Hyperspectral Imaging System Market Surpass $22 Billion By 2026 | CAGR 8%

Author: Acumen Research and Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Hyperspectral Imaging System Market (Product: Cameras, and Accessories; Application: Military, Remote Sensing, Medical Diagnostics, Machine Vision & Optical Sorting, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, forecasts that the global market for adhesive and sealants is expected to grow at a CAGR of around 8% from 2018 to 2026 and reach the market value of over $22 billion by 2026. Hyperspectral imaging attached with spatial model detection algorithm enables soil pattern detection, contaminants detection, coating situation assessment, and defect classification in the manufacturing process.

Generally, the hyperspectral machine vision system is ideal for controlling process including automated commodity sorting and picking. This process offers more accurate and faster results than the conventional machine vision system. As machine vision is a vital tool for various sectors including pharmaceutical, chemicals, and food & beverages, adoption of hyperspectral imaging in all the sectors is increasing. Also, this system is an important tool for analyzing the topography of waste materials including, metal, plastic, and paper. Increasing demand adoption in the application of hyperspectral imaging in ophthalmology, surface tissue, mucosal membrane analysis, gastrointestinal tract, and vascular system, technological advancements in hyperspectral imaging, and the increasing adoption of hyperspectral imaging for carrying out different activities are propelling the growth of the global hyperspectral imaging market. There are wide applications of hyperspectral imaging with growing adoption of hyperspectral imaging in mining, life science, military surveillance, and diagnostics, increasing demand for diagnosis, increasing health care awareness, life science and diagnostics, increasing health care expenditure, demand for data accuracy, rising government initiatives, and consistency are some of the major key factors driving the growth of the global hyperspectral imaging market. Meanwhile, the lack of skilled professionals, high installation cost, and reimbursement issues act as the major hindering factor for the growth of the global hyperspectral imaging market.

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Hyperspectral Imaging System Permit Wide Range Of Industrial Applications

Hyperspectral imaging system is widely used in the industrial application and also it has accounted to hold the largest market share during the forecast period. Hyperspectral imaging systems supply identification and classification information, in addition, to provide image information. This property plays a vital role in numerous industrial and other applications, and also many applications have yet to be discovered. Advancement in technology and manufacturing capabilities make this possible to design and fabricate systems that are compact in size, cost-effective and high-performing. These compact size systems will grow adoption in industrial applications to provide hyperspectral information which will grow rapidly, rise in awareness and accessibility increase. The vertically integrated production of hyperspectral systems - in which the design, analysis, and production of splits, gratings and all optical and mechanical components can be carried out under the same roof - is well positioned to meet this growing need in the industrial applications. Vertical integration allows system designs that snap together, require few parts or alignments and are minimal in size, weight, and cost.

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Regional Analysis

North America is accounted to be the leading region in terms of revenue with the U.S being the most attractive hyperspectral imaging system market. China market is seen to be growing at the fastest rates owing to the increase in the custom of hyperspectral imaging in research activities. During the forecast period, the regions which follow North America hyperspectral imaging market in term of revenue are South East Asia and other of APAC, and China due to high adoption of hyperspectral imaging in research and rise in the spending for research in these regions. Furthermore, growing attentiveness about the benefits of a hyperspectral imaging system worldwide has led to the overall growth of the market and has been a major factor contributing to the growth of the hyperspectral imaging market.

Key Players

Some of the key players operating in the global hyperspectral imaging system market, profiled in the report include Headwall Photonics Inc., Resonon, Corning Incorporated, Norsk Elektro Optikk AS, Surface Optics Corporation, Bayspec Inc., Chemimage Corporation, Applied Spectral Imaging, Telops Inc. and among others.

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