According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3 percent. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The global digital scent technology market value was US$ 996.6 million in 2020. The global digital scent technology market is forecast to reach US$ 2584.9 million by 2030, growing at a compound annual growth rate (CAGR) of 10% during the forecast period from 2021-2030.
Digital scent technology is a technology that detects, transmits, and receives scent-enabled digital media, including web pages, movies, and music. Hardware devices like the e-nose and scent synthesizer, which allow the technology to sense and generate various smells, are used in the technology.
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Factors Influencing Market Growth
? The key driving factors for the global market growth are the advancements in E-nose technology and the growing demand for such technology in the food & beverage industry for improved quality assurance.
? Due to the wide range of applications of e-nose, the global digital scent technology market sees significant opportunities in the defense sector. There is a wide range of applications for E-noses, including healthcare, military & defense, and food & beverage.
? There is a lack of cost-effective explosive detectors in the military & defense segment and exorbitant prices for digital scent technology. These factors may slow down the global market growth.
Impact Analysis of COVID-19
The outbreak of COVID-19 had severely affected the global digital scent technology market. A worldwide lockdown and limited availability of labor and raw materials have severely hindered the ability of major players to operate their manufacturing units. Several scheduled products launch and related developments had been put on hold due to the pandemic.
Post-pandemic, the global market is forecast to grow steadily owing to the opening of major end-user segments.
Regional Insights
In 2020, North America dominated the market for digital scent technology. The region is home to numerous top players. In the forecast period, biosensors for accurate detection of crucial diseases and enhanced digital services for shifting consumer demands are likely to drive growth. In addition, the development of E-nose for agricultural and medical purposes and strict air quality guidelines are forecast to further contribute to expansion in the region. U.S. military and defense spending is among the highest in the region and is a primary driver of market development. Technological progress with advanced infrastructure is likely to boost the demand in the coming years.
Over the forecast period, the Asia Pacific is likely to experience high growth rates. The industry is spending a great deal of money on R&D for high-tech digital scent technology. The region’s leading companies are integrating artificial intelligence to deliver efficient results, a factor likely to drive market growth.
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Leading Competitors
The leading companies profiled in the global digital scent technology market are:
? Electronics Sensor Technology
? ScentSational Technologies LLC
? Smiths Detection Inc.
? Scent Sciences Corporation
? Airsense Analytics GmbH
? Alpha MOS SA
? The Enose Company
? Scentcom Ltd.
? AMS AG
? Other Prominent Players
Scope of the Report
The global digital scent technology market segmentation focuses on Hardware devices, Applications, End-Use, and Region.
Segmentation based on Hardware device
? E-nose
? Scent Synthesizer
Segmentation based on Applications
? Smartphones
? Smelling Screens
? Music & Video Games
? Explosives Detectors
? Quality Control Hardware devices
? Medical Diagnostic Hardware devices
? Others
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Segmentation based on End-Use
? Military & Defense
? Medical
? Marketing
? Environmental Monitoring
? Entertainment
? Others
Segmentation based on Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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