WELLESLEY, MA, June 01, 2016 – Rising demand for high-bandwidth communication and installation of higher capacity communication networks is growing demand for highly precise hyperspectral imaging. BCC Research anticipates in its new report that the hyperspectral imaging market will experience robust growth from 2015 to 2020.
Hyperspectral imaging, which captures the visible and invisible spectral power distributions of a surface as a function of wavelength, provides wavelength-dependent reflectance or radiometric spectral power distributions for each pixel in the form of an image. With the process of imaging spectroscopy, the surface properties of an image are measured by hyperspectral imaging. For physically meaningful measurements, hyperspectral imaging has become more accessible as an image-based acquisition tool.
The global market for hyperspectral imaging should grow from nearly $73.6 million in 2015 to $152.9 million by 2020 on a five-year compound annual growth rate (CAGR) of 15.7%. Military surveillance, the largest segment, should increase revenues from $20.9 million in 2015 to $42.7 million by 2020, reflecting a five-year CAGR of 15.4%. Agriculture, the fastest-growing segment with a five-year CAGR of 16.5%, is expected to total $30.8 million by 2020.
Because of rapid industrialization and the growing number of new businesses, demand for high-bandwidth communication has increased considerably in recent years. Additionally, existing businesses are switching to modern technologies to gain competitive advantage. Rising demand for R&D, along with increasing applications in the military, medical diagnosis, food processing, surveillance and chemical imaging sectors, among others, represent key growth factors.
Ample growth opportunities abound in the emerging countries of the Asia-Pacific and Latin American regions. With many local players striving to match international standards for product quality, demand is expected to increase considerably and drive market expansion.
Increasing field applications for agriculture, along with growing demand for R&D in geological samples like drill cores that can be rapidly mapped for nearly all minerals of commercial interest, are spurring market growth, as well. Industry emphasis on improving product quality, along with trends shifting toward fast, easy and simple solutions, also should key positive movement. In addition, the increasing need for operational efficiency, coupled with high-precision manufacturing, is creating demand for instruments that can reduce errors and test the overall process.
“Recent advancements in sensor design and processing speed have cleared the path for a wide range of applications employing hyperspectral imaging,” says BCC Research analyst Sinha G. Gaurav. “In addition, an increased focus on providing better imaging with regards to pixels in different industries like healthcare is expected to have a positive impact on the demand for hyperspectral imaging globally.”
Hyperspectral Imaging: Technologies and Global Markets (IAS106A) analyzes the advancement in the technology of hyperspectral imaging in different applications, especially in healthcare and research activities. The report examines emerging applications, R&D, the value chain, and competitive technologies. Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today’s major industrial and technology sectors, including emerging markets. For more than 40 years we’ve helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email [email protected].