Hyperspectral Imaging Systems Market : Market Size, Trends, Key Players and Forecast

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According to the new market research report hyperspectral imaging systems market is projected to reach USD 30.0 billion by 2025 from USD 12.4 billion in 2020, at a CAGR of 19.3%.

Factors such as the growing industrial applications of hyperspectral imaging and increasing funding and investments are driving the growth of the global hyperspectral imaging systems market. However, data storage issues and the high costs associated with the use of hyperspectral imaging are expected to restrain market growth.

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On the basis of product, the Hyperspectral Imaging Systems Market is segmented into cameras and accessories. Cameras are expected to command the larger share of the market, by product, in 2019. Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment.

Based on technology, the Hyperspectral Imaging Market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point-scanning), tunable filters (wavelength scan), and imaging FTIR (time scanning)]. The pushbroom segment is estimated to account for the largest share of the market in 2019, while the snapshot segment is projected to register the highest CAGR during the forecast period. This can be attributed to the advantages offered by snapshot hyperspectral imaging systems, which make this technology most suitable for real-time analysis.

The prominent players in this market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Corning Incorporated (US), Norsk Elektro Optikk AS (Norway), Resonon Inc. (US), Telops (Canada), Surface Optics Corporation (US), Applied Spectral Imaging Ltd. (US), Raytheon Company (US), ChemImage Corporation (US), Cubert GmbH (Germany), BaySpec, Inc. (US). Players in this market focused on product launches, partnerships, agreements, collaborations, and acquisitions to develop and expand their market presence. Between 2017 and 2020, product launches formed the key growth strategy adopted by players such as Headwall Photonics (US), Specim (Finland), Cubert GmbH (Germany), and BaySpec, Inc. (US).

Headwall Photonics (US) is one of the prominent players in the hyperspectral imaging systems market. The company manufactures and provides optical modules and fully integrated imaging instruments with original holographic diffraction gratings. The company offers products for industrial inspection, defense & security, remote sensing, and research applications. The company primarily pursues product launches and expansions as its growth strategy in order to widen its sales and distribution network. For instance, in March 2017, GHGSat Satellite deployed Headwall’s Micro-Hyperspec imaging sensor on Claire, an LEO Satellite for greenhouse gas emissions monitoring. In 2017, Headwall opened a new facility in Boston, US, to expand its engineering, sales, and marketing capabilities to meet the increasing demand for its spectral imaging solutions.

Specim, Spectral Imaging (Finland) is a leading manufacturer of hyperspectral imaging instruments and systems. The company provides hyperspectral imaging products to a number of industrial OEM customers and research organizations. It pursues the strategy of product launches to strengthen its product portfolio and increase its share in the market. In the last three years, SPECIM has launched various products to widen its consumer base. SPECIM is consistently looking to improve its global distribution network.

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The hyperspectral imaging systems market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe. Factors such as growth in research funding, technological advancements, and increasing awareness of the benefits of hyperspectral imaging in commercial industries across the region are driving the market for hyperspectral imaging systems in North America.

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