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Global Hyperspectral Imaging Market is Forecast to Touch US $ 1.2 Bn by 2029 end
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The global hyperspectral imaging market is set to reach $1.2 billion by 2029, driven by increased demand for advanced imagery analytics.
Global hyperspectral imaging market is forecast to touch US $ 1.2 Bn by 2029 end. On the back of increasing demand for efficient imagery analytics from industry clusters, the hyper spectral remote sensing market has witnessed a spurt in investments. Private companies along with the governments of major countries are realizing the benefits of this technology, thus investing a huge sum of money into the advancement of hyper spectral imaging technology.
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FluroSat, SaraniaSat etc. are some of the startups in hyper spectral imaging technology that have secured significant investments. NASA and ISRO on the other hand are the government organizations dedicated towards the development and exploration of finer spatial resolutions for hyper spectral imaging industry. On this premise, the global hyperspectral imaging market is expected to register a CAGR of ~5% over the forecast period.
Key Takeaways of Global Hyperspectral Imaging Market
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Hyperspectral Imaging Market Segmentation
Fact.MR has studied the hyperspectral imaging market with detailed segmentation on the basis of end-use industry and key regions.
| End-Use Industry | Region |
| Mining and Mineral | North America |
| Forestry and Agriculture | Latin America |
| Infrastructure and Urban Planning | Europe |
| Oil & Gas | South Asia |
| Utility and Energy | East Asia |
| Aerospace & Defense | Oceania |
| Environment Monitoring and Control | Middle East & Africa |
| Other Industries |
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Targeted Solution and Technology Upgradation: Key Success factors of Hyperspectral Imaging Vendors
Market goliaths are channelizing their energies on both imaging and image processing services at cost effective rates. This helps in building a strong foundation for long term contracts with government organizations. In addition, adoption of advanced image processing tools along with inclination towards out of the box applications create a line of difference between the major players and SMEs. Application specific solutions at lower costs that too with high accuracy is what the players are focusing on. Furthermore, in order to maintain an upper hand, imaging providers are also focusing on the incorporation of novel technologies such as multisensory data fusion, cloud computing, machine learning etc.
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The post Global Hyperspectral Imaging Market is Forecast to Touch US $ 1.2 Bn by 2029 end appeared first on The Cloud Tribune.
The article discusses the growth forecast of the global hyperspectral imaging market, expected to reach $1.2 billion by 2029.
Forestry, agriculture, and aerospace & defence are key sectors driving growth in the hyperspectral imaging market.
North America and East Asia are significant regions for the growth of the hyperspectral imaging market.
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