Press release
Hyper Spectral Imaging Market - Global Industry Analysis and Forecast 2024
“In order to maintain their lead, leading players are mostly focusing on expanding their regional footprint and product portfolio through mergers and acquisitions,” said a lead TMR analyst. Besides this, focusing on product innovation is also considered indispensable for gaining competitive edge. Strategies adopted by established and regional players alike, have a profound impact on the overall market.
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According to TMR, the global hyper spectral imaging system market, which stood at US$9.12 bn in 2015, is expected to reach US$18.88 bn by the end of 2024. If these figures hold true, the overall market will exhibit a CAGR of 8.4% between 2016 and 2024. Based on end use, the military surveillance and homeland security segment emerged dominant, with a valuation of US$1.86 bn in 2015. However, exhibiting the highest CAGR during the forecast period, the food processing industry will exhibit the highest demand for hyper spectral imaging system. Regionally, North America emerged dominant with a share of 34% in the global market in 2015.
Diverse Industrial Applications of Hyper Spectral Imaging Systems to Aid Growth
Enterprises operating in the market will primarily gain from the expanding industrial applications of hyper spectral imaging system. As per TMR, the application of these systems has expanded across pharmaceutical, forensics, food and agriculture, packaging, automotive, and minerals & mining industries. They are used in detecting missing coating, tablets, and differentiating dope among other applications across the aforementioned industries. Besides this, the increasing use of hyper spectral imaging systems in remote sensing and surveillance will augment the market’s growth.
In the last few years, hyper spectral imaging system successfully forayed into the food processing industry. Its use as an analytical tool for testing quality and safety of packaging foods has gained pace. Spurred by this, the global market is poised to exhibit positive growth in the coming years.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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