Global hyperspectral imaging system market is expected to reach USD 11.34 billion by 2022, growing at a CAGR of around 10.9% between 2017 and 2022.

Sarasota, FL -- (SBWire) -- 01/18/2018 --Hyperspectral Imaging Systems (HIS) processes and collects information from across the electromagnetic spectrum. The objective of hyperspectral imaging is to get the spectrum for every pixel in the image of a scene, with the principle of detecting processes, identifying materials or finding objects. Hyperspectral imaging systems technology are used in a number of areas, such as environment, food and agriculture, land use, life sciences & medical diagnostics, agricultural monitoring and military surveillance, as it specifically captures spectral and spatial information. Hyperspectral imaging systems technology measures absorption of electromagnetic reflection, radiation, emission and provides an exclusive spectral signature for every pixel and it is used by processing techniques to discriminate and identify materials.

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The growth of hyperspectral imaging system market is driven by increasing adoption of the hyperspectral imaging system for life sciences & medical diagnostics, agricultural monitoring and military surveillance.Technological innovation in hyperspectral imaging is the major factor responsible for the growth of hyperspectral imaging system market. In addition, healthcare awareness and rising government support continuously responsible for the growth of hyperspectral imaging system market. Furthermore, increasing use of hyperspectral imaging technology in research and development awareness is expected to drive the growth of hyperspectral imaging system market in the forecast period. In spite of this, high cost and reimbursement issues are majorly affecting the growth of hyperspectral imaging system market. However, untapped market, increasing investment by manufacturer and support by governments are expected to generate new opportunities in forecast period for hyperspectral imaging system market.

Based on the component type, hyperspectral imaging system market has been classified into hyperspectral cameras and accessories. Due to low cost and increasing use of hyperspectral imaging technology hyperspectral cameras segment is dominating the market and thus is expected to boost the hyperspectral imaging system market.

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Based on the application type hyperspectral imaging system market has been segmented as food and agriculture, military surveillance, remote sensing, life sciences & medical diagnostics, machine vision/optical sorting and other. Hyperspectral imaging system technology was originally developed for applications in remote sensing, but the advanced imaging was explored in another field such as agriculture, land use, life sciences & medical diagnostics, agricultural monitoring and military surveillance. Military surveillance segment dominated the market due to increasing adoption of hyperspectral imaging technology in military surveillance and this segment is projected to show significant growth in the forecast period. Hyperspectral imaging system technology is useful in military surveillance for search and rescue applications.

Based on the geography, the hyperspectral imaging system market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the hyperspectral imaging system market due to high demand for hyperspectral imaging system technology in military surveillance and increasing research and development activities. In Europe, the market has been dominated by U.K. due to increasing use of hyperspectral imaging technology in mining & mineralogy and military surveillance.In Asia Pacific, healthcare industry is undergoing rapid change and dynamic discoveries thus; Asia Pacific hyperspectral imaging system market is expected to generate new opportunities due to pressures driving business decisions and corporate growth

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Key operating players in hyperspectral imaging system market are like ChemImage Corporation, Corning Incorporated, Spectral Imaging Ltd., Applied Spectral Imaging, Telops Inc., NorskElektroOptikk AS, BaySpec Inc., Resonon, Surface Optics Corporation, and Headwall Photonics, Inc.