According to the new market research report Hyperspectral Imaging Market by Product (Camera, Accessories), Technology (Snapshot, Push broom), Application (Military, Remote Sensing (Agriculture, Mining, Environmental), Machine Vision, Life Sciences Diagnostic) - Global Forecast to 2026", published by MarketsandMarkets™, the global Hyperspectral Imaging Systems Market is projected to reach USD 35.8 billion by 2026 from USD 15.4 billion in 2021, at a CAGR of 18.4% during the forecast period.
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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 systems market. However, data storage issues and the high costs associated with the use of hyperspectral imaging are expected to restrain market growth.
Based on technology, the Hyperspectral Imaging Market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point-scanning), tunable filters (wavelength scan), and imaging FTIR (time scanning)]. The pushbroom segment is estimated to account for the largest share of the 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.
The prominent players in this 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).
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The hyperspectral imaging systems market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is the largest market for hyperspectral imaging systems in 2020. 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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