Global Hyper Spectral Imaging Systems(HSI) Report, published by Variant Market Research, forecast that the global market is expected to reach $18.9 billion by 2024 from $9.9 billion in 2016;growing at a CAGR of 8.4% from 2016 to 2024. By geography, Asia-pacificand Europeare expected to grow at a CAGR of 9.4% and 8.5%, respectively, during the forecast period.
Growth in industrial application, rise in demand from medical and food processing industry, and augmented demand for remote sensing and surveillance are the major factors driving the global hyper spectral imaging systems market. However, high cost of hyper spectral imaging systems would restrain the market growth in the coming years. Technological innovation and reduction in price would provide several growth opportunities for the market in the coming years.
The global hyper spectral imaging systems market has been segmented on the basis of system and end user. By system, the market is segmented into PC based, outdoor camera, airborne, and others. By end user, the market is further divided into military surveillance and homeland security, industry, medical diagnostics, food processing, mineralogy, astronomy, and others. By systems, PC based hyper spectral imaging systems accounted for the largest market share in 2016, owing to its several features such as, capability of detecting thousands of measurement points over a wide range of thermal images. The airborne segment is expected to grow at the fastest CAGR during the forecast period, owing to its increased demand in various applications such as tracking, surveillance, and agriculture. The military surveillance and homeland security segment accounted for the largest market share in the overall application segment in 2016. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
North America accounted for the largest market share of 33.6% in 2016, owing to the high adoption of hyper spectral imaging systems in research and astronomy, material science, and others. Europe accounted for the second largest market share of 28.6%, driven by high penetration of hyper spectral imaging systems microscopes in the field of material science. Asia-Pacificis to attain the fastest CAGR of 9.4% during the forecast period 2016-2022. The growth would be primarily driven by high concentration of semiconductor companies in emerging countries such as China, Taiwan, South Korea and India coupled with increased penetration of nanotechnology in countries such as Japan.
The major players in the Hyper Imaging Systems Market include Headwall Photonics, Inc., Corning Incorporated, SPECIM, Spectral Imaging Ltd., Resonon, Telops, Applied Spectral Imaging, BaySpec Inc., Surface Optics Corporation, and ChemImage Corporation.