Hyperspectral Imaging Systems Market Worth 12.71 Billion USD by 2021

Monday 9 January 2017, Amsterdam

The report, now available on ASDReports, "Hyperspectral Imaging Systems Market by Component (Hyperspectral Cameras, Accessories), Application (Military Surveillance, Remote Sensing, Machine Vision/Optical Sorting, Life Sciences & Medical Diagnostics) - Global Forecast to 2021", provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the hyperspectral imaging systems market along with the estimates and forecasts of the revenue.

The global hyperspectral imaging systems market is projected to reach USD 12.71 Billion by 2021 from USD 7.41 Billion in 2016 at a CAGR of 11.4% during the forecast period (2016-2021).

Growth of this market can be attributed to technological innovation in sensor design, increasing number of research projects using hyperspectral imaging systems, widening industrial applications of HSI, and manufacturing of low-cost cameras that are lightweight and compact. However, increased cost of hyperspectral cameras and the complexity in processing and analyzing the high amounts of imaging data generated are restraints for the growth of this market.

The hyperspectral imaging systems market is segmented on the basis of component, application, and region. Based on component, the market is categorized into hyperspectral cameras and accessories. In 2016, the hyperspectral cameras segment is expected to account for the largest share of the market. Increasing adoption for new applications and development of low-cost hyperspectral cameras have significantly boosted the adoption of hyperspectral cameras.

On the basis of application, the market is categorized into military surveillance, remote sensing, machine vision/ optical sorting, life sciences & medical diagnostics, and other applications (colorimetry, meteorology, thin film manufacturing, and night vision). In 2016, military surveillance segment is expected to account for the largest share of the hyperspectral imaging systems market. The life sciences and medical diagnostics segment is expected to grow at the highest CAGR during the forecast period. Growth of the life sciences and medical diagnostics segment can be attributed to recent advances in hyperspectral cameras, image analysis methods, and computational power providing opportunities in medical applications.

In 2016, North America is expected to account for the largest share of the hyperspectral imaging systems market, primarily due to the high adoption of hyperspectral imaging systems in research, growth in research funding, technological advancements, and increasing awareness on the benefits of hyperspectral imaging in commercial industries in this region. The Asia-Pacific region is estimated to grow at the highest CAGR during the forecast period.

Major players in hyperspectral imaging systems market include Headwall Photonics, Inc. (U.S.), Corning Incorporated (U.S.), SPECIM, Spectral Imaging Ltd. (Finland), Resonon (U.S.), Telops Inc. (Canada), Norsk Elektro Optikk AS (Norway), Applied Spectral Imaging (U.S.), BaySpec Inc. (U.S.), Surface Optics Corporation (U.S.), and ChemImage Corporation (U.S.).