Global hyperspectral imaging market is forecast to touch US $ 1.2 Bn by 2029 end. On the back of increasing demand for efficient imagery analytics from industry clusters, the hyper spectral remote sensing market has witnessed a spurt in investments. Private companies along with the governments of major countries are realizing the benefits of this technology, thus investing a huge sum of money into the advancement of hyper spectral imaging technology. FluroSat, SaraniaSat etc. are some of the startups in hyper spectral imaging technology that have secured significant investments.
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NASA and ISRO on the other hand are the government organizations dedicated towards the development and exploration of finer spatial resolutions for hyper spectral imaging industry. On this premise, the global hyperspectral imaging market is expected to register a CAGR of ~5% over the forecast period.
Key Takeaways of Global Hyperspectral Imaging Market
- Global hyperspectral imaging market is expected to create an absolute value opportunity of around US$ 850 Mn by 2029 end, adding 3X more value as compared to 2019
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- Forestry and Agriculture accounted for majority of the market share in 2019 owing to wide adoption of imaging services across numerous applications
- Despite accounting for a lower market share in 2019, Aerospace & Defence will be amongst the most lucrative end use sectors and are estimated to grow at a CAGR of ~14% till 2029
- North America maintained its hegemony in the hyperspectral imaging Market in 2018, owing to high spending in hyperspectral image technology
- With anticipated growth of over 14%, East Asia is the next growth epicenter for hyperspectral imaging market owing to the surging adoption of imaging services across major industries
“Dedicated focus towards finer spectral resolutions along with niche applications are the primary strategies adopted by key service providers within the hyperspectral imaging market” Says the Fact.MR analyst.
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Targeted Solution and Technology Upgradation: Key Success factors of Hyperspectral Imaging Vendors
Market goliaths are channelizing their energies on both imaging and image processing services at cost effective rates. This helps in building a strong foundation for long term contracts with government organizations. In addition, adoption of advanced image processing tools along with inclination towards out of the box applications create a line of difference between the major players and SMEs. Application specific solutions at lower costs that too with high accuracy is what the players are focusing on. Furthermore, in order to maintain an upper hand, imaging providers are also focusing on the incorporation of novel technologies such as multisensory data fusion, cloud computing, machine learning etc.
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