The global hyperspectral imaging market is anticipated to grow at a significant CAGR of 11.7% during the forecast period. The application of hyperspectral imaging is significantly increasing in different areas such as biotechnology and pharmaceutical, medical diagnosis, environment monitoring, and agriculture during the forecast period. There are various key factors that are contributing to the growth of the global market and one such is technological advancement and innovation. The market players are constantly innovating technology to achieve their enhanced goals, which has increased the scope for different developments and has increased the demand in multiple industries. Spectroscopy and digital imaging is a combination of hyperspectral imaging that enhances sensitivity toward conventional imaging and detection methods. For instance, in April 2022, Pixxel launched a hyperspectral imaging satellite on SpaceX’s Transporter-4 mission which has one of the highest-resolution hyperspectral commercial cameras ever flown. However,
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The impact of COVID-19 occurred in early 2020, which affected most businesses across the globe. Initially, the hyperspectral imaging market also faced lower sales but the market was impacted lower than the many other markets. Corning Inc, one of the major companies in the hyperspectral imagingmarket recorded a bit lower sales in 2020 as compared to 2019. However, the hyperspectral imaging market is projected to grow as the technology can be an exceptional tool for analyzing COVID-19 rashes. For instance, hyperspectral imaging technology provider HinaLea Imaging (Emeryville, CA) entered a research program to investigate the prognostic value of skin findings associated with the COVID-19 infection using the company’s advanced hyperspectral imaging system. As the situation got normalized, the sales increased exponentially. As per Corning Inc, sales reached $14.0 billion in 2021 which was $11.3 billion in 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Hyperspectral ImagingMarket Report Segment
By End-User
- Medical Industry
- Military and Defense Industry
- Agriculture and Forestry Industry
- Food & Beverages Industry
- Mining Industry
- Other Industries
By Component
- Cameras
- Other Accessories
Global Hyperspectral Imaging Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hyperspectral imaging market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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