LONDON, July 14, 2015 /PRNewswire/ -- The global hyperspectral imaging technologies market is estimated to grow at a CAGR of 12.0% during the forecast period of 2014 to 2019. Although the mature markets (such as the U.S., Germany, and the U.K.) hold larger shares in the hyperspectral imaging technologies market, the Asian region is expected to grow at the fastest CAGR of 13.0% during the given forecast period. The growth of the hyperspectral imaging technologies market is driven by factors such as increasing adoption of HSI technologies in defense, life science & diagnostics, and agricultural industries. However, factors such as the need for high investments, high installation costs, and reimbursement issues may hinder the growth of this market in the coming years. Moreover, emerging economies such as India and China are creating growth opportunities for the hyperspectral imaging technologies market in these regions.
In this report, the global hyperspectral imaging technologies market has been broadly classified on the basis of applications. The applications segment includes agriculture, colorimetry, environmental monitoring, food industry, life science & medical diagnostics, military surveillance, mining & mineralogy, meteorology, and machine control & process vision. The life science & medical diagnostics segment is estimated to grow at the fastest CAGR from 2014 to 2019. Factors such as increasing adoption of HSI technologies in ophthalmology, surface tissue, and mucosal membrane analysis, gastrointestinal tract, and vascular systems are driving the growth of this market.
Geographically, North America (comprising the U.S. and Canada) commanded the largest share of 50.6% of the global hyperspectral imaging technologies market in 2014, followed by Europe. The hyperspectral imaging technologies market in the North America is primarily driven by increasing research activities using HSI technologies, growing adoption of hyperspectral imaging in military surveillance, environmental, mining, machine vision, and life sciences & diagnostics. Factors such as rising pharmaceutical industry in China and India, along with an increasing usage of hyperspectral imaging technology in environmental testing and mining explorations research activities, are driving the growth of the hyperspectral imaging market in the Asian region.
The global hyperspectral imaging technologies market is a competitive market with a number of market players. As of 2014, the global hyperspectral imaging technologies market is dominated by Applied Spectral Imaging Ltd. (U.S.), Brandywine Photonics LLC (U.S.), ChemImage Corp. (U.S.), Cubert-GmbH (Germany), CytoViva, Inc. (U.S.), VK DI Kerschhaggl GmbH (Germany), FluxData,Inc. (U.S.), GeoMetWatch Corp. (U.S.), Galileo Group, Inc.(U.S.), Gilden Photonics Ltd. (U.K.), Gooch & Housego (U.K.), Headwall Photonics Inc. (U.S.), HyVista Corporation Pty Ltd (Australia), IMEC (Belgium), Innospec GmbH (Germany), ITRES (Canada), LemnaTec GmbH (Germany), and Merrick & Company (U.S.), among others. New product launches, partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in the hyperspectral imaging technologies market.
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