(PharmaNewsWire.Com, September 21, 2023 ) The report "Hyperspectral Imaging Systems Market by Product (Camera, Accessories), Technology (Snapshot, Pushbroom), Application (Military, Remote Sensing (Agriculture, Environmental), Machine Vision, Life Sciences & Diagnostics) & Region-Global Forecast to 2028", is projected to reach USD 34.3 billion by 2028 from USD 16.8 billion in 2023, at a CAGR of 15.4% during the forecast period. The growth of this market is majorly driven by rising defense funding by the government and growing investments in this field.
Hyperspectral cameras segment is expected to account for the largest share in 2022.
The hyperspectral imaging systems market, by product, has been segmented into cameras and accessories. Advancements in technology to make cost-effective hyperspectral cameras are expected to drive the hyperspectral imaging systems market.
The military surveillance segment held the largest market share in the hyperspectral imaging systems market.
By application, the global hyperspectral imaging systems market is broadly segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications. Growing investments and budgets by the government for defense will drive the market during the forecast period.
North America dominates the global hyperspectral imaging systems market
Based on the region, the hyperspectral imaging systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is driven by the rising adoption of hyperspectral imaging in military surveillance and, life sciences & medical diagnostics. Europe is the second-largest market for hyperspectral imaging systems, characterized by rising awareness of the benefits of hyperspectral imaging, and the growing demand for hyperspectral data acquisition for building application libraries are the major factors driving the market in Europe.
Major players in the hyperspectral imaging systems market include Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway).
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