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.
According to research report the hyperspectral imaging systems market is projected to reach USD 25.2 billion by 2024 from USD 11.1 billion in 2019, at a CAGR of 17.8%.
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The 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), CytoViva, Inc. (US), Glana Sensors AB (Sweden), HyperMed Imaging, Inc. (US), inno-spec GmbH (Germany), Applied Spectral Imaging Ltd. (US), Raytheon Company (US), ChemImage Corporation (US), Cubert GmbH (Germany), BaySpec, Inc. (US), Camlin Ltd. (Ireland), Imec (Belgium), Brandywine Photonics (US), XIMEA (Germany), Photon etc. (Canada), Diaspective Vision GmbH (Germany), GAMAYA (Switzerland), TruTag Technologies, Inc. (US), and Orbital Sidekick (US).
Players in this market focused on product launches, partnerships, agreements, collaborations, and acquisitions to develop and expand their market presence. Between 2017 and 2019, 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.
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.
Norsk Elektro Optikk AS (Norway) is a research-oriented company in the electro-optical instrumentation segment. The company manufactures advanced electro-optical products using in-house technology for the international market.
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North America is expected to account for the largest share of the global hyperspectral imaging systems market in 2019. 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.