Hyperspectral Imaging Systems Market : Market Size, Share, Growth, Key Players and Industry Outlook

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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Northbrook, IL 60062
USA: +1-888-600-6441
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Source :https://pressreleasebox.com/pr/hyperspectral-imaging-systems-market-market-size-share-growth-key-players-and-industry-outlook

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