Dublin, Dec. 18, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global hyperspectral imaging (HSI) systems market is projected to reach USD 25.2 billion by 2024 from USD 11.1 billion in 2019, marking a CAGR of 17.8%
Increasing funding and investments and growing industrial applications are expected to drive the overall growth of the hyperspectral imaging systems market.
Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of HSI. The untapped market opportunities in emerging markets are also expected to provide growth opportunities for players in the market. On the other hand, data storage issues and the high costs associated with HSI systems are expected to limit adoption, thereby restricting the market growth during the forecast period. Attaining super-resolution in a cost-effective manner is a major challenge faced by the industry, which may hamper the market growth to a certain extent.
The cameras segment is expected to dominate the market during the forecast period.
On the basis of product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras are expected to command a larger share of the hyperspectral imaging systems market, by product, in 2019. Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defence and industrial applications are driving the growth of the hyperspectral cameras segment.
The life sciences and medical diagnostics segment will witness the highest growth in the hyperspectral imaging systems market.
Based on application, the hyperspectral imaging systems market is segmented into military surveillance, remote sensing, machine vision & optical sorting, life sciences & medical diagnostics, and other applications (includes colourimetry, meteorology, thin-film manufacturing, and night vision). The military surveillance segment is estimated to account for the largest share of the hyperspectral imaging systems market in 2019, while the life sciences & medical diagnostics segment is projected to register the highest CAGR during the forecast period. This is attributed to the increasing use of hyperspectral imaging in medical diagnosis and image-guided surgery.
North America will dominate the market during the forecast period.
Geographically, the hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2018, North America accounted for the largest share of the hyperspectral imaging systems market. 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 and diagnostics.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Hyperspectral Imaging Systems: Market Overview
4.2 Asia Pacific: Market, By Application (2019)
4.3 Market for Remote Sensing Applications, By Type, 2019-2024
4.4 Market: Geographic Snapshot
5 Market Overview
5.1 Introduction
5.1.1 Market Drivers
5.1.1.1 Increasing Funding and Investments
5.1.1.2 Growing Industrial Applications of Hyperspectral Imaging
5.1.2 Market Restraints
5.1.2.1 Data Storage Challenges and High Costs
5.1.3 Market Opportunities
5.1.3.1 Untapped Market Opportunities in Emerging Countries
5.1.4 Market Challenges
5.1.4.1 Attaining Super-Resolution in A Cost-Effective Manner
6 Hyperspectral Imaging Systems Market, By Product
6.1 Introduction
6.2 Cameras
6.2.1 Hyperspectral Imaging Cameras to Witness the Highest Growth Owing to Their Increasing Applications in Defense & Industrial Applications
6.3 Accessories
6.3.1 Increase in the Adoption of Hyperspectral Imaging Systems to Support the Adoption of Associated Accessories
7 Hyperspectral Imaging Systems Market, By Technology
7.1 Introduction
7.2 Pushbroom
7.2.1 Pushbroom Technology Segment Dominates the Market
7.3 Snapshot
7.3.1 Snapshot Segment to Witness the Highest Growth During the Forecast Period
7.4 Other Technologies
8 Hyperspectral Imaging Systems Market, By Application
8.1 Introduction
8.2 Military Surveillance
8.2.1 Military Surveillance is the Largest Application Segment of the Market
8.3 Remote Sensing
8.3.1 Agriculture
8.3.1.1 Agriculture is the Largest & Fastest-Growing Segment of the Remote Sensing Applications Market
8.3.2 Mining/Mineral Mapping
8.3.2.1 Hyperspectral Imaging Systems Can Accurately Map Areas That are Spectrally Unique at the Surface to Produce Comprehensive Mineral Maps
8.3.3 Environmental Monitoring
8.3.3.1 Hyperspectral Imaging Systems in Environmental Monitoring are Used to Monitor Natural Disasters
8.3.4 Other Remote Sensing Applications
8.4 Life Sciences & Medical Diagnostics
8.4.1 Life Sciences & Medical Diagnostics Segment to Register the Highest Growth During the Forecast Period
8.5 Machine Vision & Optical Sorting
8.5.1 Growing Focus on Automation to Increase Productivity in Various Industries Will Drive the Market for Machine Vision and Optical Sorting
8.6 Other Applications
9 Hyperspectral Imaging Systems Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 The US Dominates the North American Market
9.2.2 Canada
9.2.2.1 Rising Government Investments and Continuous Technological Developments Will Drive the Market in the Country
9.3 Europe
9.3.1 Germany
9.3.1.1 Germany Dominates the European Market for Hyperspectral Imaging Systems
9.3.2 France
9.3.2.1 Rising Interest in Expanding the Applications of Hyperspectral Imaging is Driving Market Growth
9.3.3 UK
9.3.3.1 Growing Interest in Deploying Hyperspectral Imaging in Research Applications to Drive Market Growth in the UK
9.3.4 Italy
9.3.4.1 Implementation of Hyperspectral Imaging Technology in New Application Areas Will Drive the Italian Market
9.3.5 Spain
9.3.5.1 Advancements in Research are Supporting the Growth of the Spanish Market
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.1.1 Japan Holds the Largest Share of the Market in the Asia Pacific
9.4.2 China
9.4.2.1 China Will Register the Highest CAGR During the Forecast Period in the Asia Pacific Hyperspectral Imaging Market
9.4.3 India
9.4.3.1 Increased Research Will Drive Market Growth in India
9.4.4 Rest of Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking
10.3 Competitive Situation and Trends
10.3.1 Partnerships, Agreements, & Collaborations (2016-2019)
10.3.2 Product Launches (2016-2019)
10.3.3 Acquisitions (2016-2019)
10.3.4 Expansions (2016-2019)
10.4 Competitive Leadership Mapping (2019)
10.4.1 Vendor Inclusion Criteria
10.4.2 Visionary Leaders
10.4.3 Innovators
10.4.4 Dynamic Differentiators
10.4.5 Emerging Companies
11 Company Profiles
11.1 Headwall Photonics, Inc.
11.2 Specim, Spectral Imaging Ltd.
11.3 Norsk Elektro Optikk as (NEO)
11.4 Resonon, Inc.
11.5 Corning Incorporated
11.6 Telops
11.7 Applied Spectral Imaging
11.8 Bayspec, Inc.
11.9 Surface Optics Corporation
11.10 Chemimage Corporation
11.11 Cubert GmbH
11.12 Raytheon
11.13 Galileo Group, Inc.
11.14 Hypermed Imaging, Inc.
11.15 Inno-Spec
11.16 Camlin Group Ltd.
11.17 IMEC
11.18 Other Players
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