The global hyperspectral imaging system market accounted for over US$ 10.9 Bn in 2019. It is anticipated to grow at a CAGR of 17.5% from 2020 to 2030.
The significant market growth can be attributed to the wide range of industrial applications of hyperspectral imaging systems and technological advancements in imaging sensors. Moreover, increasing awareness regarding the advantages that hyperspectral imaging offers, such as no prior knowledge required by the operator to process samples and high spectral resolution when compared with tradition imaging systems, are anticipated to boost growth of the hyperspectral imaging systems market over the forecast period. Prominent players are focusing on increasing their foothold in the hyperspectral imaging system market by incorporating inorganic growth strategies such as collaborations, agreements, and partnerships with other market players. For instance, in 2019, Headwall Photonics, Inc. and Ocean Insight entered into an agreement for the distribution of Headwall Photonics, Inc. hyperspectral imaging systems in China.
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