North America Dominated The Global Hyper Spectral Imaging Systems Market

North America Dominated The Global Hyper Spectral Imaging Systems Market

Global Hyper Spectral Imaging Systems (HSI) Report 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-Pacific and Europe are expected to grow at a CAGR of 9.4% and 8.5%, respectively, during the forecast period.

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Some of the major driving factors of the global hyper spectral imaging systems market are growth in industrial application, increase in demand from medical & food processing industry, and augmented demand for remote sensing & surveillance Though, high cost of hyper spectral imaging systems may hamper the market growth during forecast period. Technological innovation and reduction in price would provide several growth opportunities for the market in the coming years.

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Global hyper spectral imaging systems market is classified into system end user, and geography. System segment comprises outdoor camera, airborne, PC based, and others. PC based hyper spectral imaging systems held for the highest market share in 2016, driven by its key features such as, capability of detecting thousands of measurement points over a wide range of thermal images. End user segment is further divided into military surveillance and homeland security, food processing, industry, medical diagnostics, astronomy, mineralogy, and others. The military surveillance and homeland security segment held for the highest market share in in 2016.

North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in this report. North America accounted for the largest market share in 2016, owing to the high adoption of hyper spectral imaging systems in research and astronomy, material science, and others. Asia-Pacific is attributed to grow at a fastest CAGR 9.4% from 2016-2024. The growth is attributed to high concentration of semiconductor companies in emerging countries such as China, Taiwan, South Korea and India coupled with improved penetration of nanotechnology in countries such as Japan.

The major players in the hyper imaging systems market are BaySpec Inc., Applied Spectral Imaging, Headwall Photonics, Inc., SPECIM, Spectral Imaging Ltd., Resonon, Corning Incorporated, Telops, Surface Optics Corporation, and ChemImage Corporation.

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