Hyperspectral Imaging Market Growth Strategies & Future Opportunities
Market growth influenced due to following factors:
- Growing industrial applications of hyperspectral imaging.
- Increasing funding and investments are driving the growth of the global hyperspectral imaging market.
Global market size:
According to the new market research report Hyperspectral Imaging Market is projected to reach $30.0 billion by 2025, at a CAGR of 19.3%
Leading Players & Growth Strategies:
The prominent players in the Hyperspectral Imaging Market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Corning Incorporated (US), NorskElektroOptikk 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).
Specim, Spectral Imaging (Finland) is a leading manufacturer of hyperspectral imaging instruments and systemsmarket.
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.
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, defence& security, remote sensing, and research applications.
OPPORTUNITY: Untapped market opportunities in emerging economies
Emerging economies in Asia and Latin America are expected to offer significant growth opportunities for players in the HSI systems market. In China, for instance, 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 is comprised of 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.
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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 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.