Hyperspectral Imaging Market 2021 Development Growth, Share, Outlook, Size, Trends, Manufacturers Analysis and 2027 Regional Forecast, Says Market Growth Reports

The global hyperspectral imaging market (henceforth referred to as the market studied or the HSI market) was valued at USD 131.18 million in 2019, and it is expected to reach a value of USD 289.30 million by 2025, while registering a CAGR of 14.88% during the period of 2020-2025.

The Global Hyperspectral Imaging Market Research Report 2021-2025 is a significant source of keen information for business specialists. It furnishes the business outline with development investigation and historical and futuristic cost analysis, Hyperspectral Imaging market income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the worth chain and its wholesaler examination. The Hyperspectral Imaging Market study gives extensive information which upgrades the agreement, degree, and use of this report.

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Top Companies in the Global Hyperspectral Imaging Market are - Applied Spectral Imaging Inc., Bayspec Inc., Specim Spectral Imaging Ltd, Incorporated, Surface Optics Corporation, Headwall Photonics Inc., Resonon Inc., HyperMed Imaging Inc., Norsk Elektro Optikk AS, Galileo Group Inc., Galileo Group Inc., Teledyne Dalsa Inc. (TeledyneTechnologies Inc.), IMEC Inc.

Key Market Trends On Hyperspectral Imaging-

Defense to be the Fastest Growing Segment

- The defense industry faces a variety of challenges daily, and many of the challenges need to be countered with the latest technologies. The lack of such latest technologies indirectly leads to the vulnerability of the entity. The defense sector has particularly invested in the acquisition of the latest technologies.

- The total military budget around the world was estimated to be around USD 1.8 trillion, which is an approximate increase of 2.6% compared to the previous global military budget in 2017. Such an increase in the budget is expected to create opportunities for many such innovations to be implemented in the domain.

- Defense environments are extensively using unmanned aerial vehicles (UAVs) to improve aerial and ground reconnaissance activities, and this is where HSI technologies find applications. Aerial vehicles have been in rising demand over recent years. AI-powered military machines facilitate long-term savings. The department of defense stated that the cost incurred by the Pentagon to support a soldier in Afghanistan roughly amounted to USD 850,000 per year. On the contrary, an AI-powered TALON robot costs only USD 230,000, thus saving significant amounts of public budgets. Such trends are expected to increase the scope of the market during the forecast period.

Competitive Landscape On Hyperspectral Imaging Market-

January 2020 - Specim Spectral Imaging Ltd launched Specim AFX10, which is a compact and complete solution for lightweight hyperspectral imaging that can be mounted for example on a drone.

- December 2019 - Headwall launched Hyperspec VNIR and SWIR imaging sensors for Japan Space Systems earth monitoring mission aboard the International Space Station. The Hyperspec Sensor System was launched into space for a multi-year, earth-monitoring research mission, aboard the International Space Station.

Regional Analysis On Hyperspectral Imaging Market-

Asia-Pacific to Witness the Fastest Growth

- The high investments in developing the infrastructure of armed forces in the region have boosted the growth of the market. For instance, according to an official document and military sources, India has finalized a road map to spend USD 130 billion in the next five to seven years to modernize the armed forces and reinforce their combat capacities over rivals in the region. The program includes the procurement of a range of missiles, weapons, air defense systems, drones, surveillance equipment, fighter jets, submarines and warships, and developing infrastructure for extensive use of artificial intelligence.

- Apart from India, other countries in the region, such as Japan and China, have been increasingly focusing on enhancing military forces. With a budget of about USD 178 billion in defense, the two million-strong Chinese military, the world's largest, has been focusing on developing a range of new weapons in recent years.

Prime Takeaways:

The Hyperspectral Imaging Market report covers profiling of key market player with overall business operations, news coverage, product portfolio, geographic presence, and financial status.
Value chain analysis, which is combined with competitive landscape of key players of the Hyperspectral Imaging
Market size and forecast of the Hyperspectral Imaging market for the period from 2021 to 2027.
Global presence of the market, market dynamics and evaluation by upstream and downstream of raw materials.
CAGR% for individual segments in various regional markets for a period from 2021 to 2027.

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