Hyperspectral Imaging Market Worth $83.19 Million by 2019

DALLAS, July 16, 2015 /PRNewswire/ --

According to a new market research report "Hyperspectral Imaging Market by Application (Military & Surveillance, Environmental Testing, Mining & Mineralogy, Agriculture, Machine Control & Process Vision, Life Sciences & Medical Diagnostics, Food, Colorimetry, Meteorology) - Global Forecast to 2019", published by MarketsandMarkets, the Hyperspectral Imaging Market is expected to reach around $83.19 Million by 2019, at a CAGR of 12.0% from 2014 to 2019.

Browse 26 market data Tables and 46 Figures spread through 81 Pages and in-depth TOC on "Hyperspectral Imaging Market"

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This report studies the Global Hyperspectral Imaging Market for the forecast period of 2014 to 2019. This market is expected to reach a value of $83.19 million by 2019, from an estimated value of $47.21 million in 2014, at a CAGR of 12.0% during the period under consideration.

Hyperspectral Imaging is a technique of collecting the information and processing it across the electromagnetic spectrum with a goal of obtaining the spectrum for each pixel in the image. HSI collects the information without compromising the integrity of the sample. A wide range of wavelength is covered in the hyperspectral imaging technique. The reflected or emitted light is used to create a spectral based contrast within the obtained image of multiple wavelengths.

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The hyperspectral imaging market is growing because of the increasing acceptance of the HSI technologies in mining & mineralogy, machine vision and life science & diagnostics, across the globe. The accuracy of the data obtained and the consistency in the hyperspectral imaging also drive the market growth for HSI. The ease of operation of the instruments and its safety increase the demand for the HSI technologies in the market. However, because of the high cost involved in the investments and installation of the HSI tools, and reimbursement issues the growth of the hyperspectral imaging technologies market is hampered to certain extent.

The Global Hyperspectral Imaging market has been segmented on the basis of application and region. Based on application, the hyperspectral imaging market is categorized into food & agriculture, military surveillance, environment monitoring, life sciences & medical diagnostics, calorimetry, meteorology, mining and mineralogy, machine vision, and process control. The military surveillance (defense) segment contributed the maximum share with 18.6% in 2014 to the overall hyperspectral imaging market, followed by the environment testing and mining & mineralogy segments. The military surveillance (defense) segment is expected to reach $13.87 million by 2020, at a CAGR of 9.7%. However, the fastest-growing application segment is life science and diagnostics, which is expected to grow at a CAGR of 13.7 % from 2014 to 2019.

North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the key regions considered for a geographic analysis of the global hyperspectral imaging market. In 2014, North America has been estimated to contribute the maximum share of 50.8% towards the global hyperspectral imaging market revenues, followed by Europe and Asia-Pacific. The Asian hyperspectral imaging market is an open market that is expected to witness its maximum growth from 2014 to 2019.

Key players in the Hyperspectral Imaging Market are SPECIM Spectral Imaging Ltd. (U.S.), Headwall Photonics Inc. (U.S.), IMEC (Belgium), Norsk Elektro Optikk A/S (Norway), Surface Optics Corp. (U.S.), and Telops (Canada).

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