The global hyperspectral imaging system market is projected to reach USD 34.3  billion by 2028 from USD 16.8 billion in 2023, at a CAGR of 15.4% during the forecast period. Growing funds and related investments and the untapped opportunities in emerging markets are expected to provide growth opportunities for players during the forecast period.

The hyperspectral imaging system market is highly fragmented and is dominated by various players. The major players operating in this market are Headwall Photonics (the US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway). These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to further expand their presence in the hyperspectral imaging system market.

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HEADWALL PHOTONICS (US)

Headwall Photonics develops and offers optical modules and fully integrated imaging devices with unique holographic diffraction gratings. The company provides hyperspectral cameras for applications in defense security, remote sensing,  research, and industrial inspection. For instance, in July 2022, the company acquired Holographix LLC (US), which opened channels to new customers and markets and products and capabilities for existing customers of both companies while expanding the manufacturing capabilities to address future growth.

SPECIM, SPECTRAL IMAGING LTD. (FINLAND)

Specim, Spectral Imaging Ltd. (Finland) held the second position in the hyperspectral imaging systems market in 2022. Specim offers hyperspectral imaging cameras to several industrial OEM consumers and research institutions. To improve its product portfolio and grow its market share, it has carried out product launches. Specim has launched various products in the last three years to increase its consumer base. Specim is also improving its global distribution network. For instance, in August 2022, Specim opened a new branch office in Germany. In October 2020, the company launched SpecimONE spectral imaging platform, which is a tool for industrial applications. It is compatible with major industrial standards and allows seamless integration with machine vision systems. It comprises an industry-proven Specim FX series hyperspectral camera, SpecimCUBE processing hardware, and SpecimINSIGHT offline software tool.

NORSK ELEKTRO OPTIKK (NORWAY)

Norsk Elektro Optikk held the third position in the hyperspectral imaging systems market in 2022. In the field of electro-optical instrumentation, the company has a research-oriented business. The organization develops advanced electro-optical products employing its own technologies for the global market. Additionally, it takes part in various worldwide RD initiatives in the electro-optical sector. Norsk’s growth strategies include being involved in research projects to strengthen its product portfolio and promote the adoption of its technologies. In view of the changing trends in the hyperspectral imaging systems market, the company collaborates with key research institutes for RD projects. Norsk’s projects include most application areas where hyperspectral imaging is applicable—mining, food inspection, search rescue, cultural heritage and restoration, precision farming, and medical applications.

OPPORTUNITY: AI-based hyperspectral sensing techniques for food, agriculture, and medical applications

During the past two decades, HSI technologies have found numerous successful applications for food and agriculture. Recently, miniature imaging spectrographs/spectrometers, all-in-one small hyperspectral cameras, and snapshot hyperspectral imagers are commercially available, which make it possible to develop compact and portable imaging systems and devices that can be used in confined spaces (e.g., overhead imaging in plant growth chambers) and field applications (e.g., crop health/disease sensing using drones or ground platforms). Integration of AI capabilities through machine learning into hyperspectral imaging systems is becoming a new axis for developing novel smart sensing devices and instruments.

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