The global imaging technology market is expected to exhibit a healthy CAGR of 9.0% accounting for 1,165.9 Mn in the forecast period from 2016 to 2024, according to a recent report from Persistence Market Research.
Precision agriculture supports in computing certain parameters like soil quality, spread of pests, air quality and spread of weeds and as it is gaining popularity among farmers, substantially crop yields are cultivating. Introducing UAV (unmanned aerial vehicles) along with several benefits like low price in comparison with old methods of farming, user-friendly devices, and better accuracy of data has led to massive use of imaging systems in precision farming.
Numerous applications for imaging systems in several precision farming methods like variable rate fertility, irrigation equipment monitoring, crop health monitoring, animal monitoring, weed and pest identification, and environmental impact assessment will be fueling the market growth of global imaging technology for precision agriculture. Several other benefits proffered by imagining technology for precision agriculture farming and rising demand of UAVs for various commercial applications is further boosting the market demand.
The key restraint in the global market of imaging technology is the rising costs of the precision agriculture systems along with their maintenance, technical knowledge as well as expertise for production is also hindering the market growth.
While lack of technology awareness, availability of substitute technologies and uncertainty about the returns and unclear guidelines across various countries for UAVs commercial applications are also hampering the operation of market players in the global market of imaging technology.
Globally, the segmentation of imaging technology market has been done based on product, technology and regions. On the basis of product, the global market of IT infrastructure monitoring is classified as sensors, cameras and software. Among these, the segment of camera is expected to exhibit highest revenue share by the end of 2024 due to availability of thorough information and will dominate the market throughout the forecast period. While the segment of sensors is anticipated to expand at a healthy CAGR of 10.9% in terms of value and will remain dominant during the forecast period.
Based on technology type, the global market of imaging technology is segmented into hyperspectral technology and multispectral technology. Among these, during the forecast period, the segment of hyperspectral technology is projected to expand at the largest growth rate after multispectral technology. Availability of detailed information and cost reduction in comparison with multispectral technology is driving the market demand of imaging technology. While the segment of multispectral technology is expected to generate maximum share of imaging technologies and value for US$ 434.1 Mn by the end of 2016.
Regionally, the global market of IT infrastructure monitoring is classified as the MEA, North America, Europe, Latin America, and Asia Pacific. During the forecast period, North America is projected to generate the largest market revenue share of 54.2% for the global imaging technology due to its adoption of imaging technology for precision agriculture.
Some of the key leaders operating in the global market of imaging technology include 4D Technologies, Bayspec, Sentek Technologies, Teledyne DALSA, Tetracam, Resonon, MicaSense, Quest-Innovations BV, XIMEA and Pixelteq.
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