Hyperspectral Imaging- Market Scope
Hyperspectral imaging also called imaging spectroscopy combined spectroscopy and the power of digital imaging. The main aim of hyperspectral imaging is to collect the spectrum for each pixel and find objects, detect processes, and identify materials by using hyperspectral cameras, hyperspectral sensors, and accessories. Increasing industrial applications such as remote sensing and machine vision of hyperspectral imaging and increasing utilization of hyperspectral imaging for environmental monitoring by many regional governments are the major drivers for the market. Additionally, the rising use of hyperspectral imaging in the healthcare sector for eye care is supplementing the growth of the market. However, high initial investments, rising reimbursement, data storage issues, and installation costs are limiting the market. Moreover, increasing funding, investment for hyperspectral imaging, innovation in miniaturization, and sensor technology may create an opportunity for the market.
|Unit||Value (USD Million)|
|Key Companies Profiled||Cubert GmbH, Imec, XIMEA GmbH, Gilden Photonics Ltd., Headwall Photonics, Inc., Corning Incorporated, EVK DI Kerschhaggl GmbH, Specim, Spectral Imaging Ltd., BaySpec and Inno-spec GmbH|
In the last couple of decades, the global hyperspectral imaging market was highly concentrated on very few players including Headwall Photonics, Corning Incorporated, SPECIM, Resonon, Telops, and a few others. Thus the market was showing strategic monopoly in a moderately competitive environment. However, with respect to minimal initial investments in hyperspectral imaging manufacturing have favored the number of new entrants to gain market share from the local market. Global leaders' businesses might be affected due to new entrants. Moreover, global leaders will continuously adopt strategic partnerships and technological developments to gain a competitive edge in a moderately competitive environment
Cubert GmbH, Imec, XIMEA GmbH, Gilden Photonics Ltd., Headwall Photonics, Inc., Corning Incorporated, EVK DI Kerschhaggl GmbH, Specim, Spectral Imaging Ltd., BaySpec and Inno-spec GmbH are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Europe Hyperspectral Imaging- market by Type , by Application (Military Surveillance, Remote Sensing (Agriculture, Mining/Mineral Mapping, Environmental Monitoring), Life Sciences & Medical Diagnostics, Machine Vision & Optical Sorting and Other Applications) and Region with country level break-up.
On the basis of geography, the market of Hyperspectral Imaging- has been segmented into Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesOn July 2022, Headwall Photonics, a manufacturer of holographic master gratings, and spectrometers for OEM customers, announced the acquisition of Holographix LLC. For over 25 years, Holographic has focused on replicating micro- and nanostructures into high-performance, custom-designed photonic solutions for the life sciences, semiconductor, aerospace and defense, and metrology markets.
On November 2018, Indian Space Research Organization launched a hyperspectral imaging satellite. This is India’s 1st hyperspectral imaging satellite
Influencing Trend:Rising Use of Hyperspectral Imaging in the Healthcare Sector for Eye Care
Market Growth Drivers:Increasing Industrial Applications such as remote sensing and Machine Vision of Hyperspectral Imaging and Increasing Utilization of Hyperspectral Imaging for Environmental Monitoring by Many Regional Governments
Challenges:Rising Reimbursement and Data Storage Issues
Restraints:High Initial investments and installation costs limit the market
Opportunities:Increasing Funding and Investment for Hyperspectral Imaging, Innovation in Miniaturization and Sensor Technology may create an opportunity for the market and Growing Number of Research Projects for Hyperspectral Imaging
Key Target AudienceHyperspectral Imaging Manufacturers, Distributors and Suppliers, Raw Material Suppliers, Government Agencies, Private Research Organization and Others