Olfactory Technology Product Market Size, Growth, Share, and Industry Analysis, By Type (E-Nose and Scent Synthesizer), By Application (Entertainment, Healthcare, Food & Beverage, Environment, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Olfactory Technology Product Market REPORT OVERVIEW

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The global olfactory technology product market size is expected to be USD 324 million in 2022 and market is expected to touch USD 4363.34 million by 2031, exhibiting a compound annual growth rate (CAGR) of 33.5% during the forecast period.

Digital scent technology (or olfactory technology) is the manufacturing correction dealing with olfactory symbols. It is a technology to sense, transfer and obtain scent-enabled digital media (such as web pages, video games, movies and music). This detecting part of this technology works by using olfactometers and electronic noses.

Digital olfactory is the technology field distributed with the projects of olfactory. It is a technology of sensing, distributing, and obtaining scent activated digital media. The sensing feature of this method works by the use of olfactometers and electric noses. Digital olfactory products contain end products such as cell phones, smelling displays, music & video games, explosives alarms, devices for quality assurance, and medical diagnostics.

COVID-19 Impact: Closure of Manufacturing Activities Impeded Market Growth

The closure of manufacturing and industrial activities due to the pandemic and lockdowns severely impeded market growth as manufacturing processes halted. The supply chain disruption in the production and extraction of the ores affected the market growth for industrial players and manufacturers worldwide, thus leading to significant profit and revenue losses across regions. The impact of the closure has been severe; however, the olfactory technology product market is set to boom in the post-pandemic period.

LATEST TRENDS

"Increasing Demand from Electric Nose to Foster Market Advancements"

 Electronic noses are widely used in quality assertion and quality controllers. The rising consumer demand for high-quality goods signifies the key feature motivating the market growth. The extensive adoption of electronic noses for quality control, process monitoring, shelf-life examination, freshness assessment, and authenticity valuation is enhancing the product demand. Moreover, governments of numerous nations are presenting severe guidelines to inspire the application of protective events to safeguard a harmless working situation in a manufacturing arrangement. Furthermore, the rising security concerns among the employees are accelerating the adoption of advanced technologies, such as electronic noses, that mimic the human senses.

Olfactory Technology Product Market SEGMENTATION

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• By Type

The market is categorized into E-Nose and Scent Synthesizer.

• By Application

The market is subcategorized based on Entertainment, Healthcare, Food & Beverage, Environment, and Others.

DRIVING FACTORS

"Rapid Industrialization to Drive Growth"

The prominent creators are engaging in R&D activities to launch contracted forms of electronic noses to enlarge their consumer base and advance a competitive edge. They are emerging compressed, portable, and cost-efficient electronic noses to propose precise consequences in an open-air situation, thus pushing the olfactory technology product market growth. Additional features, comprising the increasing product usage to discover leak of dangerous smokes, growing biomedical uses, and developments in the helpful technical infrastructure, are also offering a progressive push to the market growth.

"Technological Advancements to Propel Market Demand"

Olfactory advertising uses scent distribution to generate an optimistic buyer experience. An aromatic atmosphere leaves a robust expressive imprint on the buyer and recovers their state of mind, permitting for a more intense recollection of the product, the place but also the data transported. Today's recent developments in biotechnology and nanotechnology are allowing digital scent technology to support numerous engineering sectors, comprising the medical technology, nanotechnology sectors, entertainment and fashion industry, as perfumers are employing this technology on neurological, emotional and psychological stages.

RESTRAINING FACTORS

"High Cost to Hamper Market Growth"

 The growth in AI and neuromorphic technology, their implementation in the market of electronic noses is also increasing. The amount of such electronic nose devices sold by producers depends on the technology used or the technology basis of the device, its application needs, and the per-unit cost. The larger the device, the higher its developing cost, directly redirected in its original prices. 

Olfactory Technology Product Market REGIONAL INSIGHTS

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"Presence of Prominent Players to Foster Market Development"

 North America is anticipated to hold the most significant olfactory technology product market share. It is probable to endure its supremacy in the coming years. The U.S. and Canada are the main nations that drive the market in this region owing to the substantial contribution of prominent players.

Europe is anticipated to have a sizable olfactory technology product market share. The region is occupied with enterprises and businesses that are mainly involved in the improvement and enlargement of numerous new products, prominent to more demand for electronic-nose. Moreover, growing odor pollution drives the demand for such devices.

KEY INDUSTRIAL PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the research points after a comprehensive analysis, thus generating future possibilities for the ore market. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Alpha MOS (France)
• Airsense Analytics (Germany)
• Odotech (Canada)
• Owlstone Medical (U.K.)
• Scentee (Japan)
• Food Sniffer (U.S.)
• Electronics Sensor (U.S.)
• eNose Company (Netherlands)
• Sensigent (U.S.)
• Scentrealm (China)
• TellSpec (Canada)

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dental endodontics industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.