Selbyville, Delaware, Aug. 14, 2023 (GLOBE NEWSWIRE) --
Hyperspectral Imaging Systems Market Size is expected to be worth USD 47 billion by 2032. The rising investments in space exploration projects will propel the demand for hyperspectral imaging systems between 2023 and 2032. With the consistent expansion of the space industry, there is an increased interest in investing in new technologies and missions. For instance, in 2022, China announced a plan to invest $1.5 trillion in space exploration over the next ten years. On the other hand, SpaceX raised $1.5 billion in May 2022 to develop its Starship rocket and Starlink broadband internet system.
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Hyperspectral imaging is finding extensive application scope in space missions for planetary exploration, geological surveys, and mapping. As a result, the increasing investment in space exploration fuels the demand for such systems, thus, carving a healthy expansion trajectory for the hyperspectral imaging systems industry.
Hyperspectral imaging accessories demand to soar
The hyperspectral imaging systems market from accessories segment is anticipated to accumulate a commendable industry share by 2032. The demand for Hyperspectral imaging accessories is driven by the increasing adoption of Hyperspectral imaging technology in various industries, including agriculture, environmental monitoring, healthcare, and defense. In 2022, a company called CropLogic used hyperspectral imaging to develop a new way to assess the health of corn crops. This company's technology can help farmers identify and treat corn crops that are stressed or diseased. The need for enhanced data acquisition, analysis, and application-specific solutions fuels the demand for accessories such as specialized sensors, lenses, software, and integration with drones, catering to diverse and evolving industry requirements.
Snapshot hyperspectral imaging to gain traction
The hyperspectral imaging systems market share from the snapshot segment will witness appreciable expansion over 2023-2032. Snapshot hyperspectral imaging technology can capture a full hyperspectral data cube in a single snapshot, providing real-time and instantaneous results, eliminating the need for time-consuming scanning or moving parts. This makes it more efficient and practical for various applications, including medical diagnostics, surveillance, and industrial inspection, driving its popularity and adoption in diverse industries. To illustrate, in 2022, a team of researchers from Northwestern University used snapshot hyperspectral imaging to create a real-time map of oxygen levels in the retina This could be used to diagnose and monitor retinal diseases such as glaucoma and diabetic retinopathy.
Remote sensing applications to bring lucrative gains
The remote sensing segment could dominate the application spectrum of the hyperspectral imaging systems market through 2032. The demand for hyperspectral imaging systems in remote sensing applications is driven by their ability to capture detailed and precise spectral information across a wide range of wavelengths. This enables better identification and characterization of objects and materials from a distance, making it essential for environmental monitoring, mineral exploration, agriculture, and disaster management, where accurate and comprehensive data is crucial for informed decision-making.
Asia Pacific to become a major gains ground
Asia Pacific hyperspectral imaging systems market could amass a noticeable valuation by 2032. The demand for hyperspectral imaging systems in the Asia Pacific is driven by several factors, including the region's growing economies and industrial sectors, increasing adoption of advanced technologies in agriculture and environmental monitoring, rising investments in defense and security applications, and a surge in research and development activities. Additionally, government initiatives supporting innovation and technological advancements further fuel the demand for hyperspectral imaging solutions in the region.
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Mergers and acqusition to define the competitive landscape
Major companies in the hyperspectral imaging systems market include Surface Optics Corporation, Headwall Photonics, Inc., Corning Incorporated, Telops Inc., Norsk Elektro Optikk AS, Applied Spectral Imaging, Surface Optics Corporation, Spectral Imaging Ltd., Resonon, Specim, XIMEA GmbH, Bayspec Inc., among others.
Players operating in this space are implementing various increase strategies such as collaborations, partnerships, M&A, and new product development and launches to gain a competitive edge. For instance, in January 2023, Specim, a leading manufacturer of hyperspectral imaging systems, announced that it has acquired BaySpec, a provider of hyperspectral imaging systems for the defense and security markets. This acquisition will allow Specim to expand its product portfolio and reach new markets,
Partial Table of Contents (ToC) of the report:
Chapter 3 Hyperspectral Imaging Systems Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Growing demand in remote sensing applications
3.2.1.2 Increasing industrial applications of hyperspectral imaging
3.2.1.3 Technological advancements in hyperspectral imaging systems
3.2.1.4 Increasing government initiatives and funding
3.2.2 Industry pitfalls & challenges
3.2.2.1 Lack of skilled operators
3.2.2.2 High costs associated with the use of hyperspectral imaging
3.3 Outgrowth potential analysis
3.3.1 By product
3.3.2 By technology
3.3.3 By application
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Technology landscape
3.7 Porter's analysis
3.8 PESTEL analysis
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