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 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%.
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The prominent players in this hyperspectral imaging systems market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Corning Incorporated (US), Norsk Elektro Optikk AS (Norway), Raytheon Company (US), Resonon Inc. (US), Telops (Canada), Surface Optics Corporation (US), Applied Spectral Imaging Ltd. (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.
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 Hyperspectral Imaging Systems 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. It also participates in a number of international R&D projects in the electro-optical field.
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The global Hyperspectral Imaging Systems Market has been divided into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the global 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.