Global Europe Hyperspectral Imaging Market Global Industry trend, Business Analy

Posted by marketresearch123 on April 20th, 2021

Europe hyperspectral imaging market  is valued at US$ 2939 in 2020 and it is expected to reach at US$ 5810.6 Mn by 2027, growing at CAGR of 10.4 % during 2021-2027. Factors such as the growing industrial applications of hyperspectral imaging and increasing funding and investments are driving the growth of the Europe hyperspectral imaging systems market.

Hyperspectral imaging (HSI) is a combination of activities through which images are captured, and spectral radiance values are assigned to each pixel via various wavelengths of the electromagnetic spectrum under visible and infrared regions. Sensors offer information on hundreds of narrow wavelength bands of the composite. The pixels are sorted & characterized using statistical analysis with the help of a software classifying among the groups of pixels.

Market Drivers: Increase in funding and investment for Hyperspectral Imaging System (HSI)

Hyperspectral Imaging System (HSI) is defined as an innovative technology which used to acquire & analyze images of an object. With continuous advancements in hardware & software for image processing as well as analysis, it is increasingly being used in a number of research projects. Hyperspectral imaging offers various advantages, such as higher specificity & granularity, higher image acquisition speed as compared to other spectral imagers & non-invasive imaging. Hyperspectral cameras can improve the identification & classification of object which captures unique spectral fingerprint of an object, revealing  very  detailed  information  and  it Is used in space borne application, agriculture, mineral surveillance, homeland surveillance, optical sorting, endoscopy and other research activities. It is mainly used in military surveillance to detect military camouflage, landmine detection, target identification, detection of anomalies and changes within multiple acquisitions.

 

Market Restraints: COVID-19 has negative impact on Hyperspectral Imaging Market

The COVID-19 (coronavirus) outbreak has disrupted business and economic activities across European countries. With several countries across the Europe has announced for nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Trade barriers have further impacted the demand-supply gap. The companies operating in the hyperspectral imaging systems market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved. However, many of these key companies are continuing their business operations remotely. In critical industries such as defense, food and agriculture, and healthcare, production and manufacturing have already begun. Some companies remained open even during the early outbreak of the pandemic.

Hence, the pandemic is not expected to have a severe or long-term effect on the hyperspectral imaging systems market; the short-term negative impact are mainly caused due to mobility restrictions or staff safety restrictions. However, businesses will resume normalcy once restrictions are lifted.

This factor is expected to hinder the European hyperspectral imaging market growth and its impact is for short term.

Market Opportunity: Merger and acquisition creates new opportunity

The companies operating in the hyperspectral Imaging market are focusing on merger and acquisition to expand its business portfolio. This creates new opportunity in the market.

For instance, in December 2020, Konica Minolta Sensing Europe B.V.,  (a subsidory of Konica Minolta, a multinational technology company headquartered in  Tokyo, Japan)  has announced  to acquire Specim, Spectral Imaging Oy Ltd, a technology firm headquartered in Oulu, Finland. Specim is the global supplier of hyperspectral imaging solutions, providing the broadest range of hyperspectral cameras, imaging spectrographs, systems & accessories. With this acquisition, Konica Minolta is focusing its spending on innovation and aims to expand its products in hyperspectral imaging. In addition, Specim’s assets in hyperspectral imaging will significantly contribute to growth strategy, which expands business into the fields of safety, security, and environmental sciences.

Europe Hyperspectral Imaging Market Share (%) Analysis by Product

Based on product, the Europe hyperspectral imaging systems market is segmented into cameras & accessories. Cameras are projected to command the larger share of the hyperspectral imaging systems market in the year 2020. Technological advancements, the development of affordable hyperspectral imaging cameras as well as the increase in adoption of hyperspectral technology for defense & industrial applications are fuelling the growth of the hyperspectral cameras segment.

Europe Hyperspectral Imaging Market Share (%) Analysis by Technology

The hyperspectral imaging systems market is categorized into three technology segments, namely, push broom (line scanning), snapshot (single shot), and other technologies [whiskbroom (point scanning), tunable filters (wavelength scanning), and imaging FTIR (time scanning)]. The push broom technology segment is anticipated to command the largest share of the global hyperspectral imaging systems market in 2020. This growth is due to benefits associated with this technology such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and the shorter capturing time as compared to other technology.

Europe Hyperspectral Imaging Market Share (%) Analysis by Application

Based on the application, the market is segmented into military, remote sensing, medical diagnostics, machine vision & optical sorting, and others. The military segment accounts for the largest share of the market due to the advancement in data management along with component fabrication techniques. Better accuracy & consistency compared to other conventional imaging techniques among other factors are accelerating to the segment growth.

Europe Hyperspectral Imaging Market Share (%) Analysis by Country

Germany, The U.K, France, Italy are the prime countries in the hyperspectral imaging market.  The market is witnessing an increase in investments from government agencies as well as private organizations to finance the Research and Development activities in small companies striving to advance their initial discoveries for commercial development, which opens opportunities for hyperspectral vendors over the forecast period.

Market key Players

Various key players are listed in this report such as Cubert-GmbH, Surface Optics Corp, EVK DI Kerschhaggl GmbH, IMEC, Inno-spec GmbH, Norsk Elektro Optikk A/S, LemnaTec GmbH, SPECIM Spectral Imaging Ltd, Headwall Photonics Inc., and Telops Inc.

Market Segmentation

By Product

  • Cameras
  • Accessories

By Technology

  • Pushbroom
  • Snapshot
  • Other Technologies

By Application

  • Military Surveillance
  • Remote Sensing  (Agriculture, Mining, Mineral Mapping, Environmental Monitoring, Others)
  • Life Sciences & Medical Diagnostics
  • Machine Vision & Optical Sorting
  • Other Applications

By Country

  • Germany
  • UK
  • France
  • Turkey
  • Switzerland
  • Norway
  • Sweden
  • Spain
  • Italy
  • Denmark
  • Finland
  • Iceland
  • Poland
  • Luxembourg
  • Netherlands
  • Belgium

Browse Full Research Report @   https://qualiketresearch.com/reports-details/Europe-Hyperspectral-Imaging-Market

 

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