Global Hyperspectral Imaging Market : Rising Adoption From Small And Medium-Sized Enterprises To Fuel Growth To 2023
The global hyperspectral imaging market was valued at REDACTED in 2017 and is expected to reach REDACTED by the end of 2023, growing at a compound annual growth rate (CAGR) of REDACTED. Hyperspectral imaging collects and processes information across the electromagnetic spectrum like other spectral imaging. The hyperspectral camera that is used for the imaging requires the light intensity for a large number of contiguous spectral bands for each pixel in an image.
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The hyperspectral imaging finds application across or in the stages of product development including installation, maintenance, manufacturing and research and development. Hyperspectral images provide much more detailed
information than those obtained from a normal color camera. Corresponding to visual primary colors blue, green and red, the hyperspectral images obtains three different spectral channels. Recent advancement in sensor design and processing speed has cleared the path for a wide range of applications employing hyperspectral imaging. Apart from this, increasing focus on better imaging with regards to pixels in different applications such as healthcare is expected to have a positive impact on the demand for hyperspectral imaging globally. Moreover, increasing adoption of hyperspectral imaging in the field of diagnostics, life science, military surveillance and mining are the key driving factors for the hyperspectral imaging market. Because of these factors, the hyperspectral imaging market is expected to experience robust growth throughout the forecast period from 2017 through 2023.
By technology, the spectral scanning segment held the largest market share and is expected to remain the market leader throughout the forecast period. The advantage of being able to pick and choose spectral bands and having a direct representation of the two spatial dimensions of the scene, is driving the market of spectral scanning in healthcare and agriculture applications. The spectral scanning segment held a market share of REDACTED in 2017 and is expected to hold a market share of REDACTED by 2023. Increasing demand to improve the data-quality spectrum that can scan all frequencies supported by a wireless card is one of the major factors fueling the demand for spectral scanning meter
By system, airborne cameras for hyperspectral imaging held the largest market share, with a market share of REDACTED in 2017. Moreover, with increasing demand for portability and ease of handling, the demand for airborne cameras for hyperspectral imaging is expected to experience substantial growth throughout the forecast period.
The application of hyperspectral imaging in the military surveillance segment held the largest market share in 2017 and is expected to remain the market leader throughout the forecast period. Increasing focus on product quality along with the reduction of maintenance time is one of the major factors fueling the demand for hyperspectral imaging in the military surveillance segment. However, with technological innovations and manufacturers focusing on developing innovative technologies in order to gain competitive advantage, the application of hyperspectral imaging in agriculture is expected to be the fastest-growing segment.
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North America is expected to be the largest market for hyperspectral imaging globally. The presence of many manufacturing utilities and demand for improved product quality is one of the major factors fueling the demand for hyperspectral imaging in North America. In addition, automation of existing utilities is also having a positive impact on the demand for hyperspectral imaging in North America.
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