New York, United States , July 25, 2023 (GLOBE NEWSWIRE) -- The Global Hyperspectral Imaging Systems Market Size is to grow from USD 16.1 Billion in 2022 to USD 47.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.3% during forecast period.
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Hyperspectral imaging is often referred to as imaging spectroscopy devices. In terms of image quality, hyperspectral imaging differs from multispectral imaging in that it provides more sensitivity than conventional or multispectral imaging. These systems have a wide range of applications in industries such as healthcare, R&D, the food industry, the military industry, and others, including remote sensing, calorimetry, and night vision. Hyperspectral imaging varies from multispectral imaging in terms of picture quality, and it offers higher sensitivity than conventional or multispectral imaging, among other benefits. Using multispectral imaging as an example, each dataset contains between 2 and 20 photographs, whereas hyperspectral imaging has more than 20 photos per dataset. Furthermore, multispectral imaging offers 4 to 20 data points per pixel, but hyperspectral imaging covers the whole spectrum per pixel (and hence costs more).
Market demand is being driven by the rising requirement for data quality and consistency in HIS (hyperspectral imaging technology) applications such as weather, food, agriculture, and military. HSI employs sound analytical methodologies in areas such as food and agriculture that make use of image technology. Over a hundred nearby spectral bands are captured by hyperspectral imaging systems. While hyperspectral photography may be used to characterize and identify materials, multispectral images can be used to discern between landscape patterns and land surface features. Furthermore, Fast processors, sensitive detectors, and massive data storage capacity are necessary for hyperspectral data analysis. Hyperspectral cubes are massive multi-dimensional datasets that can be hundreds of terabytes in size, demanding a substantial amount of data storage space. These factors significantly increase the overall cost of obtaining and evaluating hyperspectral data. Because it is difficult and expensive to transfer and store such massive amounts of data, researchers face comparable challenges in sifting through the data on their while using just the most significant photos.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on the, "Global Hyperspectral Imaging Systems Market Size, Share, and COVID-19 Impact Analysis, By Product (Camera, Accessories), By Technology (Push Broom, Snapshot, Others), By Application (Military, Remote Sensing, Medical Diagnostics, Machine Vision & Optical Sorting, ad Others), By End User (Food & Agriculture, Healthcare, Defense, Mining & Metrology, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The camera segment is dominating the market with the largest market share over the forecast period.
The global hyperspectral imaging systems market is classified into cameras and accessories. Throughout these sectors, the camera segment has the greatest revenue share in the market over the projection period. A hyperspectral camera monitors light intensity over a wide range of spectral bands. Every pixel in the image has a continuous spectrum with this characteristic, which may be used for exact and thorough object identification. Furthermore, the availability of low-cost cameras and enhanced computing power are likely to expand the use of these devices during the forecast period.
The snapshot segment is influencing the largest market share over the forecast period.
The worldwide hyperspectral imaging systems market is segmented by application into push broom, snapshot, and others. Among these segments, the snapshot sector dominates the market. Several factors contribute to the increased use and expanded uses of snapshot technology in hyperspectral imaging systems, such as patient snapshots, which give an aggregated image of a patient's whole clinical data at once. Snapshot hyperspectral imaging systems are capable of real-time imaging, allowing for rapid data collection and analysis.
The military segment is dominating the largest market share over the forecast period.
The worldwide hyperspectral imaging systems market is bifurcated by applications into the military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. Because of developments in data management and component production techniques, the military segment leads the market. Military applications for hyperspectral imaging include tracking and identification of soldiers and other objects. Improved accuracy and consistency over other traditional imaging techniques are driving category growth.
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North America dominated the market with the largest market revenue during the forecast period.
North America will dominate the significant market growth during the forecast period due to Increased funding has boosted scientific initiatives in the region. The United States spends the most money per person on healthcare and has the most research funds and grants available through government agencies such as the National Institutes of Health (NIH). The increased attention on healthcare and related policies, such as the Patient Protection and Affordable Care Act, is fueling market development.
Asia Pacific is predicted to generate the highest revenue market growth throughout the forecast period during the forecast period, because of the availability of a large pool of patients, improved healthcare awareness, government funding for R&D, and planned research programs. The increased need for hyperspectral imaging in research, remote sensing, and mining exploration is likely to drive regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Hyperspectral Imaging Systems Market include Imec, XIMEA GmbH, Resonon, Inc., Headwall Photonics, Inc., Telops Inc., Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Applied Spectral Imaging, Spectral Imaging Ltd., Pixxel, Surface Optics Corporation, and Among Others.
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Recent Development
In September 2022, NASA and the US Geological Survey announced the use of advanced aerial photography to map important minerals in parts of the Southwest United States. To better understand the Earth's geology, biology, and the consequences of climate change, the scientists examined hyperspectral data from hundreds of wavelengths of reflected light. The Geological Earth Mapping Experiment (GEMx) uses NASA's Hyperspectral Thermal Emission Spectrometer (HyTES) and Airborne Visible/Infrared Imaging Spectrometer (AVIRIS) equipment flown on NASA's ER-2 and Gulfstream V planes to collect data across the country's dry and semi-arid areas.
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