Lack of cost-effective super-resolution in spatial domain
Key Market Players:
Major players in the hyperspectral imaging systems market include Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).
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