PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1567289
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1567289
Global electronic nose market is estimated to be valued at US$ 26.04 Bn in 2024 and is expected to reach US$ 65.79 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2024: | US$ 26.04 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 14.20% | 2031 Value Projection: | US$ 65.79 Bn |
An electronic nose is an intelligent sensing device that can detect and identify different odors and volatile organic compounds in a complex sample. It often consists of an array of gas sensors with partial specificity and an appropriate pattern recognition system such as principal component analysis. The development of electronic noses has resulted from the convergence of microtechnologies in sensing, preconcentration and selective detection. When coupled with intelligent data processing, an electronic nose is able to rapidly analyze and quantify components of odors in diverse environments. Increasing applications of electronic noses across food & beverage, environmental monitoring, healthcare, and other industries can drive the growth of market during the forecast period.
The key factors driving the growth of global electronic nose market include rising food safety concerns, stringent regulations regarding safety and quality control of food products, environmental monitoring applications, growing healthcare and medical industries. Moreover, surging demand for quality inspection and process monitoring in various sectors has fuelled the adoption of electronic noses globally. However, high costs associated with electronic nose systems and lack of standardized sensor platform are projected to hamper the market growth. Meanwhile, ongoing R&D activities to enhance sensor capabilities and integration of AI for improved data processing represents major opportunities for market players.
This report provides in-depth analysis of the global electronic nose market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global electronic nose market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Alpha MOS, SciSens, Odotech, eNose Company, AromaBit, Sensigent, G.A.S. Gesellschaft fur analytische Sensorsysteme mbH, Robosense, Nanosensors, The Good Food Institute (GFI), Kiiroo, Neotronics, Scentia, Interscience, and Flavorman
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
Global electronic nose market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electronic nose market
Detailed Segmentation-