HSI: Key market research findings
- Rise in deployment of HSI in various applications drives market growth
- The defense segment is the dominant shareholder in the market
- Key vendors—Headwall Photonics, IMEC, NEO, SPECIM, and Telops
The market research analysts at Technavio predict the global HSI market to grow at a CAGR of almost 12% between 2016 and 2020. The increase in the deployment of hyperspectral imaging (HSI) owing to better awareness about its applications is the primary driver for the market. HSI is being implemented in various applications such as medical imaging and life sciences, food and agriculture, mineralogy, machine vision, and environment monitoring owing to its high-resolution imaging capabilities. During 2015, North America dominated the global HSI market by occupying around 52% of the overall market share. The market is thriving in this region due to the deployment of HSI technology for various projects, especially remote sensing, by NASA.
The new market research report from Technavio presents a breakdown and analysis of HSI segments based on end-user.
“The emergence of HSI handheld cameras is the latest trend in the global HSI market. The introduction of portable, lightweight, handheld hyperspectral cameras is triggering an upsurge in the adoption of HSI technology for commercial use by environmental researchers, civil engineers, and remote sensing organizations. The technology is also being implemented in the global security market via handheld surveillance cameras used in places such as airports to detect suspicious or hazardous materials,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
Currently, the defense segment dominates the global HSI market by holding a share of around 19% of the market space. The application of HSI technology in areas such as intelligence, surveillance, and reconnaissance (ISR) drives growth in this segment of the market. HSI sensors provide useful information through hyperspectral systems to allow military aircraft to scan sensitive war zones and prevent soldiers from getting ambushed. Organizations such as NASA, the US Naval Research Laboratory, and the US Army NVESD increasingly make use of HSI devices for tracking and destroying enemies.
The key vendors in the global HSI market include Headwall Photonics, IMEC, NEO, SPECIM, and Telops. This market is highly competitive and has tremendous growth opportunities for vendors. Established players in the market are acquiring small companies to expand their geographic reach. Competition in this market is expected to intensify during the forecast period due to the entry of new players. However, with the requirement for strong technical expertise and huge investments, the new entrants will find it difficult to sustain themselves in the market.
A more detailed analysis is available in the Technavio report, Global HSI Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
