FREMONT, CA: Technavio, a market research company, in its latest report states the Global Hyperspectral Imaging (HSI) market is expected to grow at a CAGR of more than 11% during the forecast period of 2016 to 2020.
The research report by Technavio titled ‘Global Hyperspectral Imaging Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes up to date analysis and forecasts for various market segments and all geographical regions.
Hyperspectral imaging is a technique that involves the collection of information about an image and subsequently processing it across the electromagnetic spectrum to obtain the spectrum for each pixel in the picture. HSI collects information about the image without compromising the integrity of the sample. The emitted light is then used to create a spectral-based contrast within the obtained image of multiple wavelengths.
Geographical segmentation and analysis of the HSI market
The HSI market is geographically segmented into the APAC, Europe, North America and ROW. North America generates the highest amount of revenue in the global HSI market and is expected to account for approximately 48% of the overall market share by the end of 2020.
Based on end-user, the global HSI market is segmented into the following: defense, environment monitoring, mining and mineralogy, healthcare, food and agriculture, and machine vision.
The defense segment occupies the largest segment of the HSI market by holding 19.08 percent of the total share as it was the first adopter of the HSI technology. The defense segment is also estimated to grow during the forecast period due to the benefits it offers.
Environment Monitoring Segment
The environment sector occupies the second largest share of the HSI market. The segment generated revenue of USD 82.5 million in 2015, and is estimated to reach USD 135.3 million by 2020.
HSI technology plays an important role in environment monitoring such as forestry management, precision agriculture, and pollution control. With global warming becoming a serious to the environment, different countries are trying to curb it.
HSI devices speedily survey the land below them with the help of the information obtained through specific spectral signatures. The data obtained helps farmers make the right decisions regarding the time and place for planting crops. Fixed-wing aircraft and hand-launched, low-altitude unmanned aerial vehicles help analysts determine the suitability of croplands and detect diseases and other stress-related conditions.
Mining and Mineralogy Segment
This segment occupies the third largest segment and is expected to grow with a CAGR of 12.01 percent to reach USD 141.7 million by 2020.
HSI was initially used for mapping areas of several hundred square kilometers at resolutions of 10-20 meters. Utilizing the help of advanced computing systems and algorithms for geo-correction and material identification, the mapping and visualization of several thousands of square kilometers at resolutions of 3.5 meters has been achieved. Further innovation has been done in the form of co-acquired high-resolution airborne hyperspectral data with orthophotographs and derived digital terrain models.
According to the report, the healthcare segment will be the fastest segment to grow during the forecast period with a 19.2% market share in 2020, putting it in second place thereby.
Leveraging advanced imaging capabilities provided by HSI technology, early diagnosis and detection of many diseases is made possible, saving lives of patients making the technology more dependent in the healthcare segment.
In February 2015, a European collaborative project named Hyperspectral Imaging Cancer Detection (HELICOID) used Headwall’s hyperspectral sensors to distinguish between healthy and cancerous brain tissues.
“In the defense segment, HSI is mostly used in areas such as intelligence, surveillance, and reconnaissance. HSI devices used in the defense sector have a wide field of view, excellent spatial and spectral resolution, and efficient signal-to-noise ratio,” says Asif Gani, one of Technavio’s lead research analyst for semiconductor equipment. “HSI is used for rapid and non-invasive diagnosis of many life-threatening diseases such as cancer and tumors. This technology offers medical researchers access to accurate, calibrated, and repeatable spectral analysis,” he adds.