Variant Market Research anticipated that the global hyper spectral imaging systems market is forecasted to reach $18.9 billion by 2024 from $9.9 billion in 2016; growing at a CAGR of 8.4% from 2016 to 2024. There are the several driving factors of the market such as expanding industrial applications, increasing demand for surveillance & remote sensing and growing demand from medical & food processing industry. However, high cost of these systems may restrain the growth of the market. Furthermore, reductions in price and new innovations are the major opportunities of the market.
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Key segments of the global hyper spectral imaging systems market are system, end-user and geography. Airborne, outdoor camera, PC board and others are the key sub segments of the system segment. In 2016, PC board sub segment has highest market share, driven by several improved features. Moreover, end-user segment has been segmented into food processing, industry, astronomy, military surveillance & homeland security, mineralogy, medical diagnostics and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global hyper spectral imaging systems market. In 2016, North America region accounted for the highest market share of 33.6%, followed by Europe with 28.6%. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 9.4% during 2016-2024, driven by rapid industrialization and high concentration of semiconductor companies.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the hyper spectral imaging systems market are Spectral Imaging Ltd., Telops, Headwall Photonics, Inc., Surface Optics Corporation, Corning Incorporated, Resonon Inc., Applied Spectral Imaging, BaySpec Inc., and ChemImage Corporation.
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