Thanks for visiting Imaging and Machine Vision Europe.

You're trying to access an editorial feature that is only available to logged in, registered users of Imaging and Machine Vision Europe. Registering is completely free, so why not sign up with us?

By registering, as well as being able to browse all content on the site without further interruption, you'll also have the option to receive our magazine (multiple times a year) and our email newsletters.

Hyperspectral imaging market to reach $11.34bn by 2022

Share this on social media:

The global hyperspectral imaging system market is expected to reach $11.34 billion by 2022 up from $6.51 billion last year, at a CAGR of around 10.9 per cent from 2017, according to Zion Market Research. The firm reported that the market is being driven by newly emerging hyperspectral technologies and an increasing uptake of hyperspectral imaging in research.

Despite this forecast, according to Zion, high cost and reimbursement issues are still majorly affecting the growth of the hyperspectral market. The firm does predict however that current untapped markets and increasing investment from manufacturers are expected to generate new opportunities for the area over the next five years.

The market research firm predicts that North America is expected to generate the highest revenue over the forecast period, accounting for around 45 per cent of the overall market share by the end of 2022. Key operators in the US include Headwall Photonics, Resonon, Corning, Applied Spectral Imaging, BaySpec, Surface Optics and ChemImage. 

The European hyperspectral imaging system sector is also growing at a healthy rate, and is expected to generate new opportunities in the coming years through advancements in hyperspectral technology being made by its key operators, such as NorskElektroOptikk and Specim Spectral Imaging.

Although the American and European markets are showing no signs of slowing, the highest growth rate over the forecast period is expected to come from the Asia Pacific market, with India and China leading the way. Both countries are predicted to grow considerably in the hyperspectral sector over the next five years, according to the market research firm.

In Latin America, the Middle East and Africa, a rapidly increasing healthcare infrastructure is contributing to growth. Zion believes that rising investment by the manufacturers of medical devices in these areas would further fuel the progression of the hyperspectral imaging system market.

Components for hyperspectral imaging systems are classified into hyperspectral cameras and accessories. In 2015, the hyperspectral cameras segment held the largest market share due to an increased demand for hyperspectral cameras in industrial inspection, biology and pharmaceutical research. 

Hyperspectral applications are segmented into machine vision/optical sorting, military surveillance, remote sensing, life sciences and medical diagnostics, and other applications. The military surveillance segment held the highest market share in 2016, and is expected to grow at the fastest rate over the forecast period.

Related news

Recent News

08 January 2020

More than 300 exhibitors have booked stand space at the Vision trade fair, set to take place from 10 to 12 November in Stuttgart, Germany

07 January 2020

Flir Systems and Ansys have collaborated to add a thermal imaging dataset to Ansys’s driving simulator for engineers building autonomous vehicles

23 December 2019

The last year has been one of consolidation for the machine vision industry, along with a slowdown in the markets that machine vision serves

18 December 2019

Yates succeeds Jochem Herrmann, who has held the role of EMVA president since 2015 and has decided to step down to spend more time with his family