The global hyperspectral imaging systems market is projected to reach USD 42.3 billion by 2027 from USD 18.1 billion in 2022, at a CAGR of 18.5% during the forecast period. Market growth can largely be attributed to factors such as increasing funding and investments in this field and the growing industrial applications of hyperspectral imaging. Emerging markets in developing economies are expected to offer potential growth opportunities for players operating in the market. The hyperspectral imaging systems market is segmented based on product, technology, application, and region
The global hyperspectral imaging systems market is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Cubert GmbH (Germany), Inno-Spec GmbH (Germany), XIMEA GmbH (Germany), Imec (Belgium), and ChemImage Corporation (US).
Headwall Photonics (US) is one of the leading 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 to widen its sales and distribution network.
Specim, Spectral Imaging Ltd. (Finland) is one of the prominent players in the hyperspectral imaging systems market. 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 increase its consumer base.
Norsk Elektro Optikk AS (US) is one of the leading players in the hyperspectral imaging systems market in 2020. It is a research-oriented company in the electro-optical instrumentation segment. The company manufactures advanced electro-optical products using in-house technologies for the international market. It also participates in a number of international R&D projects in the electro-optical field.
OPPORTUNITY: Untapped market opportunities in emerging markets
Emerging economies in Asia and Latin America are expected to offer significant growth opportunities for players in the HSI systems market. For instance, in China, a number of hyperspectral sensors were designed and launched to meet the rising demand for precise and fast mapping of natural resources using remote sensing applications. In September 2019, China launched five new remote sensing satellites under the project Zhuhai-1, which comprises 34 micro-nano satellites, including video, HSI, and high-resolution optical satellites, as well as radar and infrared satellites. Furthermore, in May 2018, China launched Gaofen-5 (GF-5), a remote sensing HSI satellite for atmospheric research.
India has also opened up opportunities for collaborations with other countries. For instance, Bharat Rohan Airborne Innovations is aimed to promote scientific research in India for various applications of HSI and remote sensing. Bharat Rohan, in partnership with BaySpec, offers hyperspectral/multispectral imagers that are ultra-compact, easily deployable, and offer high-performance. Moreover, in November 2018, the Indian Space Research Organisation (ISRO) launched the first Indian Hyperspectral Imaging Satellite (HySIS). This satellite will be used for Earth observation in applications related to agriculture, forestry, geology, assessment of coastal zones, and environmental studies.