Article -> Article Details
|Title||Hyperspectral Imaging Market Growth, Industry Prospects, Segmentation & Latest Innovations|
|Category||Business --> Healthcare|
|Meta Keywords||Hyperspectral Imaging Market, Hyperspectral Imaging Market report, Hyperspectral Imaging industry, Hyperspectral Imaging Market size|
The hyperspectral market is still in the nascent phase. Increased research and development activities are underway to develop more hyperspectral imaging products.
The increasing technological advancements in hospitals, diagnostic centers, military and defense sectors, agriculture practices, and research centers are some of the major opportunities in the global hyperspectral imaging market. Moreover, the increasing demand in developing regions is also an opportunity for the growth of the market.
The global hyperspectral imaging market was estimated to be at $791.2 million in 2021, which is expected to grow with a CAGR of 13.17% and reach $1,640.3 million by 2027. The growth in the global hyperspectral imaging market is expected to be driven by the widespread applications of hyperspectral imaging technology, the increasing demand and investments from military and defense sectors, the increased emphasis of government on research and development activities, increasing prevalence of various chronic disorders and growing geriatric population, the growing awareness regarding early diagnosis of diseases, and the increasing global food safety concerns.
Impact of COVID-19
The COVID-19 pandemic had a debilitating impact on the global ecosystem. The pandemic led to a shutdown of production facilities, which do not come under essential goods which led to a negative impact on several markets. Hyperspectral imaging was negatively impacted since the pandemic led to a decline in the number of non-essential activities performed in the facilities and research centers, which subsequently impacted the adoption of hyperspectral imaging devices. Major players in the global hyperspectral imaging market faced disruptions in supply chains and the demand for products was also reduced substantially. However, this impact was offset by the continued RD in the field of HSI along with newer research on how HSI could help detect COVID-19 more quickly and accurately.
The impact of the COVID-19 pandemic on the hyperspectral imaging market is expected to be short term, and as the recovery phase of the pandemic is beginning the adoption rate for hyperspectral devices has started to resume, and increased demand for HSI is expected in the future due to unique and wide-spread benefits of the technology in the several industries.
Recent Developments in Global Hyperspectral Imaging Market
• In April 2022, IMEC International established a partnership with Bühler Group’s Leybold Optics for the production of new generation, low-cost hyperspectral imaging sensors with high resolution.
Segmentation 1: by Application
The global hyperspectral imaging market in the application segment is expected to be dominated by the mining and material segment.
Segmentation 2: by Technology
Global hyperspectral imaging is dominated by the push-broom technology segment.
Segmentation 3: by Spectral Range
Global hyperspectral imaging is dominated by the visible near-infrared (VNIR) hyperspectral imaging segment.
Segmentation 4: by Product
Segmentation 5: by Region
North America held the largest share in the global hyperspectral imaging market in 2021, and the trend is anticipated to continue during the forecast period 2022-2027.
Demand – Drivers and Limitations
Following are the drivers for the hyperspectral imaging market:
• Wide-Spread Applications of Hyperspectral Imaging Technology
The market is expected to face some limitations too due to the following challenges:
• High Cost of The Hyperspectral Devices
According to Satyendr Singh Rajput, Lead Analyst, BIS Research, "The hyperspectral imaging market is a very niche market and is expected to grow considerably since it has great potential and can be used for several applications in several fields.”
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Company Type 1: Established Companies
Company Type 2: Emerging Companies
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How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of hyperspectral products and accessories available for use in different fields. Moreover, the study provides the reader a detailed understanding of the different hyperspectral products by application, by technology, by spectral range, and by product type.
Growth/Marketing Strategy: The global hyperspectral imaging market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships, alliances, and business expansions to strengthen their position in the hyperspectral imaging market. For instance, in May 2022, Specim Spectral Imaging Ltd., a subsidiary of Konica Minolta, Inc., collaborated with Grupo Álava to expand its presence in Portugal and Spain.
Competitive Strategy: Key players in the global hyperspectral imaging market analyzed and profiled in the study involve established and emerging players that offer hyperspectral devices. Moreover, a detailed competitive benchmarking of the players operating in the global hyperspectral imaging market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
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