Global Hyperspectral Imaging Systems Market Growing at a 17.5% CAGR

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CHICAGO, Nov. 05, 2019 (GLOBE NEWSWIRE) -- MarketsandMarkets expects the global hyperspectral imaging systems market size to increase from an estimated value of USD 9.5 billion in 2018 to USD 21.3 billion by 2023, based on the insights provided in the report “Hyperspectral Imaging System Market by Product (Camera, Accessories) & Application (Military, Remote Sensing, Environmental Monitoring, Agriculture, Mineral Map, Machine Vision/Optical Sorting, Life Sciences & Medical Diagnosis) - Global Forecast to 2023”.

Growing industrial applications of hyperspectral imaging and increasing funding & investments in this field are the key factors driving the growth of the global industry. The untapped opportunities in emerging economies are also expected to provide growth opportunities for players in the hyperspectral imaging systems market.

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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), and ChemImage Corporation (US) were the leading players operating in the global hyperspectral imaging systems market in 2017. These companies focused on strategies such as product launches, partnerships & agreements, and expansions to enhance their presence on the global market.

Product launches were the most widely adopted strategy in the market in 2017. For instance, Headwell Photonics introduced HyperCore, a new, powerful data processing product that is specially-designed for UAV airborne applications requiring sensor fusion in February 2016. Partnerships & agreements were also the other leading strategies adopted. For instance, in April 2017, SPECIM signed agreements with three companies, namely Tech Imaging Services, Line Associates, and DATVISION, to strengthen its distribution network in the US and South Korea.

Based on the study, cameras and accessories are the main products used in hyperspectral imaging systems. Cameras are expected to command the largest hyperspectral imaging systems market share in 2018 and record the highest CAGR during the forecast period. 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.

Military surveillance, remote sensing, machine vision, and optical sorting, life sciences, and medical diagnostics, among others, are the main applications of hyperspectral imaging. The military surveillance segment is estimated to account for the largest share of the hyperspectral imaging systems market in 2018, while the life sciences & medical diagnostics segment is projected to register the highest year-on-year growth during the forecast period. In the life sciences and medical diagnostics application, hyperspectral imaging provides real-time imaging data and is accessible to the physician during the surgery, a key advantage over other advanced imaging techniques, such as PET scanning or MRI scans. The application of hyperspectral imaging analysis for the early detection of various types of cancer and retinal diseases is currently under research.

A regional analysis of the global hyperspectral imaging market reports shows that North America is expected to account for the largest share of the global hyperspectral imaging systems market in 2018. 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. However, Asia Pacific is likely to garner the highest gains by 2023, due to the considerable opportunity in emerging economies such as China, Japan, and India.

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The increasing demand for a fast and precise survey and mapping of natural resources on a large scale has led to the higher adoption of hyperspectral sensors for remote sensing applications, as their imaging data contains important geo- and radiometric information. China has successfully installed several imaging spectrometers, such as hyperspectral camera systems. For instance, in May 2018, the country successfully launched a hyperspectral imaging satellite for comprehensive observation of the atmosphere. This satellite is used to detect inland water, land surface environment, and altered minerals, providing reliable data for China’s environmental monitoring, resource exploration, and disaster prevention and mitigation. Thus, initiatives undertaken by emerging countries are expected to provide tremendous growth opportunities for the growth of the global hyperspectral imaging systems market in the near future.

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