The global hyperspectral imaging market is witnessing considerable growth due to widening industrial application of hyperspectral, technological advancement in sensor design, increasing demand for data accuracy and consistency, and increasing number of research projects using hyperspectral imaging techniques. Moreover, increasing adoption of hyperspectral imaging in various medical procedures such as ophthalmology, gastrointestinal tract, mucosal membrane analysis, vascular system and surface tissue is supporting the growth of the market. The manufacturing of low cost camera, which are compact and lightweight, is also driving the growth of the market. Based on component, the hyperspectral camera segment is expected to account larger share of the market, due to increasing adoption of hyperspectral technology in defense and commercial applications, technological advancement and development of affordable hyperspectral imaging camera. Moreover, based on application, the life sciences and medical diagnostics is expected to grow at fastest rate during the forecasted period, due to accuracy of image data and analysis and advancement in hyperspectral cameras.
The rapid growth in emerging economies is expected to create opportunity for the manufacturers of hyperspectral imaging products. However, high cost associated with the use of hyperspectral imaging, lack of skilled professionals, lack of awareness, and analyzing the high amount of imaging data generated are the key factors hampering the growth of the global market.
Hyperspectral cameras improve the identification and classification of object. It captures unique spectral fingerprint of an object, revealing very detailed information. It is used in space borne application, mineral surveillance, agriculture, homeland surveillance, optical sorting, endoscopy and other research activities. It is mainly used in military surveillance to detect military camouflage, target identification, landmine detection, detection of anomalies and changes within multiple acquisitions.
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The key players operating in the global hyperspectral imaging market are Headwall Photonics Inc., Corning Incorporated, Resonon, Telops Inc., Norsk Elektro Optikk AS, Bayspec Inc., Surface Optics Corporation, Applied Spectral imaging, and Chemimage Corporation.
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