Global Hyper Spectral Imaging Market is Expected to Reach US$18.88 Billion by 2024: Leading Players Focusing on Expanding Footprint via Strategic Collaborations

With the top 3 players holding just short of 65% of the overall market share in 2015, the global hyper spectral imaging system market exhibits a high degree of consolidation. These companies are FLIR Systems Inc., Thermo Fisher Scientific, and Teledyne Technologies. Despite a consolidated vendor landscape, the global hyper spectral imaging system market is witnessing the highly competitive trends, finds Transparency Market Research (TMR) in a recent study.

Diverse Industrial Applications of Hyper Spectral Imaging Systems to Aid Growth

Enterprises operating in the market will primarily gain from the expanding industrial applications of hyper spectral imaging system. As per TMR, the application of these systems has expanded across pharmaceutical, forensics, food and agriculture, packaging, automotive, and minerals & mining industries. They are used in detecting missing coating, tablets, and differentiating dope among other applications across the aforementioned industries. Besides this, the increasing use of hyper spectral imaging systems in remote sensing and surveillance will augment the market’s growth.

In the last few years, hyper spectral imaging system successfully forayed into the food processing industry. Its use as an analytical tool for testing quality and safety of packaging foods has gained pace. Spurred by this, the global market is poised to exhibit positive growth in the coming years.

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Demand for Outdoor Imaging Systems to Rise at Positive Pace

Based on systems, PC Base, outdoor camera, airborne, and others constitute the key segments in the global hyper spectral imaging market. Of these, the outdoor hyper spectral imaging systems segment emerged dominant in 2015 with a valuation of US$1.61 bn. These systems can be portable tripod mounted or fixed and are considered more rugged than other types of HIS systems. The outdoor camera hyper spectral imaging systems cover 350 to 1700 nm spectral range and are widely preferred in field and defense applications. During the course of the forecast period, the segment is likely to exhibit robust growth.

In terms of end-use industry, the global market has been segmented into military surveillance and homeland security, industrial, medical diagnostics, food processing, mineralogy, astronomy, and others. There is growing preference in usage of hyper spectral imaging systems in the medical diagnostic sector. This will create considerable opportunities for the hyper spectral imaging system market over the next few years. The hyper spectral imaging system enables early detection and treatment of life threatening medical conditions. Furthermore, the increasing application of hyper spectral imaging system in dentistry for the detection of tooth decay and other dental conditions will aid the market’s expansion in the coming years.

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Asia Pacific Hyper Spectral Imaging System Market to Growth at Greater Pace

Regionally, the global hyper spectral imaging system market can be broadly classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Among these regions, North America accounted for the largest market share in the market in 2015, followed by Europe. However, as per TMR Asia Pacific is expected to grow at the fastest rate over the forecast period. Hyper spectral imaging system is finding a wide range of application across a diverse sectors in Asia Pacific. Many leading companies are setting up their manufacturing facilities in the region due to availability of raw material and cheap labor in the region. This is expected to drive the hyper spectral imaging system market in Asia Pacific.

Some of the key players in the hyper spectral imaging (HSI) systems market are Norsk Elektro Optikk (Norway), Corning Incorporated (U.S.), Applied Spectral Imaging, Inc. (U.S.), Specim Spectral Imaging Ltd. (Finland), Resonon Inc. (U.S.), Telops Inc. (Canada), Surface Optics Corporation (U.S.), Chemimage Corporation (U.S.), BaySpec Inc. (U.S.), Headwall Photonics, Inc. (U.S.), FLIR Systems (U.S.), Teledyne Technologies International Corp (U.S.), and Thermo Fisher Scientific (U.S.).

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