Backed by increasing demand for efficient imagery analytics from industry clusters, the hyperspectral imaging market is witnessing an upsurge. Projecting the market growth at a steady CAGR of 5% from 2019 to 2029, a new report by Fact.MR provides an inclusive analysis of the hyperspectral imaging market. The growth is primarily fueled by equal demand from private companies and governments, which are leveraging on the benefits of the technology, to incorporate in their applications.
Hyperspectral Imaging Market – Key Takeaways
- The global hyperspectral imaging market is expected to triple its market value by the end of the forecast period.
- Forestry and agricultural applications will account for the majority of share on the back of wide adoption of imaging services across numerous applications.
- Aerospace & defense will be one of the most lucrative end-use industries and is expected to grow at a healthy CAGR.
- Owing to high spending in imaging technology, North America will reign supremacy as the leading regional market for hyperspectral imaging.
- Invigorated by surging adoption of imaging services in major industries, East Asia is anticipated to witness a tremendous growth at a CAGR of 14%.
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Hyperspectral Imaging Market – Key Driving Factors
- Owing to technological advancements in the remote sensing industry, the demand for hyperspectral imaging in land development-related industries such as agri-tech, real estate, and mining is propelling.
- Targeted advertising, crowd simulation, and geodatabase for antiquities are some of the lucrative areas where the applications of hyperspectral imaging are growing year-on-year.
- The growth is further being complemented by support from governments and militaries across the globe.
Hyperspectral Imaging Market – Key Restraint
- The high cost and data storage issues associated with the use of hyperspectral imaging are likely to hinder the growth of the market.’
Competition Landscape
Some of the key players in the hyperspectral imaging market are Airbus Defence and Space, Hexagon AB, CYIENT, Planet Labs, and Satellogic SA, among others. The leading players are focusing on developing new technologies such as multisensory data fusion, cloud computing, and machine learning. Furthermore, to sustain the positive growth trajectory, the players are focusing on business expansion by providing services in niche applications, along with long terms contracts with government organizations. On this premise, emerging players such as FluroSat, SaranitaSat etc. have secured significant investments.
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About the Report
The 170-page offers an unbiased analysis of the Hyperspectral Imaging market, presenting historical data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the Hyperspectral Imaging market on the basis of the end-use industry (mining and mineral, forestry and agriculture, infrastructure and urban planning, oil & gas, utility and energy, Aerospace & Defence, Environment Monitoring and Control and Other Industries) across seven major regions.
Media Release- https://www.factmr.com/media-release/1348/global-hyperspectral-imaging-market