Hyperspectral imaging has applications in a wide range of industries, such as mineralogy, agriculture, astronomy, and surveillance, through unmanned aerial vehicle (UAV) solutions. Since the 2000s, research has been carried out on the application of technology in the agricultural industry. By using hyperspectral imaging cameras and accessories, a wide range of crop issues can be addressed through hyperspectral imaging. Growers around the world have started to accept hyperspectral imaging in agriculture because of the better awareness about the benefits that the technology entails.

Read Report Overview: Hyperspectral Imaging in Agriculture Market

The global hyperspectral imaging in agriculture market is expected to reach $56.88 million by 2026, with a CAGR of 11.93% during the forecast period 2021-2026. The growth rate in the market is because of the increased emphasis on precision farming around the world. Due to the increasing global food demand, growers must adopt better ways for growing to maximize their yield increase production. The technology provides a wide range of solutions for the agricultural industry such as crop stress detection, pathogen detection, and monitoring. With improved technological advancements and better adoption of the technology, hyperspectral imaging will help drive the precision farming market globally.

Global Hyperspectral Imaging in Agriculture Market by Region

North America generated the highest revenue of $10.06 million in 2020, which is attributed to the technological advancements in the North America region. In the region, government support along with technological advancement has helped in the growth of the market. Also, leading players in the hyperspectral imaging in agriculture market are operating in the North America region, which gives a wide range of options to the growers purchasing hyperspectral imaging-based equipment. The region is expected to witness high growth of CAGR 13.16% during the forecast period.

Demand - Drivers and Limitations

Following are the demand drivers for the hyperspectral imaging market:

• Widespread applications of hyperspectral imaging technology
• Increasing demand from the military and defense sectors
• Increasing investment by the government for research and development activities
• Increase in the prevalence of chronic disorders and the geriatric population boosting the growth of medical hyperspectral imaging market
• Growing awareness regarding early diagnosis of diseases
• Increased global food safety concerns

The market is expected to face some limitations as well due to the following challenges:

• High cost of hyperspectral devices
• Lack of infrastructure and skilled professionals to support hyperspectral devices
• High volume of produced data

Key Market Players and Competition Synopsis

Analytik Ltd., BaySpec, Inc., Corning Incorporated, Cubert GmbH, FluroSat, Gamaya, HAIP Solution GmbH, Imec, ImpactVision, Inno-spec GmbH, INO, Malvern Panalytical Ltd, Resonon Inc., Surface Optics Corporation, Teledyne FLIR LLC

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The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which hold 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the hyperspectral imaging in agriculture industry.

Analyst's Take on the Market:

According to Satyendra Singh Rajput, Lead Analyst, BIS Research, "The market for hyperspectral imaging, in the healthcare segment, is expected to grow rapidly as the technology has the potential to be used in image-guided surgeries, where it can provide better visuals without the use of contrast agents."