hyperspectral imaging market is witnessing considerable growth due to widening industrial application of hyperspectral, technological advancement in sensor design, increasing demand for data accuracy and consistency, and increasing number of research projects using hyperspectral imaging techniques.
Moreover, increasing adoption of hyperspectral imaging in various medical procedures such as ophthalmology, gastrointestinal tract, mucosal membrane analysis, vascular system and surface tissue is supporting the growth of the market. The manufacturing of low cost camera, which are compact and lightweight, is also driving the growth of the market.
Based on component, the hyperspectral camera segment is expected to account larger share of the market, due to increasing adoption of hyperspectral technology in defense and commercial applications, technological advancement and development of affordable hyperspectral imaging camera. Moreover, based on application, the life sciences and medical diagnostics is expected to grow at fastest rate during the forecasted period, due to accuracy of image data and analysis and advancement in hyperspectral cameras.
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The rapid growth in emerging economies is expected to create opportunity for the manufacturers of hyperspectral imaging products. However, high cost associated with the use of hyperspectral imaging, lack of skilled professionals, lack of awareness, and analyzing the high amount of imaging data generated are the key factors hampering the growth of the global market.
Hyperspectral imaging is a process of collecting and processing information across the electromagnetic spectrum. It is the combination of spectroscopy and digital imaging used to produce hyperspectral images with spectroscopic methods such as visible, near-infrared and fluorescence imaging.
It can also measure emission, absorption and reflection of electromagnetic radiation and identifies immitigable spectral signature. It provides increased sensitivity and discrimination abilities over the conventional imaging and detection methods.
Hyperspectral imaging leads to a massively improved ability to categorize the objects based on their spectral properties. Hyperspectral imaging uses reflected, transferred, or emitted light from each point in the sample image to generate a spectral-based contrast in the image.
Geographically, North America has been the largest market for hyperspectral imaging, owing to increased awareness and adoption of hyperspectral imaging technology, adoption of hyperspectral imaging technology for aerial remote sensing application and research, and technological advancement in sensor design of hyperspectral imaging. The U.S. contributed largest revenue to the North American as well as global hyperspectral imaging market.
The increasing awareness benefits of hyperspectral imaging in commercial imaging is the key growth driving factor for the U.S. hyperspectral imaging market.
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The key players operating in the global hyperspectral imaging market are Headwall Photonics Inc., Corning Incorporated, Resonon, Telops Inc., Norsk Elektro Optikk AS, Bayspec Inc., Surface Optics Corporation, Applied Spectral imaging, and Chemimage Corporation.
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