Factors such as the increasing funding and investments and growing industrial applications of hyperspectral imaging are driving the growth of the global hyperspectral imaging systems market. However, data storage issues and the high costs associated with the use of hyperspectral imaging are expected to restrain market growth.
According to the new market research report hyperspectral imaging systems market is projected to reach $30.0 billion by 2025, at a CAGR of 19.3%.
The prominent players in this market include Headwall Photonics, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Corning Incorporated (US), Telops (Canada), Surface Optics Corporation (US), Applied Spectral Imaging Ltd. (US), Norsk Elektro Optikk AS (Norway), Resonon Inc. (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 systems. The company pursues the strategy of product launches to strengthen its product portfolio and increase its share in the market. It provides hyperspectral imaging products to a number of industrial OEM customers and research organizations. 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, remote sensing, defense & security and research applications. The company primarily pursues product launches and expansions as its growth strategy in order to widen its sales and distribution network. For instance, in March 2017, GHGSat Satellite deployed Headwall’s Micro-Hyperspec imaging sensor on Claire, an LEO Satellite for greenhouse gas emissions monitoring. Headwall opened a new facility in Boston, US, to expand its engineering, sales, and marketing capabilities to meet the increasing demand for its spectral imaging solutions.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246979343