Hyperspectral Imaging Systems Market Trends, Prospects and Forecast 2017 – 2025

Posted by chaitali gawande on August 2nd, 2019

There are certain things that are not visible to the naked eye, here hyperspectral imaging comes into play. Hyperspectral imaging is used to identify materials, find objects, or detecting processes. In case of hyperspectral cameras, they combine spectroscopy with digital imaging technique.

Based on application, the global hyperspectral imaging systems market can be segmented into machine vision/ optical sorting, military surveillance, life sciences & medical diagnostics, and other applications (meteorology, thin film manufacturing, colorimetry, remote sensing, and night vision). On the basis of component, the market is classified into accessories and hyperspectral cameras. The report offers a comprehensive overview of various factors contributing to the expansion of the global hyperspectral imaging systems market. It also provides insights into challenges that the market could face over the forecast period. The prevailing trends in overall market operations are also studied in the report in detail.

The global hyperspectral imaging systems market is driven by various factors, they include technological innovation in sensor design, quantitative increase of research projects using hyperspectral imaging systems, manufacturing lightweight and compact low-cost cameras, and expanding industrial applications of HIS. The relative complexity of analyzing and processing the high amounts of imaging data acts as a major hindrance to the growth of the market. Plus the high cost of hyperspectral cameras is another drawback for the market growth.

In terms of application, the life sciences and medical diagnostics segment is said to aid the market growth, and is projected to score a high CAGR in the forecast period. The recent progress in image analysis methods hyperspectral cameras, and computational power providing prospects in medical applications are expected to supplement the market segment. The military surveillance is pegged to be another attractive application segment of the market, and is projected to hold large share of the market in coming years. The growth can be attributed to factors such technological advancements and consistency and accuracy of data.

The hyperspectral cameras segment based on component held a large market share in 2016. Due to the growth of low-cost hyperspectral cameras and rise in adoption for new applications, this segment of the market is set to grow over the forecast period. 

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Geographically, the global hyperspectral imaging systems market can be segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is said to account for a large market share, and is expected to lead the market in the forecast period. The market growth in this region can be largely attributed to the factors such as increase in research funding, high adoption of hyperspectral imaging systems in research, growing awareness on the benefits of hyperspectral imaging in commercial industries, and technological advancements. Another promising region for the market is Asia-Pacific, and this region is projected to register a high CAGR over the forecast period.

The report profiles some of the key companies operating in the global hyperspectral imaging systems market. It also offers insights into the threats and opportunities that the companies are projected to witness in the coming years. Some of the prominent players in the market are Corning Incorporated, SPECIM, Spectral Imaging Ltd., Headwall Photonics, Inc., Resonon, Telops, Applied Spectral Imaging, BaySpec Inc., Surface Optics Corporation, Norsk Elektro Optikk AS, and ChemImage Corporation.

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