NEW YORK, August 22, 2018 /PRNewswire/ -- The global hyperspectral imaging systems market projected to grow at a CAGR of 17.5%.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%. Factors driving the growth of this market are growing industrial applications of hyperspectral imaging and increasing funding & investments. 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.Read the full report: https://www.reportlinker.com/p04603860
Cameras are expected to grow at the highest CAGR during the forecast period.Based on product, the hyperspectral imaging systems market is segmented into cameras and accessories.The cameras segment is expected to dominate the market with the largest share and is also expected to grow at the highest CAGR during the forecast period.This is attributed to factors such as recent advances in sensor development & computing power and the availability of low-cost cameras with widening industrial applications.The military surveillance segment is expected to dominate the market during the forecast period.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.Asia Pacific to witness the highest growth during the forecast period.In 2018, North America is expected to account for the largest share of the market followed by Europe.However, Asia Pacific is expected to register the highest CAGR during the forecast period.Technological advancements 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. This is the major factor responsible for the high growth of the Asia Pacific market.The primary interviews conducted for this report can be categorized as follows: By Company Type: Tier 1 30%; Tier 2 - 50%; Tier 3 - 20%. By Designation: C-level- 27%; D-level- 32%; others- 41%. By Region: North America-33%; Europe-28%; APAC -23%; Rest of the World- 16%List of companies profiled in the report 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) Chemimage Corporation (US) Cubert GmbH (Germany)Research Coverage:The report provides an overview of the hyperspectral imaging systems market.It aims at estimating the market size and future growth potential of this market across different segments such as product, application, and region.Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.Key Benefits of Buying the Report:The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall hyperspectral imaging systems market and its subsegments.This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies.The report will also help stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.Read the full report: https://www.reportlinker.com/p04603860
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