Sep 1 2015
The European hyperspectral imaging technologies market is estimated to grow at a CAGR of 11.4% from 2014 to 2019. Although the mature markets (such as Germany and the U.K.) hold larger shares in the hyperspectral imaging technologies market, Italy is expected to grow at the fastest CAGR of 12.7% during the given forecast period.
The growth of the hyperspectral imaging technologies market is driven by factors such as increasing adoption of HSI technologies in the defense, life science & diagnostics, and agricultural industries. However, factors such as the requirement of high investments, installation costs, and reimbursement issues are expected to hinder the growth of this market in the coming years.
In this report, the European hyperspectral imaging technologies market has been broadly classified on the basis of applications. The application segment includes the agriculture, colorimetry, environmental monitoring, food, life science & medical diagnostics, military surveillance (defense), mining & mineralogy, meteorology, machine control, and process vision. The life science & medical diagnostics segment is estimated to grow at the fastest CAGR during the period of 2014 to 2019. Factors such as the increasing adoption of HSI technologies in ophthalmology, surface tissue, and mucosal membrane analysis, gastrointestinal tract, and vascular systems are driving the growth of this market.
Geographically, Germany commanded the largest share of 25.5% of the European hyperspectral imaging technologies market in 2014, followed by France. The hyperspectral imaging technologies market in Germany is primarily driven by increasing research activities using HSI technologies, growing adoption of hyperspectral imaging in the mining & mineralogy, military surveillance, environmental, machine vision, and life sciences & diagnostics segments. However, high investments, installation costs, and reimbursement issues are hampering the growth of the hyperspectral imaging technologies market in this region.
The European hyperspectral imaging technologies market is a competitive market with a number of market players. As of 2014, the global hyperspectral imaging technologies market is dominated by Cubert-GmbH (Germany), VK DI Kerschhaggl GmbH (Germany), Headwall Photonics Inc. (U.S.), IMEC (Belgium), Inno-spec GmbH (Germany), LemnaTec GmbH (Germany), Norsk Elektro Optikk A/S (Norway), SPECIM Spectral Imaging Ltd. (Finland), Surface Optics Corp. (U.S.), and Telops (Canada), among others. New product launches, partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in the hyperspectral imaging technologies market.
Source: http://www.reportlinker.com/