Northbrook, IL -- (SBWIRE) -- 12/13/2021 -- According to the new market research report "Hyperspectral Imaging System 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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Growth in the hyperspectral imaging systems market is primarily driven by factors such as growing industrial applications of hyperspectral imaging and increasing funding and investments.

In 2020, pushbroom segment accounted for the largest share of the hyperspectral imaging system market while snapshot segment is projected to register the highest CAGR of during the forecast period.

Based on technology, the hyperspectral imaging systems market is segmented into pushbroom (line-scanning), snapshot (single shot), and other technologies [whiskbroom (point scanning), tunable filters (wavelength scanning), and imaging FTIR (time scanning)]. The pushbroom segment accounted for the largest share of the hyperspectral imaging systems market in 2020, while the snapshot segment is projected to register the highest CAGR of during the forecast period. The advantages associated with pushbroom technology, such as high spectral resolution, simplified illumination requirements, minimized illumination exposure and heat load, and less capturing time, are supporting its growth in the hyperspectral imaging systems market.

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Cameras segment accounted for the largest share of the hyperspectral imaging system market.

Based on product, the hyperspectral imaging systems market is segmented into cameras and accessories. Cameras commanded the largest share of the hyperspectral imaging systems market, by product, in 2020, and this trend is expected to continue during the forecast period. Technological advancements, the development of affordable hyperspectral imaging cameras, and the increasing adoption of hyperspectral technology for defense and industrial applications are driving the growth of the hyperspectral cameras segment

North America was the largest regional market for the hyperspectral imaging systems market in 2020.

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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The global hyperspectral imaging systems market is highly competitive and fragmented. The prominent players operating in this market include Headwall Photonics, Inc. (US), Applied Spectral Imaging, Inc. (US), Corning Incorporated (US), Surface Optics Corporation (US), Norsk Elektro Optikk AS (Norway), Resonon, Inc. (US), Specim, Spectral Imaging Ltd. (Finland), Telops, Inc. (Canada), BaySpec, Inc. (US), Cubert GmbH (Germany), Inno-Spec GmbH (Germany), XIMEA GmbH (Germany), Imec (Belgium), and ChemImage Corporation (US).