NEW YORK, Jan. 10, 2017 /PRNewswire/ -- The global hyperspectral imaging systems market is projected to reach USD 12.71 billion by 2021 from USD 7.41 billion in 2016, growing at a CAGR of 11.4% from 2016 to 2021. A number of factors, such as growing number of research projects using hyperspectral imaging techniques and widening industrial applications of HSI are driving the growth of this market. However, the high cost associated with the use of hyperspectral imaging technology is expected to restrain the growth of this market in the coming years.
Hyperspectral cameras combine spectroscopy with digital imaging technique. In 2016, the hyperspectral cameras segment accounted for the largest share. Technological advancements, development of affordable HSI cameras, increasing adoption of hyperspectral technology in defence and industrial applications are some of the factors attributing to the growth of this segment.
In 2016, the military surveillance segment is expected to account for the largest share of the market. Factors such technological advancements and accuracy & consistency of data are driving the growth of the adoption of hyperspectral imaging systems for military surveillance.
Furthermore, the life sciences and medical diagnostics segment is expected to grow at the highest CAGR during forecast period. This growth can be attributed to recent advances in hyperspectral cameras, image analysis methods, and computational power providing opportunities in medical applications.
In 2016, North America is expected to account for the largest share of the hyperspectral imaging systems market, followed by Europe, Asia-Pacific, and Rest of the World (RoW). North America's large share can be attributed to the high adoption of hyperspectral imaging systems in research, growth in research funding, technological advancements, and increasing awareness on the benefits of hyperspectral imaging in commercial industries in this region. In the coming years, the hyperspectral imaging systems market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions, new product launches, marketing and promotion, agreements, collaborations, contracts, partnerships, and joint ventures) to increase their market shares and establish a strong foothold in the global hyperspectral imaging systems market.
Key players offering hyperspectral imaging systems include Headwall Photonics, Inc. (U.S.), Corning Incorporated (U.S.), SPECIM, Spectral Imaging Ltd. (Finland), Resonon (U.S.), Telops (Canada), Norsk Elektro Optikk AS (Norway), Applied Spectral Imaging (U.S.), BaySpec Inc. (U.S.), Surface Optics Corporation (U.S.), and ChemImage Corporation (U.S.).
The market study covers the global hyperspectral imaging systems market, by component, application, and region. This report also covers the drivers, restraints, opportunities, and threats of the market along with the competitive landscape of the hyperspectral imaging systems market.
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