Global Hyperspectral Imaging Market to Reach More Than $206 Billion by 2023

Growth Driven By High Demand for Research and Development

April 18, 2019

WELLESLEY, Mass., April 18, 2019— A new report from BCC Research, “Hyperspectral Imaging: Technologies and Global Markets to 2023,” estimates that by 2023, the global market for hyperspectral imaging should reach $206.2 million, up from $104 million in 2018, indicating a compound annual growth rate (CAGR) of 14.7%.

Hyperspectral images provide much more detailed information than those obtained from a normal color camera and finds applications across or in the stages of product development including installation, maintenance, manufacturing and research and development.

Top leaders in the bioremediation market include: Northrop Gruman (NOC), SPECIM Spectral Imaging, Headwall Photonics Inc. and Imec.

Research Highlights

  • In the hyperspectral imaging application segment, military surveillance is expected to witness the largest market growth as compared with other applications and is expected to grow 14.1% annually through 2023.
  • The North America hyperspectral imaging market was valued at $39.7 million in 2017 and is estimated to reach $87.2 million by 2023, growing 13.8% annually. Moving forward, the Asia-Pacific region is the fastest-growing market for hyperspectral imaging.
  • By system, airborne cameras for spatial scanning held the largest market share at 19.2% and will continue to lead in market share in 2023 at 37.8%.

“The hyperspectral imaging market is expected to witness robust growth during,” said BCC Research analyst and report author Sinha G. Gaurav. “Rising demand for research and development (R&D), increasing application in military, medical diagnosis, food processing, surveillance, chemical imaging and so forth are some of the major factors driving the growth of hyperspectral imaging market globally.”

Growth Opportunities for Developing Countries

Hyperspectral imaging is used in applications at various stages of the production process to maintain product quality and operational efficiency by nullifying errors. The major application areas of hyperspectral imaging include installation, maintenance, manufacturing and R&D.

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Hyperspectral Imaging: Technologies and Global Markets to 2023( IAS135A )
Publish Date: Apr 2019    

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