According to the report, the global hyperspectral imaging system market accounted for around USD 6.51 billion in 2016 and is expected to reach approximately USD 11.34 billion by 2022, growing at a CAGR of around 10.9% between 2017 and 2022.
Hyperspectral imaging technology is a combination of spectroscopy and imaging techniques to acquire the spectral and spatial information of an object. Hyperspectral imaging, also called imaging spectrometry or imaging spectroscopy, provides physical and geometrical features of products such as size, shape, appearance, and color, along with the chemical composition of the product through spectral analysis.
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The major factor responsible for the growth of hyperspectral imaging system market is increasing use of hyperspectral imaging system technology in research. Hyperspectral imaging technology is now being used in industry and research to determine temperatures, moisture, chemical compositions, sugar content and fat in the food industry as well for a range of applications in biology, defense, forensics, pharmaceuticals and industrial inspection. In addition, emerging technologies for the hyperspectral imaging system is largely contributing to the growth hyperspectral imaging system market. On the other hand, high cost and reimbursement issues are majorly affecting the growth of hyperspectral imaging system market. However, untapped market and increasing investment by the manufacturer are expected to generate new opportunities in forecast period for hyperspectral imaging system market.
Based on the component type, hyperspectral imaging system market has been classified into hyperspectral cameras and accessories. In 2015, hyperspectral cameras segment had a strong hold on market with largest market share and this is due to increase demand for hyperspectral imaging system technology in research areas such as biology, defense, forensics, pharmaceuticals and industrial inspection. Thus in coming years, hyperspectral cameras segment is projected to grow at Based on the application type hyperspectral imaging system market has been segmented as military surveillance, remote sensing, life sciences & medical diagnostics, machine vision/optical sorting and others.With highest market share, military surveillance segment dominated the market in 2016 and is expected to grow at the fastest market growth rate in the forecast period.
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Based on the geography, the hyperspectral imaging system market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market with more than 50% market share in 2016due to the high adoption of hyperspectral imaging systems in research and growth in research expenditure. The Asia-Pacific region is estimated to grow at the highest CAGR during the forecast period.
Key operating players in hyperspectral imaging system market include Headwall Photonics, Inc. (U.S.), Resonon (U.S.), Corning Incorporated (U.S.), Telops (Canada), NorskElektroOptikk AS (Norway), Applied Spectral Imaging (U.S.), BaySpec Inc. (U.S.), Surface Optics Corporation (U.S.), SPECIM, Spectral Imaging Ltd. (Finland) and ChemImage Corporation (U.S.).
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