According to the market research report hyperspectral imaging systems market is projected to reach $30.0 billion by 2025, at a CAGR of 19.3%.
The growing industrial applications of hyperspectral imaging and increasing funding and investments are the major factors driving the growth of this market.
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The prominent players operating in the hyperspectral imaging systems market include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Cubert GmbH (Germany), inno-spec GmbH (Germany), XIMEA GmbH (Germany), imec (Belgium), and ChemImage Corporation (US).
Based on technology, the hyperspectral imaging systems market is segmented into snapshot (single shot), and other technologies [whiskbroom (point-scanning), pushbroom (line-scanning), tunable filters (wavelength scan), and imaging FTIR (time scanning)]. The pushbroom segment is estimated to account for the largest share of the hyperspectral imaging 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.
On the basis of product, the Hyperspectral Imaging Market is segmented into cameras and accessories. Cameras are expected to command the larger share of the market, by product, in 2019. Technological advancements, increasing adoption of hyperspectral technology for defense and industrial applications and the development of affordable hyperspectral imaging cameras are driving the growth of the hyperspectral cameras segment.
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 technological advancements, growth in research funding 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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