Global hyperspectral imaging systems (HSI) market report published by Accurize Market Research forecast that the global market is expected to reach $19 billion by 2024; growing at a CAGR of 8.3% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Development in industrial application and augmented demand for remote sensing and surveillance across the globe to drive the growth of the market

Development in industrial application and augmented demand for remote sensing and surveillance feels the demand for the global hyperspectral imaging systems (HSI) market. Moreover, the rise in demand from the medical and food processing industry also boosts the growth of the market.

Market Segmentation

The global hyperspectral imaging systems (HSI) market has been bifurcated on the basis of system and end-user. By system, the market is segmented into PC based, outdoor camera, airborne, and others. By the end-user, the market is further divided into military surveillance & homeland security, industry, medical diagnostics, food processing, mineralogy, astronomy, and others.

By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico, and Canada are covered under North America wherein Europe covers Germany, UK, Netherland, and others. Asia-Pacific covers China, India, Japan, Oceanic, and others. The rest of the World (RoW) covers South America, the Middle East, and Africa.

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“PC based hyperspectral imaging systems accounted for the largest market share in the systems segment", says Accurize

By systems segment, PC based HSI systems accounted for the largest market share in 2017, owing to its several features such as the 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 surveillance, tracking, and agriculture. The military surveillance and homeland security segment accounted for the major market share in the overall application segment in 2017.

“North America dominated the global market with the highest market share over the forecast period", says Accurize

In 2017, North America accounted for the largest market share of 33.6%, owing to the high adoption of HSI systems in material science, research and astronomy, and others. Europe accounted for the second-largest market share of 28.6%, driven by high penetration of HSI systems microscopes in the field of material science. Moreover, Asia-Pacific is to attain the fastest CAGR of 9.4% during the forecast period 2017-2025. The growth would be primarily driven by the high absorption 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.

Top players in the market

The key market players include Spectral Imaging Ltd., Applied Spectral Imaging, Headwall Photonics, Inc., Corning Incorporated, Resonon, Telops, SPECIM, BaySpec Inc., Surface Optics Corporation, and ChemImage Corporation among others.