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.
Mr. Shelly Singh
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