About Hyperspectral Imaging
Hyperspectral imaging also called as imaging spectroscopy is combined spectroscopy and power of digital imaging. The main aim of hyperspectral imaging is to collect the spectrum for each pixel and find objects, detect processes and identify materials by using hyperspectral cameras, hyperspectral sensors, and accessories. Increasing industrial applications such as remote sensing and machine vision of hyperspectral imaging and increasing utilization of hyperspectral imaging for environmental monitoring by many regional governments are the major drivers for the market. Additionally, the rising use of hyperspectral imaging in the healthcare sector for eye care is supplementing the growth of the market. However, high initial investments, rising reimbursement, and data storage issues, and installation costs are limiting the market. Moreover, increasing funding, investment for hyperspectral imaging, innovation in miniaturization and sensor technology may create an opportunity for the market
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 17.3% |
In the last couple of decades, the global hyperspectral imaging market was highly concentrated to very few players including Headwall Photonics, Corning Incorporated, SPECIM, Resonon, Telops, and few others. Thus the market was showing strategic monopoly in a moderately competitive environment. However, with respect to minimal initial investments in hyperspectral imaging manufacturing has favored the number of new entrants to gain market share from the local market. The global leaders business might be affected due to new entrants. Moreover, global leaders will continuously adopt strategic partnerships and technological developments to gain a competitive edge in a moderately competitive environmentThe Players having a strong hold in the market are Headwall Photonics, Corning Incorporated, SPECIM, Resonon, Telops. Analyst at AMA Research estimates that United States and European Players will contribute the maximum growth to Global Hyperspectral Imaging market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Headwall Photonics (United States), Corning Incorporated (United States), SPECIM (Finland), Resonon (United States), Telops (Canada), Norsk Elektro Optikk (Norway), Applied Spectral Imaging (United States), BaySpec (United States), Surface Optics Corporation (United States) and ChemImage Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Cubert (Germany) and Gilden Photonics Ltd. (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Hyperspectral Imaging market by , Application (Military Surveillance, Remote Sensing (Agriculture, Mining/Mineral Mapping, Environmental Monitoring), Life Sciences & Medical Diagnostics, Machine Vision & Optical Sorting and Other Applications) and Region.
On the basis of geography, the market of Hyperspectral Imaging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Product Type, the sub-segment i.e. Visible/Near-Infrared (VNIR) will boost the Hyperspectral Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hyperspectral Cameras will boost the Hyperspectral Imaging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Use of Hyperspectral Imaging in Healthcare Sector for Eye Care
Market Growth Drivers:
Increasing Industrial Applications such as remote sensing and Machine Vision of Hyperspectral Imaging and Increasing Utilization of Hyperspectral Imaging for Environmental Monitoring by Many Regional Governments
Challenges:
Rising Reimbursement and Data Storage Issues
Restraints:
High Initial investments and installation costs limiting the market
Opportunities:
Increasing Funding and Investment for Hyperspectral Imaging, Innovation in Miniaturization and Sensor Technology may create an Opportunity for the market and Growing Number of Research Projects for Hyperspectral Imaging
On November 2018, Indian Space Research Organization has launched hyperspectral imaging satellite. This is India’s 1st hyperspectral imaging satellite
Key Target Audience
Hyperspectral Imaging Manufacturers, Distributors and Suppliers, Raw Material Suppliers, Government Agencies, Private Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.