Hyperspectral Imaging Systems Market Size, Share & Trends Report

Hyperspectral Imaging Systems Market Size, Share & Trends Analysis Report By Application (Military, Remote Sensing, Medical Diagnostics, Optical Sorting), By Product (Camera, Accessories), And Segment Forecasts, 2019 - 2025

  • Published Date: Jan, 2019
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-788-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 120

Report Overview

The global hyperspectral imaging systems market size was estimated at USD 8.20 billion in 2017 and is expected to register a CAGR of 10.06% over the forecast period. Hyperspectral imaging is the combination of digital imaging and spectroscopy which enhances the sensitivity and ability to distinguish over the conventional imaging and detection methods. Hyperspectral imaging extensively improves the ability to segregate objects based on spectral properties.

North America hyperspectral imaging systems market size

Increasing applications of hyperspectral imaging in various sectors, such as research and development, healthcare, defense, food industry, night vision, and remote sensing are anticipated to create high demand in the market. Increasing adoption of this technology is mainly attributed to its clarity and high accuracy.

In addition, technological advancements, such as sensor design, high spectral resolution, high spatial resolution, compact, and lightweight devices is anticipated to further boost the adoption in the near future. The adoption of Unmanned Aerial Vehicle (UAVs) is rising owing to its capabilities and application in monitoring, surveillance, mapping, and hyperscale imaging, which in turn is expected to bode well for the market.

Various advantages offered by hyperspectral imaging, such as non-requirement of prior knowledge for the use of the spectrum at each point. In addition, it provides extensive information for analyzing and processing the image. Considering its advantages, hyperspectral imaging technology is encouraging investments from many companies.

Product Insights

On the basis of product, the hyperspectral imaging systems market is segmented into cameras and accessories. Factors such as recent advancements in sensor development have led to the growth of the camera segment. Recent advances include high speed and low-cost circuits, advanced manufacturing technologies, and novel signal processing methods. With these developments, the quality, economic efficiency, and reliability of technical products are anticipated to increase.

The hyperspectral camera acquires light intensity for a wide range of spectral bands, with this feature, every pixel in the image has a continuous spectrum which can be used for identification of objects with precision and detail. In addition, the availability of low-cost cameras and widening computing power are projected to further boost the adoption of these products during the forecast period.

Application Insights

On the basis of application, the market is segmented into military, remote sensing, medical diagnostics, machine vision and optical sorting, and others. The military segment accounts for the largest share of the market due to the advancement in data management along with component fabrication techniques. Better accuracy and consistency compared to other conventional imaging techniques among other factors are contributing to the segment growth. 

On the other hand, medical diagnostics has been estimated to be the fastest-growing segment over the forecast period. Hyperspectral imaging provides diagnostic information regarding tissue morphology, composition, and physiology. During the progression of a disease; the fluorescence, scattering, and absorption of the tissue changes. This factor is projected to create major scope of application in the diagnosis of tissue pathology.

In addition, hyperspectral imaging finds wide application in ophthalmology, procedures of the gastrointestinal tract, wound analysis, fluorescence microscopy, cell biology, and vascular systems. High clarity and accuracy of the technology due to constant innovation and technological advancements are anticipated to create growth opportunities in medical diagnostics over the forecast period.

Regional Insights

North America held the largest market in 2017, owing to good healthcare infrastructure, high healthcare spending, and increasing adoption of novel technologies. As per the statistics by research America,inU.S., about USD 171.8 billion were spent on R&D on medical and healthcare in 2016. In addition, emphasis on healthcare and related initiatives, such as the Patient Protection and Affordable Care Act is accelerating the growth of the medical device segment in this region. This factor is expected to bode well for the market in the near future.

Global hyperspectral imaging systems market share

Asia Pacific has been estimated to be the fastest-growing region during the forecast period, due to the presence of a large pool of patients, increasing healthcare awareness, government funding for R&D, and upcoming research projects. Increasing need of hyperspectral imaging in research activities, remote sensing, and mining explorations are projected to further fuel the regional market growth.

Hyperspectral Imaging Systems Market Share Insights

Key market players are Headwall Photonics Inc.; Resonon, Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Surface Optics Corporation; Bayspec Inc.; Chemimage Corporation; and Applied Spectral imaging.

Various strategies, such as new product launches, collaborations, and acquisitions are adopted by these players to sustain and strengthen their market position. For instance, pathFusion and HiPath Pro-innovative (Fluorescence in situ hybridization) FISH imaging and analysis solutions for pathology was launched by Applied Spectral Imaging Inc in October 2017. These products are expected to improve data accessibility and labor efficiency.

Hyperspectral Imaging Systems Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 10.90 billion

Revenue forecast in 2025

USD 17.64 billion

Growth Rate

CAGR of 10.6% from 2018 to 2025

Base year for estimation

2017

Historical data

2014 - 2016

Forecast period

2018 - 2025

Quantitative units

Revenue in USD million and CAGR from 2018 to 2025

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Japan; China; Brazil; Mexico; South Africa; Saudi Arabia

Key companies profiled

Headwall Photonics Inc.; Resonon, Telops Inc.; Corning Incorporated; Norsk Elektro Optikk AS; Surface Optics Corporation; Bayspec Inc.; Chemimage Corporation; Applied Spectral imaging

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research, Inc. has segmented the global hyperspectral imaging systems market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Cameras

    • Accessories

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Military

    • Remote Sensing

    • Medical Diagnostics

    • Machine Vision & Optical Sorting

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

Frequently Asked Questions About This Report

Pricing & Purchase Options

Service Guarantee

  • Insured Buying

    This report has a service guarantee. We stand by our report quality.

  • Confidentiality

    We are in compliance with GDPR & CCPR norms. All interactions are confidential.

  • GDPR.EU
  • Custom research service

    Design an exclusive study to serve your research needs.

  • 24/5 Research support

    Get your queries resolved from an industry expert.

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities