Hyperspectral Imaging System Market by Product (Camera, Accessories) & Application (Military, Remote Sensing, Environmental Monitoring, Agriculture, Mineral Map, Machine Vision/Optical Sorting, Life Sciences & Medical Diagnosis) - Global Forecast to 2023
[109 Pages Report] The global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 8.14 billion in 2017, at a CAGR of 17.5%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
The Objectives of this Study are as follows:
- To define, describe, and forecast the global hyperspectral imaging systems market on the basis of component, application, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall hyperspectral imaging systems market
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)2
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies3
- To track and analyze competitive developments such as mergers and acquisitions, product developments, expansions, and research and development activities in the global hyperspectral imaging systems industry
Market Drivers
Increasing funding and investments
Hyperspectral imaging is an innovative technology that is used to acquire and analyze images of an object. With continuous advancements in hardware and software for image processing and analysis, hyperspectral imaging is increasingly being used in a number of research projects across the globe. Hyperspectral imaging offers several advantages, such as higher specificity and granularity, higher image acquisition speed as compared to other spectral imagers, and non-invasive imaging.
Considering its advantages, the technique is used in various application areas with support from authorities in the form of funding and grants. If this trend continues in the coming years and assuming that hyperspectral imaging helps in achieving effective outcomes in various research activities and applications, a greater number of research projects will actively employ hyperspectral imaging systems. Hence, the increasing applications of hyperspectral imaging are encouraging market players to invest in this market. The availability of funding will enable startups and existing firms to launch innovative products, expand their product portfolios, and capitalize on the growth opportunities in the market.
Growing industrial applications of hyperspectral imaging
Over the years, there have been significant advancements in spectrographs and detector designs, which have resulted in decreased costs and improved instrumentation capabilities. As a result, hyperspectral imaging is increasingly being used in various application areas. Unlike conventional cameras, hyperspectral cameras acquire a 3D image cube and spectral information, which is appropriate for any situation where images have to encompass a large area and encode a great deal of information within a single view.
Research Methodology
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources are mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industrys value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.
For the market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the hyperspectral imaging systems market as well as to estimate the market size of various other dependent submarkets. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets and presented in this report. Secondary sources such as directories; databases such as D&B, Bloomberg Business, and Factiva; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies were referred.
The hyperspectral imaging systems market comprises several large as well as small players. The key growth strategies adopted by the players in the market include acquisitions, agreements and partnerships, expansions, and product launches & approvals. The prominent players in this market include Headwall Photonics (US), Corning Incorporated (US), SPECIM (Finland), Resonon (US), Telops (Canada), Norsk Elektro Optikk (Norway), Applied Spectral Imaging (US), BaySpec (US), Surface Optics Corporation (US), and ChemImage Corporation (US).
Target Audience for this Report:
Manufacturers and vendors of hyperspectral imaging systems
- Original equipment manufacturers (OEMs)
- Research organizations & consulting firms
- Technology standards organizations
- Alliances & associations related to hyperspectral imaging technology
- Venture capitalists & investors
Partnerships, Agreements, Contracts, and Collaborations (20152018)
|
Year |
Deal Type |
Company 1 |
Company 2 |
Description |
|
2017 |
Partnership |
SPECIM |
LinX Corporation |
The company partnered with LinX, the Japanese expert and industry leader in the distribution of the worlds most advanced machine vision and automation products into the Japanese market |
|
2017 |
Agreement |
SPECIM |
Tech Imaging Services (US), Blue Line Associates (US), DATVISION (Republic of Korea) |
SPECIM signed agreements with three companies, namely Tech Imaging Services, Line Associates, and DATVISION to strengthen its distribution network and sell Specim hyperspectral cameras, systems and accessories. |
Product Launches (20152018)
|
Year |
Company |
Segment |
Product |
|
2018 |
Headwall Photonics |
Hyperspectral Sensors |
Advanced sensor payloads (consist of hyperspectral sensors and LiDAR for deployment on Unmanned Aerial Vehicle platforms). |
|
2017 |
Headwall Photonics |
Hyperspectral Sensors |
Micro-Hyperspec (deployed on Claire, a small low-earth-orbit (LEO) satellite) |
Acquisitions (20152018)
|
Year |
Company 1 |
Company 2 |
Description |
|
2015 |
Corning |
NovaSol (US) |
Corning Incorporated acquired assets of NovaSol (US), a provider of advanced hyperspectral imaging systems. NovaSol specializes in the research and development of next-generation active and passive optical systems, including electro-optical systems and optical communication systems. The acquired assets will be integrated into Cornings Advanced Optics business unit, which is a part of the Specialty Materials division. |
Expansions (20152018)
|
Year |
Company |
Country |
Description |
|
2017 |
Headwall Photonics |
US |
Headwall opened a new facility in Boston, US to expand its engineering, sales, and marketing capabilities to meet the increasing demand for its spectral imaging solutions. |
|
2016 |
Headwall Photonics |
Canada, the Netherlands, Finland, and the US |
Headwall established five new reseller organizations namely, Spectra Research Corporation (Canada), Integrys (Canada), Inventech (Netherlands), Kvalitest Nordic Oy (Finland), and T3TEC LLC (US). This helped the company increase its customer base and enhance its core competencies. |
Scope of the Report
This report categorizes the hyperspectral imaging systems market into the following segments and subsegments:
Hyperspectral Imaging Systems Market, by Product
- Cameras
- Accessories
Hyperspectral Imaging Systems Market, by Application
- Military Surveillance
- Remote Sensing
- Machine Vision & Optical Sorting
- Life Sciences and Medical Diagnostics
- Other Applications
Hyperspectral Imaging Systems Market for Remote Sensing Applications, by Type
- Agriculture
- Mining/Mineral Mapping
- Environmental Monitoring
- Other Remote Sensing Applications
Hyperspectral Imaging System Market, by Region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- RoE
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific (RoAPAC)
- Rest of the World
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs.
The following customization options are available for this report.
Company Information
Detailed analysis and profiling of additional market players (up to 5)
The global hyperspectral imaging systems market is projected to reach USD 21.33 billion by 2023 from USD 9.51 billion in 2018, at a CAGR of 17.5%. The growing industrial applications of hyperspectral imaging and increasing funding & investments are the major factors driving the growth of the global hyperspectral imaging systems market.
This report segments the hyperspectral imaging systems market into product, application, and region.
On the basis of product, the market is segmented into cameras and accessories. The cameras segment is expected to dominate the market in 2018. This is attributed to factors such as advancement in sensor development & computing power and the availability of low-cost cameras with widening industrial applications in this market.
On the basis of application, the hyperspectral imaging systems market is segmented into military surveillance, remote sensing, machine vision and optical sorting, life sciences and medical diagnostics, and other applications. The military surveillance segment is expected to account for the largest share of the hyperspectral imaging systems market in 2018. The advancements in hyperspectral imaging data management and component fabrication techniques as well as the better accuracy and consistency of hyperspectral imaging data (as compared to other conventional imaging techniques) are the major factors driving the adoption of hyperspectral imaging systems in military surveillance applications.
On the basis of remote sensing application, the hyperspectral imaging systems market is segmented into agriculture, environmental monitoring, mining/mineral mapping, and other remote sensing applications. The agriculture segment is expected to account for the largest share of the hyperspectral imaging systems market in 2018. Hyperspectral imaging offers various advantages in precision agriculture. For instance, hyperspectral imaging is a low-cost technology as compared to traditional scouting methods. Moreover, hyperspectral imaging offers consistent and accurate results, is simple to use, allows rapid assessment, and is non-destructive in nature. As a result of these advantages, the demand for hyperspectral imaging systems is increasing in precision agriculture.
The global hyperspectral imaging systems market is segmented into North America (US and Canada), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), and the Rest of the World. While, North America is expected to dominate the global hyperspectral imaging systems market in 2018, Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth of this market is attributed to technological advancements which have resulted in the development of cost-effective hyperspectral imaging systems, which are being used in several commercial applications in the price-sensitive Asia Pacific region.
However, data storage issues and high costs associated with the use of hyperspectral imaging are expected to restrain the growth of this market during the forecast period.
The global hyperspectral imaging systems market is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics (US), Applied Spectral Imaging (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk (Norway), Resonon (US), SPECIM (Finland), TELOPS (Canada), BaySpec (US), Cubert (Germany), and ChemImage (US).
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Table of Contents
1 Introduction (Page No. - 12)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.3.2 Markets Covered
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 16)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary (Page No. - 23)
4 Premium Insights (Page No. - 27)
4.1 Hyperspectral Imaging Systems Market Overview
4.2 Hyperspectral Imaging Systems Market, By Product, 2018 vs 2023 (USD Billion)
4.3 Hyperspectral Imaging Systems Market, By Application
4.4 Hyperspectral Imaging Systems Market, By Remote Sensing Application, 2018 to 2023
4.5 Hyperspectral Imaging Systems Market: Geographic Snapshot
5 Market Overview (Page No. - 32)
5.1 Introduction
5.1.1 Market Drivers
5.1.1.1 Increasing Funding and Investments
5.1.1.2 Growing Industrial Applications of Hyperspectral Imaging
5.1.2 Market Restraints
5.1.2.1 Data Storage and High Costs Associated With the Use of Hyperspectral Imaging
5.1.3 Market Opportunities
5.1.3.1 Untapped Market Opportunities in Emerging Countries
5.1.4 Market Challenges
5.1.4.1 Attaining Super-Resolution in A Cost-Effective Manner
6 Hyperspectral Imaging Systems Market, By Product (Page No. - 37)
6.1 Introduction
6.2 Cameras
6.3 Accessories
7 Hyperspectral Imaging Systems Market, By Application (Page No. - 41)
7.1 Introduction
7.2 Military Surveillance
7.3 Remote Sensing
7.3.1 Agriculture
7.3.2 Mining/Mineral Mapping
7.3.3 Environmental Monitoring
7.3.4 Other Remote Sensing Applications
7.4 Life Sciences & Medical Diagnostics
7.5 Machine Vision & Optical Sorting
7.6 Other Applications
8 Hyperspectral Imaging Systems Market, By Region (Page No. - 50)
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 France
8.3.3 UK
8.3.4 Spain
8.3.5 Italy
8.3.6 Rest of Europe
8.4 Asia Pacific (APAC)
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific (RoAPAC)
8.5 Rest of the World (RoW)
9 Competitive Landscape (Page No. - 81)
9.1 Overview
9.2 Hyperspectral Imaging Systems Market Ranking
9.3 Competitive Situation and Trends
9.3.1 Partnerships, Agreements, Contracts, and Collaborations (20152018)
9.3.2 Product Launches (20152018)
9.3.3 Acquisitions (20152018)
9.3.4 Expansions (20152018)
10 Company Profiles (Page No. - 86)
(Business Overview, Products Offered, Recent Developments, MnM View)*
10.1 Headwall Photonics, Inc.
10.2 Corning Incorporated
10.3 Specim, Spectral Imaging Ltd.
10.4 Resonon
10.5 Telops Inc.
10.6 Norsk Elektro Optikk as (NEO)
10.7 Applied Spectral Imaging
10.8 Bayspec
10.9 Surface Optics Corporation
10.10 Chemimage Corporation
10.11 Cubert GmbH
*Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.
11 Appendix (Page No. - 103)
11.1 Discussion Guide
11.2 Knowledge Store: Marketsandmarkets Subscription Portal
11.3 Available Customization
11.4 Related Report
11.5 Author Details
List of Tables (66 Tables)
Table 1 Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 2 Hyperspectral Imaging Cameras Market, By Region, 20162023 (USD Million)
Table 3 Hyperspectral Imaging Accessories Market, By Region, 20162023 (USD Million)
Table 4 Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 5 Hyperspectral Imaging Systems Market for Military Surveillance, By Region, 20162023 (USD Million)
Table 6 Hyperspectral Imaging Systems Market for Remote Sensing Applications, By Type, 20162023 (USD Million)
Table 7 Hyperspectral Imaging Systems Market for Remote Sensing Applications, By Region, 20162023 (USD Million)
Table 8 Hyperspectral Imaging Systems Market for Agriculture, By Region, 20162023 (USD Million)
Table 9 Hyperspectral Imaging Systems Market for Mining/Mineral Mapping, By Region, 20162023 (USD Million)
Table 10 Hyperspectral Imaging Systems Market for Environmental Monitoring, By Region, 20162023 (USD Million)
Table 11 Hyperspectral Imaging Systems Market for Other Remote Sensing Applications, By Region, 20162023 (USD Million)
Table 12 Hyperspectral Imaging Systems Market for Life Sciences & Medical Diagnostics, By Region, 20162023 (USD Million)
Table 13 Hyperspectral Imaging Systems Market for Machine Vision & Optical Sorting, By Region, 20162023 (USD Million)
Table 14 Hyperspectral Imaging Systems Market for Other Applications, By Region, 20162023 (USD Million)
Table 15 Hyperspectral Imaging Systems Market, By Region, 20162023 (USD Million)
Table 16 North America: Hyperspectral Imaging Systems Market, By Country, 20162023 (USD Million)
Table 17 North America: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 18 North America: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 19 North America: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 20 US: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 21 US: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 22 US: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 23 Canada: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 24 Canada: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 25 Canada: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 26 Europe: Hyperspectral Imaging Systems Market, By Country, 20162023 (USD Million)
Table 27 Europe: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 28 Europe: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 29 Europe: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 30 Germany: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 31 Germany: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 32 Germany: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 33 France: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 34 France: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 35 France: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 36 UK: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 37 UK: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 38 UK: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 39 Spain: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 40 Spain: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 41 Spain: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 42 Italy: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 43 Italy: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 44 Italy: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 45 RoE: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 46 RoE: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 47 RoE: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 48 Asia Pacific: Hyperspectral Imaging Systems Market, By Country, 20162023 (USD Million)
Table 49 Asia Pacific: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 50 Asia Pacific: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 51 Asia Pacific: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 52 China: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 53 China: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 54 China: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 55 Japan: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 56 Japan: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 57 Japan: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 58 India: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 59 India: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 60 India: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 61 RoAPAC: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 62 RoAPAC: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 63 RoAPAC: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
Table 64 RoW: Hyperspectral Imaging Systems Market, By Product, 20162023 (USD Million)
Table 65 RoW: Hyperspectral Imaging Systems Market, By Application, 20162023 (USD Million)
Table 66 RoW: Hyperspectral Imaging Systems Market for Remote Sensing, By Type, 20162023 (USD Million)
List of Figures (25 Figures)
Figure 1 Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Hyperspectral Imaging Systems Market, By Product, 2018 vs 2023 (USD Billion)
Figure 7 Hyperspectral Imaging Systems Market, By Application, 2018 vs 2023 (USD Billion)
Figure 8 Hyperspectral Imaging Systems Market, By Remote Sensing Application, 2018 to 2023 (USD Billion)
Figure 9 Geographic Snapshot of the Global Hyperspectral Imaging Systems Market
Figure 10 Growing Industrial Applications of Hyperspectral Imaging to Drive Market Growth During the Forecast Period
Figure 11 Hyperspectral Cameras to Account for the Largest Market Share in 2018
Figure 12 Military Surveillance Estimated to Be the Largest Application of Hyperspectral Imaging in 2018
Figure 13 Agriculture Segment to Witness Highest Growth During the Forecast Period
Figure 14 Asia Pacific to Register the Highest Growth During the Forecast Period
Figure 15 Hyperspectral Imaging Systems Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Recent Funding Initiatives in the Hyperspectral Imaging Market
Figure 17 Cameras to Dominate the Hyperspectral Imaging Systems Market, By Product, in 2018
Figure 18 Hyperspectral Imaging Systems Market, By Application, 2018 vs 2023 (USD Million)
Figure 19 North America: Hyperspectral Imaging Systems Market Snapshot
Figure 20 Europe: Hyperspectral Imaging Systems Market Snapshot
Figure 21 Asia Pacific: Hyperspectral Imaging Systems Market Snapshot
Figure 22 RoW: Hyperspectral Imaging Systems Market Snapshot
Figure 23 Key Developments in the Hyperspectral Imaging Systems Market, 20152018
Figure 24 Market Evolution Framework: Product Launches Emerge as the Dominant Growth Strategy Adopted By Key Players
Figure 25 Company Snapshot: Corning Incorporated (2017)
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Growth opportunities and latent adjacency in Hyperspectral Imaging System Market