Hyperspectral Imaging Systems Market Will Grow at a CAGR of 17.5%

According to a new market research report “Hyperspectral Imaging System Market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%

The growing industrial applications of hyperspectral imaging and
increasing funding & investments are the major factors driving the
growth of the global Hyperspectral Imaging Systems Market.

By product, the cameras segment is expected to dominate the market in 2018

The Hyperspectral Imaging Systems Market is categorized into two
product segments, namely, cameras and accessories. The cameras segment
is expected to command the largest share of the global Hyperspectral
Imaging Systems Market in 2018. Factors such as recent advances in
sensor development & computing power and the availability of
low-cost cameras with widening industrial applications are driving the
growth of this market segment.

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Based on application, the military surveillance segment is expected to account for the largest share in 2018

On the basis of application, the Hyperspectral Imaging Systems Market
is segmented into military surveillance, remote sensing, machine
vision, and optical sorting, life sciences and medical diagnostics, and
other applications. The military surveillance segment is expected to
account for the largest share of the Hyperspectral Imaging Systems
Market in 2018. The advancements in hyperspectral imaging data
management and component fabrication techniques, as well as the better
accuracy and consistency of hyperspectral imaging data (as compared to
other conventional imaging techniques), are the major factors driving
the adoption of hyperspectral imaging systems in military surveillance
applications.

North America to dominate the Hyperspectral Imaging Systems Market in 2018

By region, the global Hyperspectral Imaging Systems Market is
segmented into North America, Europe, Asia Pacific, and the Rest of the
World (RoW). In 2018, North America is expected to dominate the global
Hyperspectral Imaging Systems Market, followed by Europe. The large
share of this region can be attributed to the presence of highly
developed research infrastructure; availability of technologically
advanced imaging products; and growing adoption of hyperspectral imaging
in military surveillance, environmental monitoring, mining, machine
vision, and life sciences & diagnostics.

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The global Hyperspectral Imaging Systems Market is highly competitive
and fragmented. The prominent players operating in this market include
Headwall Photonics (US), Applied Spectral Imaging (US), Corning
Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk
(Norway), Resonon (US), SPECIM (Finland), TELOPS (Canada), BaySpec
(US), Cubert (Germany), and ChemImage (US).