Global Hyperspectral Imaging Market to Grow at an Estimated CAGR of 13.2% by 2030

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The global hyperspectral imaging market is anticipated to grow at a CAGR of 13.2% during the forecast period 2021-2030. The hyperspectral imaging market is primarily driven by some crucial factors such as growing awareness across the industries such as food and life science etc. regarding hyper spectral imaging techniques, growing adoption of hyperspectral imaging among various medical procedures such as surface tissue, mucosal membrane analysis, ophthalmology and vascular system etc. Furthermore, growing use of the technique in various research activities are also supporting for the growth of market. In current period, there has been a sudden increase in the demand of high band width communication owing to rapid industrialization and growing number of new ventures.

Browse the full report at https://www.atlanticmarketresearch.com/hyperspectral-imaging-market

Big data market is witnessing a rapid growth from last few years and is projected to continue this trend in the upcoming scenario as well. According to Atlantic Market Research Analysis, big data market is estimated to top $70.7 billion in 2022 attaining a CAGR of 19.2% for the forecast period 2016-2023. The growth of this market is backed by the tremendous increase in the organizational data. Big data solutions empower enterprises to analyze and manage the generated data to assist in instant decision making. Generation of high volume of data has forced enterprises to adapt such solutions which can provide the valuable information/data as and when needed in presentable terms such as graphical representation.

The report has an analysis of emerging and leading companies in the current worldwide hyperspectral imaging market. The competitive environment is observed and are majorly focused on how new technologies and products are influencing the current hyperspectral imaging market.  Military surveillance held the largest market share of 17.8% in 2020. The growth of hyperspectral imaging market is driven by increasing adoption of hyper spectral imaging in defense, Today’s surveillance needs demand a substantial level of discrimination and necessitate the capacity to recognize, detect, and identify humans and targets of interest rapidly and efficiently.

Hyperspectral imaging is stepping into medical research as one of the key emerging trend in global hyperspectral imaging market. Adoption of hyperspectral imaging in ophthalmology, surface tissue, mucosal membrane analysis, vascular system and gastrointestinal tract is increasing on a rapid pace which is contributing to the growth of this market. Moreover, its property of image formation with uniqueness of classification and identification of information has increased the usage of hyperspectral imaging in industrial applications. It is a rising technology for medical applications such as disease diagnosis and image guided surgery.  The Increase in R&D investment of medical devices is also contributing to the growth of hyperspectral imaging.

Globally, North America is the largest market of hyper spectral imaging. In 2020, North America has a market share of 47.30%. The major reason for high market share is prevalence of major manufacturers in the region with increased awareness and adoption of the HIS technology. Europe holds the second largest market share followed by Asia Pacific. However, Asia Pacific is anticipated to grow at the highest CAGR of 16.5% during forecast period.

Global hyper spectral imaging market is exceedingly consolidated, as it has huge number of companies globally. Globally, around more than 200+ small and big players are operating in these markets. Furthermore, these companies are competitive in nature. They all are actively trying to cater new clients, with their rapid changing needs.  Some of the key market players are Applied Spectral Imaging Ltd., Brandywine Photonics LLC, ChemImage Corporation,  Cubert-GmbH,  CytoViva, Inc.,  Gilden Photonics Ltd.,  Headwall Photonics, Inc.,  HyVista Corporation Pty Ltd.,  Imec,  LemnaTec GmbH,  Norsk Elektro Optikk A/S,  Optics A/S,  Specim Spectral Imaging Ltd.,  Surface Optics Corp. and  Telops Inc.

KEY MARKET MOVEMENTS

  • The global hyperspectral imaging market is anticipated to grow at a CAGR of 13.2% during the forecast period 2021-2030.
  • The hyperspectral imaging market is primarily driven by some crucial factors such as growing awareness across the industries such as food and life science etc. regarding hyper spectral imaging techniques, growing adoption of hyperspectral imaging among various medical procedures such as surface tissue, mucosal membrane analysis, ophthalmology, and vascular system, etc.
  • Big data market is estimated to top $70.7 billion in 2022 attaining a CAGR of 19.2% for the forecast period 2016-2023.
  • Military surveillance held the largest market share of 17.8% in 2020.
  • Hyperspectral imaging is stepping into medical research as one of the key emerging trend in global hyperspectral imaging market.
  • Globally, North America is the largest market of hyper spectral imaging. In 2020, North America has a market share of 47.30%.
  • Asia Pacific is anticipated to grow at the highest CAGR of 16.5% during forecast period.
  • Key market players include Applied Spectral Imaging Ltd., Brandywine Photonics LLC, ChemImage Corporation,  Cubert-GmbH,  CytoViva, Inc.,  Gilden Photonics Ltd.,  Headwall Photonics, Inc.,  HyVista Corporation Pty Ltd.,  Imec,  LemnaTec GmbH,  Norsk Elektro Optikk A/S,  Optics A/S,  Specim Spectral Imaging Ltd.,  Surface Optics Corp. and  Telops Inc.
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