As per the latest report by IMARC Group, titled “Hyperspectral Imaging Systems Market Analysis: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global hyperspectral imaging systems market size is expanding at a robust rate. Hyperspectral imaging systems (HIS) are tools that are utilized for diverse applications, such as target discrimination, terrain and vegetation characterization and non-invasive medical-imaging spectroscopy. They combine two-dimensional object visualization for capturing and processing radiation of a broadband source (like the sun) and analyzing hundreds of spectral bands from the ultraviolet through mid-wave infrared regions. They assist in classifying and identifying different elements of a scene that appear indistinguishable in a standard three-color image. Besides this, they also help in measuring the absorption of electromagnetic radiation, reflections and emissions from the object.
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Global Hyperspectral Imaging Systems Market Trends:
HIS is widely used for diagnosing diseases by analyzing the composition and physiology of the cells and tissues in the body. It is also used for detecting the presence of cancerous cells and analyzing the progression of other chronic diseases. These factors, in confluence with the burgeoning healthcare sector, are contributing to the market growth. Besides this, the escalating demand for these imaging systems in unmanned aerial vehicles (UAVs) is also propelling the market growth. Furthermore, industry players are introducing technological advancements in imaging sensors and improvements in spatial resolution to make surveillance, mapping and imaging more effective. Apart from this, other factors, such as extensive research and development (R&D) activities, as well as growing industrial and agricultural applications, are further anticipated to catalyze the market growth in the coming years. Owing to these factors, the market is expected to grow at a CAGR of around 12% during the forecast period (2020-2025).
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Key Market Segmentation:
Market Breakup by Product Type:
Based on the product type, the market has been bifurcated into cameras and accessories. At present, cameras exhibit a clear dominance in the market.
Market Breakup by Application:
1. Military Surveillance
2. Remote Sensing
3. Life Sciences & Medical Diagnostics
4. Machine Vision & Optical Sorting
On the basis of the application, military surveillance holds the largest market share. Other major segments include life sciences and medical diagnostics, machine vision and optical sorting, and remote sensing (agriculture, mining/mineral mapping, environmental monitoring and others).
Market Breakup by Technology:
The market has been analyzed on the basis of the technology into pushbroom, snapshot and others. The pushbroom segment currently accounts for the majority of the total market share.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Region-wise, North America enjoys the leading position in the market, which is further segmented into the United States and Canada. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others); and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
The competitive landscape of the market has been examined, with some of the key players being Applied Spectral Imaging, BaySpec, Inc., ChemImage Corporation, Corning Incorporated, Cubert GmbH, Headwall Photonics, Inc., Norsk Elektro Optikk AS, Resonon Inc., Spectral Imaging Ltd., Surface Optics Corporation and Telops Inc.
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