June 18, 2024

The Growing Electronic Nose Market Is Driven By Demand For Industrial And Medical Applications

Electronic nose comprises of an array of electronic chemical sensors that mimic the human nose. It is utilized for detecting and identifying various chemicals and compounds present in gases, explosives, spoiled food, healthcare diagnostics and quality control. Electronic nose offers various advantages over traditional analytical instruments such as high throughput analysis, reduced cost, ease of use and durability. The growing applications in food quality control, environmental monitoring, industrial process control and medical diagnostics have propelled the demand for electronic nose systems.

The global Electronic Nose Market is estimated to be valued at Us$ 34.71 Bn in 2024 and is expected to exhibit a CAGR Of 8.6% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends observed in the electronic nose market is integration with artificial intelligence and machine learning algorithms. Electronic nose manufacturers are focusing on integration of AI and ML to enhance data analysis capabilities of electronic nose systems. The AI/ML integrated electronic nose can analyze huge datasets, identify complex patterns and provide accurate predictions. This has increased applicability of electronic nose for prognostics and preventive maintenance in various industries. Moreover, AI enhances accuracy and specificity of electronic nose for medical diagnostics applications. The AI-enabled electronic nose is expected to revolutionize point-of-care testing and diagnostics over the forecast period.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as significant capital requirements are needed to develop the technology and establish manufacturing facilities for electronic noses. However, new startups can collaborate with research institutions to develop niche products.

Bargaining power of buyers: The bargaining power of buyers is high as electronic noses can be replaced by traditional analytical instruments. Buyers can negotiate on price and demand additional features.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple component manufacturers for sensors, electronics, and packaging materials. Switching costs are also low.

Threat of new substitutes: The threat of new substitutes is high as traditional analytical instruments like gas chromatography and mass spectrometry can perform similar substance detection and identification.

Competitive rivalry: The competitive rivalry is high among the major players due to their ongoing efforts in technology innovation and new product launches.

Key Takeaways

The Global Electronic Nose Market Demand is expected to witness high growth over the forecast period.

North America is expected to dominate the market owing to stringent regulations regarding food safety, increased investment in R&D for drug development and environmental monitoring. Europe is also expected grow significantly driven by expanding food and beverage industry. The Asia Pacific region is anticipated witness fastest growth fueled by growing biomedical sector and large consumer base.

Key players operating in the Electronic Nose Market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit. Major players are focusing on new product launches and acquisitions to strengthen their market position and expand their global reach. For instance, in April 2021, ABB acquired ASTI Mobile Robotics Group to expand its robotics and automation portfolio.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it