Portland, OR, March 07, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global odor sensor market generated $1.5 billion in 2021, and is estimated to reach $19.4 billion by 2031, witnessing a CAGR of 29.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.5 billion |
| Market Size in 2031 | $19.4 billion |
| CAGR | 29.4% |
| No. of Pages in Report | 341 |
| Segments Covered | Application Areas, End Use Industry, Sensor Type, Instrument Type, and Region |
| Drivers | Increase in awareness of air pollution and its negative healthcare effects |
| Rising demand for smart home and building automation | |
| Growing demand for food safety and quality control | |
| Opportunities | Emerging applications in healthcare and medical diagnosis |
| Restraints | High cost of odor sensors and technological limitations of odor sensors in emerging economies |
COVID-19 Scenario:
- The COVID-19 outbreak had a mixed impact on the odor sensor market, with some segments experiencing a decrease in demand while others are seeing an increase.
- However, as the global situation started recovering the environment and demand for odor sensors continues to grow in various industries.
The report offers a detailed segmentation of the global odor sensor market based on application areas, end use industry, sensor type, instrument type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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By application areas, the medical diagnosis segment held the largest share in 2021, garnering nearly one-third of the global odor sensor market revenue, and is projected to maintain its dominance by 2031. The air control and environmental monitoring segment, on the other hand, would showcase the fastest CAGR of 31.15% during the forecast period. The other segments assessed through the study include smell visualization and standardization, food quality control, and others.
By end use industry, the healthcare segment contributed to more than one-fourth of the global odor sensor market revenue, and is projected to rule the roost by 2031. The renewal energy generation and waste management segment, on the other hand, would display the fastest CAGR of 32.27% throughout the forecast period. The other segments assessed through the report take in military and defense, agriculture, HoReCa, entertainment, food and beverages, cosmetics, and others.
By sensor type, the chemical sensors segment accounted for the highest share in 2021, generating more than one-third of the global odor sensor market revenue, and is projected to maintain its dominance by 2031. The biosensors segment, simultaneously, would portray the fastest CAGR of 30.92% during the forecast period. The mass spectrometry sensors, differential optical absorption spectrometers, and others segments are also analyzed through the report.
By instrument type, the multiodor sensors segment accounted for the highest share in 2021, generating more than two-thirds of the global odor sensor market revenue, and is projected to maintain its dominance by 2031. The one element odor sensors segment, simultaneously, would portray the fastest CAGR of 30.3% during the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global odor sensor market revenue and is projected to rule the roost by 2031. The same region would also showcase the fastest CAGR of 30.36% from 2022 to 2031. The other provinces studied through the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global odor sensor market report include The eNose Company, Drager, Aryballe Technologies, Odotech Inc. (Envirosuite Ltd), Figaro Engineering Inc., Honeywell International Inc., Alphasense, Panasonic Corporation, Comon Invent B.V., Membrapor, Electronic Sensor Technology, Aeroqual.
These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the odor sensor market analysis from 2021 to 2031 to identify the prevailing odor sensor market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the odor sensor market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global odor sensor market trends, key players, market segments, application areas, and market growth strategies.
Odor Sensor Market Key Segments:
By Application Areas:
- Smell Visualization and Standardization
- Food Quality Control
- Medical Diagnosis
- Air Control and Environmental Monitoring
- Others
By End Use Industry:
- Military and Defense
- Agriculture
- Healthcare
- HoReCa
- Entertainment
- Renewal Energy Generation and Waste Management
- Food and Beverages
- Cosmetics
- Others
By Sensor Type:
- Biosensors
- Chemical Sensors
- Mass Spectrometry Sensors
- Differential Optical Absorption Spectrometers
- Others
By Instrument Type:
- One Element Odor Sensors
- Multiodor Sensors
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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