SAN FRANCISCO, Feb. 6, 2019 /PRNewswire/ -- The global hyperspectral imaging systems market is anticipated to reach USD 17.64 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.6% during the forecast period. New product launches coupled with advancements in technology, designs, and features is driving the demand from various fields, such as military, remote sensing, healthcare, mining, vision and optical, and meteorology.
Key suggestions from the report:
- Hyperspectral camera is estimated to hold the largest market share in near future due to the recent advancements in sensor development which have led to growth of the camera segment
- Military segment accounts for the largest market share due to advancement in data management of hyperspectral imaging along with component fabrication techniques, better accuracy and consistency compared to other conventional imaging techniques
- Asia Pacific has been estimated to be the fastest growing region due to the presence of large pool of patients, increasing healthcare awareness, rising government funding for R&D, and upcoming research projects
- Major players operating in the hyperspectral imaging systems market include Headwall Photonics Inc.; Resonon, Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Surface Optics Corporation; Bayspec Inc.; Chemimage Corporation; and Applied Spectral imaging.
Read 120 page research report with TOC on "Hyperspectral Imaging Systems Market Size, Share & Trends Analysis Report By Application (Military, Remote Sensing, Medical Diagnostics, Optical Sorting), By Product (Camera, Accessories), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/hyperspectral-imaging-systems-market
There are certain advantages of hyperspectral imaging, such as the non-requirement of prior knowledge of the spectrum and sample. In addition, it provides extensive information for analyzing and processing the image. These advantages are anticipated to drive investments from market players, which is anticipated to drive the demand during the forecast period. Hyperspectral imaging is being used extensively in the healthcare sector, mainly for ophthalmology, gastrointestinal procedures, tissue diagnosis, fluorescence microscopy, and vascular system imaging. The increasing application can be attributed mainly to its high clarity and accuracy of this imaging method.
Rapid industrialization along with demand for high bandwidth communication is fueling growth of hyperspectral imaging systems market in the forthcoming years. In addition, existing market players are switching to advanced technologies to gain competitive advantage. Rise in R&D and growth opportunities in emerging countries and the aim to maintain international product quality standards is anticipated to drive market expansion.
Affordable electronic circuits and high-speed technologies have cascaded into introduction of advanced sensor technologies. Furthermore, advancements in sensor technologies have improved the image quality, economic efficiency, and reliability of the technical products and thus, are anticipated to fuel the market growth.
Grand View Research has segmented the global hyperspectral imaging systems market on the basis of product, application, and region:
- Hyperspectral Imaging Systems Product Outlook (Revenue, USD Million, 2014 - 2025)
- Hyperspectral Imaging Systems Application Outlook (Revenue, USD Million, 2014 - 2025)
- Remote Sensing
- Medical Diagnostics
- Machine Vision & Optical Sorting
- Hyperspectral Imaging Systems Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc