Hyperspectral imaging market to grow by 76% through 2019; military market to hit $13.9 million
DALLAS, 22 July 2015. The worldwide market for hyperspectral imaging will grow by 76 percent from 2015 to 2019, rising from $47.2 million in 2014 to $83.2 million in 2019, predict analysts at market researcher MarketsandMarkets in Dallas.
This electro-optics growth in the global hyperspectral imaging market represents a combined annual growth rate of 12 percent, say MarketsandMarkets analysts, who outline their predictions in the report Hyperspectral Imaging Market by Application - Global Forecast to 2019.
The military surveillance segment makes up the largest market share of hyperspectral imaging with 18.6 percent in 2014, followed by the environment testing and mining and mineralogy segments.
The military surveillance segment is expected to reach $13.9 million by 2019, at an annual growth rate of 9.7 percent. The fastest-growing application segment is life science and diagnostics, which is expected to grow by 13.7 percent each year from 2014 to 2019.
The report covers hyperspectral imaging applications in military and surveillance; environmental testing; mining and mineralogy; agriculture; machine control and process vision; life sciences and medical diagnostics; food; colorimetry; and meteorology.
Hyperspectral Imaging is a technique of obtaining the electromagnetic spectrum for each pixel in the image, covering wide range of wavelengths. The reflected or emitted light creates a spectral based contrast within the obtained image of multiple wavelengths.
The hyperspectral imaging market is growing because of the technology's increasing acceptance in mining and mineralogy, machine vision and life science and diagnostics, across the globe. The accuracy of the data obtained and the consistency in the hyperspectral imaging also drive market growth, analysts say.
The ease of operation of the instruments and its safety increase the demand for the hyperspectral imaging technologies. Still, the high costs of the hyperspectral imaging tools hampers the market to certain extent.
The report divides the global hyperspectral imaging market by application and region. Based on application, the hyperspectral imaging market is categorized into food and agriculture, military surveillance, environment monitoring, life sciences and medical diagnostics, calorimetry, meteorology, mining and mineralogy, machine vision, and process control.
North America makes up 50.8 percent of the worldwide hyperspectral imaging market revenues, followed by Europe and Asia-Pacific. The Asian hyperspectral imaging market is an open market that is expected to witness its maximum growth from 2014 to 2019.
Key players in the hyperspectral imaging market are Specim Spectral Imaging Ltd. in Oulu, Finland; Headwall Photonics Inc. in Fitchburg, Mass.; IMEC in Heverlee, Belgium; Norsk Elektro Optikk A/S in Skedsmokorset, Norway; Surface Optics Corp. in San Diego; and Telops in Quebec City.
The 81-page report has 26 market tables and figures. For more information contact MarketsandMarkets online at www.marketsandmarkets.com.