In a recent published report, Kenneth Research has updated the market report for Hyper Spectral Imaging Systems (HSI) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hyper Spectral Imaging Systems (HSI) Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Hyper Spectral Imaging Systems Market is forecasted to reach $19 billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024.The hyper spectral imaging system (HSI) involves processing and collection of data, which is collected across an electromagnetic spectrum. The hyper spectral imaging system enables obtaining spectrum for every pixel in a particular image or a sequence of images. These systems are widely used in food processing industry for monitoring and development of crops. Medical industries also pose a huge demand for hyper spectral imaging systems used in detection and treatment of numerous life threatening diseases. Major drivers of global hyper spectral imaging systems market are growth in industrial application, augmented demand for remote sensing & surveillance, and growth in demand from medical and food processing industry. However, high cost of hyper spectral imaging systems may restrain the market growth in the coming years. Technological innovation and reduction in price would provide several growth opportunities for the market in the coming years.
The global hyper spectral imaging systems market is categorized into system and end user. System segment includes PC based, outdoor camera, airborne, and others. End user segment is further divided into industry, medical diagnostics, military surveillance & homeland security, food processing, astronomy, mineralogy, and others.
The global hyper spectral imaging systems market by geography has been bifurcated into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, UK, Netherland, and others. Asia-Pacific covers China, India, Japan, Oceanic, and others. Rest of the World (RoW) covers South America, Middle East and Africa.
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Major companies operating in the hyper spectral imaging sensors market are Corning Incorporated, Headwall Photonics, Inc., SPECIM, Resonon, Telops, Spectral Imaging Ltd., Applied Spectral Imaging, BaySpec Inc., ChemImage Corporation, and Surface Optics Corporation, among others.
Scope of Hyper Spectral Imaging Systems Market
System Type Segments
PC Based
Outdoor Camera
Airborne
Others
End User Segments
Military Surveillance & Homeland Security
Industry
Medical Diagnostics
Food Processing
Mineralogy
Astronomy
Others
Geographical Segments
North America
US
Canada
Mexico
Europe
Germany
UK
Netherland
Others
Asia-Pacific
China
India
Japan
Oceanic
Others
RoW
South America
Middle East
Africa
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