CHICAGO, Dec. 10, 2019 /PRNewswire/ -- According to the new market research report "Hyperspectral Imaging System Market by Product (Camera, Accessories), Technology (Snapshot, Push broom), Application (Military Surveillance, Remote Sensing, Machine Vision/Optical Sorting, Life Sciences & Medical Diagnosis) - Global Forecast to 2024", published by MarketsandMarkets™, the global Hyperspectral Imaging Systems Market is projected to reach USD 25.2 billion by 2024 from USD 11.1 billion in 2019, at a CAGR of 17.8%.
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The growing industrial applications of hyperspectral imaging and increasing funding and investments are the major factors driving the growth of this market.
In 2019, the cameras segment accounted for the largest share of the Hyperspectral Imaging Systems Market
On the basis of product, the market is segmented into cameras and accessories. Cameras are expected to command the larger share of the market, by product, in 2019. Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment.
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The Snapshot technology segment is expected to grow at the highest CAGR during the forecast period
Based on technology, the market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point-scanning), tunable filters (wavelength scan), and imaging FTIR (time scanning)]. The pushbroom segment is estimated to account for the largest share of the hyperspectral imaging system market in 2019, while the snapshot segment is projected to register the highest CAGR during the forecast period. This can be attributed to the advantages offered by snapshot hyperspectral imaging systems, which make this technology most suitable for real-time analysis.
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North America was the largest regional market for Hyperspectral Imaging Systems Market in 2018
The global hyperspectral imaging system market has been divided into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the global Hyperspectral Imaging Systems Market in 2019. Factors such as growth in research funding, technological advancements, and increasing awareness of the benefits of hyperspectral imaging in commercial industries across the region are driving the market for hyperspectral imaging systems in North America.
The prominent players operating in the hyperspectral imaging systems include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Cubert GmbH (Germany), inno-spec GmbH (Germany), XIMEA GmbH (Germany), imec (Belgium), and ChemImage Corporation (US).
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