Electronic Nose (E-Nose) Market Size

Electronic Nose Market Analysis

The Electronic Nose Market size is estimated at USD 27.38 million in 2024, and is expected to reach USD 53.10 million by 2029, growing at a CAGR of 14.17% during the forecast period (2024-2029).

• Technological advances, such as artificial intelligence (AI), the cloud, and the Internet of Things (IoT), have positively impacted the demand for electronic nose technology. These advancements have enhanced computing systems, which are one of the key components of products in the electronic nose industry.
• The electronic nose has significant application value in identifying odors of items like wine, vegetables, or cigarettes. It is widely employed in odor detection, raw material inspection, quality signing, and sprinkling process management. It is also one of the indispensable tools for quality assurance and quality control. It is primarily used for maturity detection and species identification in fruit and vegetable testing.
• The increasing prevalence of diseases like lung cancer, tuberculosis, and diabetes and the increasing necessity for early detection of these diseases play a significant role in the growth of the market studied. According to the American Cancer Society, in 2023, it was estimated that around 59,910 women in the United States would die of lung and bronchial cancer. 88,900 men are estimated to die of lung and bronchial cancer in the United States in 2023.
• The e-nose market is also witnessing demand from the crime and security sector. With the surge of international terrorism and the increased use of explosives in terrorist attacks, law enforcement agencies globally face the problem of detecting hidden bombs in luggage, mail, vehicles, and aircraft. In the military and defense sector, e-nose devices can be used to detect explosives, chemical agents, and other hazardous materials. They are also employed for surveillance, reconnaissance purposes, and environmental monitoring at military installations and training areas.
• The cost of an electronic nose is significantly high due to the high costs of sensors that are incorporated into it. This is a major factor hampering the market's growth as the initial cost of the electronic nose is high, making it unaffordable for small- and medium-sized enterprises. Lack of awareness and technical expertise among users, coupled with varying regulatory requirements across various regions, is another factor that is likely to hinder the growth of the market studied.
• Along with the COVID-19 pandemic, various macroeconomic trends, such as global economic conditions, government spending on defense, geopolitical tensions, and technological advancements, influence the defense sector. Critical macroeconomic trends currently shaping the defense sector include decarbonization, high-intensity warfare (HIW), environmental, social, and governance (ESG) considerations, and increasing investments in the defense sector globally. According to SIPRI, with USD 877 billion allocated to the military in 2022, the United States leads the ranking of countries with the largest military spending. That equated to approximately 40% of overall global military spending that year, which totaled USD 2.2 trillion. With an estimated USD 292 billion spent, China was the second-highest military spender, with Russia coming in third.
• According to the US Congressional Budget Office, defense spending in the United States is predicted to increase every year until 2033. Defense outlays in the United States amount to USD 746 billion in 2023. The forecast predicts an increase in defense outlays up to USD 1.1 trillion in 2033. Such developments are likely to boost the adoption of advanced technologies like electronic nose in the military and defense sector.