(I-BusinessNews.Com, March 17, 2021 ) According to the new market research report Hyperspectral Imaging 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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Factors such as the growing industrial applications of hyperspectral imaging and increasing funding and investments are driving the growth of the global hyperspectral imaging market. However, data storage issues and the high costs associated with the use of hyperspectral imaging are expected to restrain market growth.
The prominent players in the Hyperspectral Imaging 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), 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 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. 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, 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. For instance, in March 2017, GHGSat Satellite deployed Headwall’s Micro-Hyperspec imaging sensor on Claire, an LEO Satellite for greenhouse gas emissions monitoring. In 2017, 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.
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. The company focuses on R&D to strengthen its product portfolio and promote the adoption of its technologies.
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The global Hyperspectral Imaging 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.
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