North American Region Accounted For the Largest Market Share in Global Hyper Spectral Imaging System Market in 2016

Global Hyper spectral imaging system Market Report, published by Variant Market Research, forecast that the global 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. The hyper spectral imaging system market is majorly driven by the following driving factors such as increasing industrial applications, growing demand for remote sensing & surveillance and augmented demand from medical & food processing industry. However, high cost of devices might hinder the growth of the market. Furthermore, advanced technologies and reduction in price would provide growth opportunities for the market.

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System type, end-user and geography are the key segments of the global hyper spectral imaging system market. System type segment has been segmented into outdoor camera, airborne, PC based and others. Additionally, end-user segment includes astronomy, military surveillance & homeland security, mineralogy, industry, food processing, medical diagnostics and others. The military surveillance and homeland security accounted for the largest market share in the year 2016.

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The global hyper spectral imaging system market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 33.6% in 2016, driven by increased use in research and astronomy and others. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR of 9.4% over the forecast period, owning to rapid industrialization and growth in nanotechnology field.

Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the hyper spectral imaging system market include Surface Optics Corporation, Spectral Imaging Ltd., BaySpec Inc., Telops, Headwall Photonics, Inc., Resonon Inc., Corning Incorporated, Applied Spectral Imaging, and ChemImage Corporation.

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