Surging Application Areas to Bolster Hyperspectral Imaging Market
Hyperspectral images can effectively distinguish between multiple objects and physical materials, thus unfolding utilization in broad application areas such as mineral detection, environment monitoring, precision agriculture, and urban planning.
Support from governments across the globe and militaries around the world, as well as growing interest from land development-related industries such as agri-tech, real estate and mining, the hyperspectral imaging technology is approaching commercial viability.
Further, on the back of recent advancements within the remote sensing industry, hyperspectral imaging services are increasingly being used for newer application areas such as business geocoding, banking and the retail sector.
Further, as the advantages and offerings of hyperspectral imaging are becoming popular, its use for out of the box opportunities is also envisaged upon. Targeted advertising, crowd simulation and geodatabase for antiquities are amongst the most lucrative areas for hyperspectral imaging market.
North America to Remain Under Spotlight in Hyperspectral Imaging Market
North America accounted for over 30% of the Hyperspectral Imaging market share in 2019 on the back of high spending on hyperspectral images. Regionally, North America region has witnessed high adoption of imaging services for mining & mineral, forestry & agriculture and aerospace & defence etc.
Further, dedicated satellites for hyperspectral remote sensing are also one of the prominent factors fuelling the regional hyperspectral imaging market growth. Further, government bodies are re-aligning their strategies and focusing on hyperspectral imaging satellite launches.
Additionally, activities of players targeted at hyperspectral solutions adds value to the North American market. SaraniaSat and HyperSat LLC, both based out of US have secured significant investments for developing high resolution hyperspectral imaging technologies.
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Forestry and Agriculture to Command leading share in the Global Hyperspectral Imaging Market
Forestry and agriculture as an end-use sector are forecast to hold the highest market share in hyperspectral imaging market amongst other industries. Hyperspectral imaging serves various use cases under forestry and agriculture including vegetation classification, seed performance analysis, weed mapping, forest management and others.
Further, the amount of data collected on farms through sensors has increased dramatically over the last decade, and hyperspectral imaging service providers have synced offerings to leverage the data and provide solutions to farm owners.
Vendors dedicated towards providing hyperspectral imaging solutions are also involved in attracting investments that further drive the segmental growth. For instance, in December 2018, FluroSat that deals in providing software for detecting crop health has raised an investment worth US$ 0.69 Mn in seed round.
The amount is dedicated towards developing decision support platform for grain and cotton producers.
Technology Upgradation to give Impetus to Hyperspectral Imaging Market
Remote sensing is continuously evolving and multisensory data fusion technology has gained attention of service providers which is aimed at providing higher resolutions in lesser time. Also, higher temporal resolution frequencies tend to provide accurate analysis.
Furthermore, cloud computing is enabling lower data storage and computing costs while machine learning is aimed at reducing the analysis time of hyperspectral imageries.
This has enabled imaging service providers to offer not just the images but solutions to end users. Moreover, leading imagery service providers are focusing on business expansion through an increasing range of services across niche applications along with establishing long term contracts with government organizations.
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Hyperspectral Imaging Market Segmentation
Fact.MR has studied the hyperspectral imaging market with detailed segmentation on the basis of the end-use industry and key regions.
- Mining and Mineral
- Forestry and Agriculture
- Infrastructure and Urban Planning
- Oil & Gas
- Utility and Energy
- Aerospace & Defense
- Environment Monitoring and Control
- Other Industries
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Hyperspectral Imaging Market - Scope Of The Report
The recent study by Fact.MR on hyperspectral imaging market offers a 10-year forecast between 2019 and 2029. The study analyzes crucial trends that are currently determining the growth of hyperspectral imaging market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with hyperspectral imaging industry. The study also provides dynamics that are responsible for influencing the future status of the hyperspectral imaging market over the forecast period.
A detailed assessment of hyperspectral imaging value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the hyperspectral imaging market along with their detailed profiling enhances the reliability of this comprehensive research study.
Hyperspectral Imaging Market: Report Summary
The study offers a comprehensive analysis on diverse features including product portfolio, demand, product developments, revenue generation and sales in hyperspectral imaging market across the globe.
A comprehensive estimate on hyperspectral imaging market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of hyperspectral imaging during the forecast period. Price point comparison by region with global average price is also considered in the study.
Hyperspectral Imaging Market: Analysis on Market Size Evaluation
Hyperspectral imaging market has been analyzed for each market segment, in terms of value (US $ Mn).
Market estimates at global and regional levels for hyperspectral imaging is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent hyperspectral imaging market segments, along with the market attractiveness evaluation has been incorporated in the report.
Furthermore, the absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve along with identifying potential resources, considering sales and distribution perspective in the global hyperspectral imaging market.
Hyperspectral Imaging Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the hyperspectral imaging report, which helped to deliver projection on the regional markets. These chapters include the regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of hyperspectral imaging market during the forecast period.
Country-specific valuation on demand for hyperspectral imaging has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Hyperspectral Imaging Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading vendors of hyperspectral imaging along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the production of hyperspectral imaging, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to take preemptive steps in advancing their businesses.
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