According to a new market research report "Hyperspectral Imaging System Marketby Product (Camera, Accessories) & Application (Military, Remote Sensing, Environmental Monitoring, Agriculture, Mineral Map, Machine Vision/Optical Sorting, Life Sciences & Medical Diagnosis) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%.
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The growing industrial applications of hyperspectral imaging and increasing funding & investments are the major factors driving the growth of the global Hyperspectral Imaging Systems Market.
By product, the cameras segment is expected to dominate the market in 2018
The Hyperspectral Imaging Systems Market is categorized into two product segments, namely, cameras and accessories. The cameras segment is expected to command the largest share of the global Hyperspectral Imaging Systems Market in 2018. Factors such as recent advances in sensor development & computing power and the availability of low-cost cameras with widening industrial applications are driving the growth of this market segment.
Based on application, the military surveillance segment is expected to account for the largest share in 2018
On the basis of application, the Hyperspectral Imaging Systems Market is segmented into military surveillance, remote sensing, machine vision and optical sorting, life sciences and medical diagnostics, and other applications. The military surveillance segment is expected to account for the largest share of the Hyperspectral Imaging Systems Market in 2018. The advancements in hyperspectral imaging data management and component fabrication techniques as well as the better accuracy and consistency of hyperspectral imaging data (as compared to other conventional imaging techniques) are the major factors driving the adoption of hyperspectral imaging systems in military surveillance applications.
North America to dominate the Hyperspectral Imaging Systems Market in 2018
By region, the global Hyperspectral Imaging Systems Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to dominate the global Hyperspectral Imaging Systems Market, followed by Europe. The large share of this region can be attributed to the presence of highly developed research infrastructure; availability of technologically advanced imaging products; and growing adoption of hyperspectral imaging in military surveillance, environmental monitoring, mining, machine vision, and life sciences & diagnostics.
The global Hyperspectral Imaging Systems Market is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics (US), Applied Spectral Imaging (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk (Norway), Resonon (US), SPECIM (Finland), TELOPS (Canada), BaySpec (US), Cubert (Germany), and ChemImage (US).
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