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Hyperspectral Imaging System Market 2024: Growth Analysis and Key Insights
Hyperspectral Imaging System
Hyperspectral Imaging System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $51.76 billion In 2028 At A CAGR Of 19.5% :
The hyperspectral imaging system market size has grown rapidly in recent years. It will grow from $21.33 billion in 2023 to $25.35 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rising healthcare expenditure, rising use of diagnostic medical imaging and rising advanced healthcare infrastructure.
The hyperspectral imaging system market size is expected to see rapid growth in the next few years. It will grow to $51.76 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to increasing cancer cases, increasing geriatric population, increase in healthcare access and rise of autonomous vehicles. Major trends in the forecast period include focus on product innovations, collaborations and acquisitions, investments, technology advancements and using artificial intelligence.
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Hyperspectral Imaging System Market Major Segments
The hyperspectral imaging system market covered in this report is segmented -
1) By Product: Cameras, Accessories
2) By Technology: Push Broom, Snapshot, Other Technologies
3) By Application: Military Surveillance, Remote Sensing, Life Sciences and Medical Diagnostics, Machine Vision And Optical Sorting, Other Applications
4) By End user: Food and Agriculture, Healthcare, Defense, Mining and Metrology, Other End-Users
Key Driver - Surging Demand For Autonomous Vehicles Drives Growth In The Hyperspectral Imaging System Market
The growing popularity of autonomous vehicles is expected to propel the growth of the hyperspectral imaging system market going forward. An autonomous vehicle is a motor vehicle that can operate without the assistance of a human driver. Hyperspectral imaging systems can significantly enhance the perception and decision-making capabilities of autonomous vehicles, making them more capable of navigating diverse and challenging environments with increased safety and efficiency. For instance, in 2021, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, data, the number of SUVs on the road worldwide climbed by more than 35 million in 2021. SUVs account for more than half of all cars sold in the US and Europe. SUVs are expected to account for almost 45 % of worldwide vehicle sales in the coming years. Therefore, the growing popularity of autonomous vehicles is expected to boost demand for the hyperspectral imaging system market.
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Prominent Trend - Product Innovations Drive Growth In The Hyperspectral Imaging Systems Market
Major companies in the hyperspectral imaging systems market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Resonon, a US-based company that designs and manufactures hyperspectral imaging cameras and complete hyperspectral solutions, launched two new near-infrared (NIR) range (925‒1700 nanometer) hyperspectral imagers. The Pika IR-L is a lightweight and compact Near-Infrared (925-1,700 nm) imager and the Pika IR-L+. The new imagers are smaller, nearly three times lighter, and boast improved spectral resolution compared to the current generation of NIR imagers.
Hyperspectral Imaging System Market Players
Major companies operating in the hyperspectral imaging system market report are Corning Incorporated, Cubert GmbH, Norsk Elektro Optikk AS, Telops Inc, Thorlabs Inc., Surface Optics Corporation, Applied Spectral Imaging Inc, Headwall Photonics, XIMEA GmbH, Bayspec Inc, DAEIL SYSTEMS Co Ltd, LightPath Technologies Inc, Zolix Instruments Co Ltd, Beijing Huaqiang Zongheng Technology Co Ltd, Shenzhen Wayho Technology Co Ltd, Specim, Pixxel, Imec, Photonis, Resonon partners, NTechLab, Russian Space Systems (RKS), Geoscan Group, Space Research Institute of the Russian Academy of Sciences, ScanEx Research and Development Center Terrasigna, TRL Space, Romanian Space Agency, MDA Corporation, ITRES Research Limited, Optech (Teledyne Optech), APEX Spectral Technol, ImpactVision, Vitta, Hi Technologies, Brain4care, TissueLabs, Ninsaúde, Zane Wave, Mvp Tech, N Tech Security Systems, Ansari Security Systems, V-ITS, Rezatec, HyVista Corporation,, Specto Natura, Sokotra Capital Ltd
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Largest And Fastest Growing Region In The Market
North America was the largest region in the hyperspectral imaging system market in 2023. The regions covered in the hyperspectral imaging system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hyperspectral Imaging System Market Report Structure
3. Hyperspectral Imaging System Market Trends And Strategies
4. Hyperspectral Imaging System Market - Macro Economic Scenario
5. Hyperspectral Imaging System Market Size And Growth
…..
27. Hyperspectral Imaging System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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