The hyper spectral imaging market is majorly dominated by a handful of players, which makes the market fairly oligopolistic in nature. The top three players including Thermo Fisher Scientific, FLIR Systems Inc., and Teledyne Technologies account for a little below 65% of the total market share, thus, making the market highly consolidated. Despite this consolidated nature of the market, the competition in the market is intense. The moves of one market players are expected to invite a reaction from the other players in the market. The leading players are found to focus on expanding their geographical reach through mergers and acquisitions. This would grant them access to the regional and local market, thus, fetching a wider consumer base for them. Furthermore, these players are also expected to expand their product portfolio and offer novelty products to the customers. Production innovation is anticipated to helm the progress of the market players. Hence, each of the leading market players are aiming to get a competitive edge over others through better and more functional products.
Major Key Players of
the Hyper Spectral Imaging Market are:
Norsk Elektro Optikk (Norway), Corning Incorporated (U.S.), Applied
Spectral Imaging, Inc. (U.S.), Specim Spectral Imaging Ltd. (Finland), Resonon
Inc. (U.S.), Telops Inc. (Canada), Surface Optics Corporation (U.S.), Chemimage
Corporation (U.S.), BaySpec Inc. (U.S.), Headwall Photonics, Inc. (U.S.), FLIR
Systems (U.S.), Teledyne Technologies International Corp (U.S.), and Thermo
Fisher Scientific (U.S.).
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Transparency Market Research (TMR) projects the growth path
of the market from 2016 to 2024 in order to ascertain key trends,
opportunities, and restraints that lie ahead of players. The market is expected
to inflate at a respectable CAGR of 8.40% over the period from 2016 to 2024. Furthermore,
the market was valued at US$9.12 bn in 2015 and is expected to uptick to a
value of US$18.88 bn by the end of 2024. Segmenting the market based on
end-use, the military surveillance and homeland security segment was valued at
US$1.86 in the year 2015, outdoing all other categories. Despite the affluence
of this segment, the food processing industry is expected to register the
highest CAGR over the forecast period. Geographically, North America grossed in
the highest market share of 34% in the global market.
Hyper spectral imaging system (HIS) uses an electromagnetic
system to collect and process data. There is abundant data processed by these
systems, which makes it easy to identify objects. The composition of medicine,
for example, can be easily analyzed with the use of these systems. A number of
fatal diseases can also be diagnosed with the help of these systems. This spurs
the popularity of these systems in the medical and healthcare industries.
Furthermore, these systems can also help in finding oral medical complexities
without the use of drilling machines, thus, making oral treatments non-invasive
to an extent. The deployment of these systems for surveillance and remote
testing is also a prudent driver of market growth. The food packaging industry
has also become an ardent consumer of these system for the testing and analysis
of the quality of food. Agricultural applicability is another key usage that
proliferates the demand for these systems. These systems help in monitoring the
nourishment of crops and can act as a warning signal if there is a plague. It is anticipated that, as these systems
become technologically advanced, a wide array of industries would adopt these
systems for multiple uses.
Key Takeaways:
- Healthcare
Industry becomes a prolific consumer of hyper spectral imaging systems.
- Growth
of these systems across multiple industries expected to keep bolstering
market growth.
The market is
segmented along the following lines:
Hyper Spectral Imaging System Market, by Systems
- PC
Based
- Outdoor
Camera
- Airborne
- Others
Hyper Spectral Imaging System Market, by End Use Industry
- Military
Surveillance and Homeland Security
- Industrial
- Medical
Diagnostic
- Food
Processing
- Mineralogy
- Astronomy
- Others
Table of Content
Chapter 1 Preface
Chapter 2 Assumptions
and Research Methodology
Chapter 3 Executive
Summary
Chapter 4 Global
Hyper Spectral Imaging System Market Dynamics
Chapter 5 Global
Hyper Spectral Imaging System Market Analysis by Systems
Chapter 6 Global
Hyper Spectral Imaging System Market Analysis, By End Use Industry
Chapter 7 Hyper
Spectral Imaging System Market Analysis, By Region
Chapter 13 Company
Profiles
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In the end, hyper spectral imaging industry report specifics
the major regions, market scenarios with the product price, volume, supply,
revenue, production, and market growth rate, demand, forecast and so on. This
report also presents SWOT analysis, investment feasibility analysis, and
investment return analysis.
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