Europe Hyperspectral Imaging Market Size, Share, Key Profiles, Worth Analysis Outlook REeport & Forecast till 2027
Europe Hyperspectral Imaging Market
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.
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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.
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.
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
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