Swift technological advancements in sensing technology coupled with the growing number of versatile applications of oxygen sensors or lambda sensors in various industrial sectors such as health care, automotive, oil and gas, and mining, is the key dynamics for the growth of the oxygen sensors market. These sensors are predominantly employed in industrial facilities for procuring safe working environments, as they have the ability to reliably measure oxygen concentration or partial pressure, and provide a warning concerning the abnormal conditions. Thus, the propelling growth in the aforementioned industries accompanied by the rising demand for the personnel safety has paved way to the growing deployment of oxygen sensors at the industrial facilities. For instance, the growth in the oil and gas industry can be fathomed from the statistics by International Energy Agency (IEA), according to which, in 2018, the oil production in the United States, the world’s top producer, was increased by 15.6% compared to 2017. Moreover, the emergence of Industry 4.0 for real-time data monitoring and process control is propelling the demand for smart oxygen sensors owing to their efficient process control and enhanced performance. Oxygen sensors integrated with smart technologies such as wireless connectivity, Internet of Things (IoT) and artificial intelligence is likely to create growth avenues for the oxygen sensors market. The technological advancements in the market led to the development of several novel oxygen sensing technologies such as zirconium oxide or zirconia oxygen sensors, ultrasonic oxygen sensor, and infrared oxygen sensors. Additionally, with the rising regulations and mandates pertaining to the harmful emission control and monitoring, oxygen sensors which can aid in keeping a check to the inadequate amount of oxygen, are gaining momentum.
As of 2018, the oxygen sensors market has been evaluated to reach a remarkable size of 1.4 billion in 2018. Foreseeing the rapid adoption of smart oxygen sensors in the majority of the smart industries to ensure occupational health and safety of workers, the oxygen sensors market size is projected to grow at a standard CAGR of 5.9% during the forecast period of 2019 to 2025.
Oxygen Sensor Market Leveraging Asia-Pacific Region—
Geographically, Asia-Pacific constituted majority share in the global oxygen sensor market, gaining a regional share of 36.72% in 2018. The flourishing automobile sector in the emerging economies of this region such as India, Japan, and China is the major factor that is boosting the growth of the global oxygen sensor market in this region. For instance, in China, a prominent marketplace for the global automotive industry, the total number of motor vehicles produced increased from 24.5 million, in 2015 to 27.8 million, in 2018. Moreover, the stringent government regulations for safety in the workplaces such as oil production facilities, mines, and chemical plants promoted the utilization of oxygen sensors in workplaces. These factors have rendered Asia-Pacific with majority market share.
Automotive Industry Providing Growth Prospects for the Oxygen Sensors Market—
On the basis of application, the oxygen sensor market is segmented into automotive, healthcare and environmental testing. Among these, automotive is considered to be the key application segment in the oxygen sensor market. This is due to the fact that oxygen gas sensors are increasingly deployed in automobiles and other vehicles to measure the concentration of oxygen in the exhaust gas from the internal combustion engine. Moreover, the oxygen sensors in vehicles reduce the emission of harmful gases such as carbon monoxide, sulfur oxide, particulate matter, and volatile organic compounds. Therefore the growing sale and demand of automobiles across the world are in turn is expected to drive the growth of oxygen sensors market. The growing demand for automobiles can be easily fathomed from the statistics by International Organization of Motor Vehicle Manufacturers, according to which, the world motor vehicle production increased from 94.9 million in 2016 to 97.3 million in 2017. Thus the key application segment is anticipated to grow at a CAGR of 6.1% through to 2025.
Oxygen sensor Market Disruptive Trends
Previously, electrochemical oxygen sensors are preferred for measuring the concentration of dissolved oxygen. With the technological innovations in sensor technology, optical dissolved oxygen sensors are introduced in the past year. These sensors are very fast, accurate, reliable and stable than the legacy sensors. Owing to the benefits associated with optical dissolved sensors the demand for the same is increasing, thereby disrupting the growth of oxygen sensor market.
The latest trend that is disrupting the oxygen sensors market is the titanium-based oxygen sensors. These sensors are gaining momentum in the market by replacing the zirconium-based oxygen sensors as the former sensors are highly responsive than the latter one.
Oxygen sensor Market: Major Companies
Some of the key players operating in the oxygen sensor market include City Technology Ltd., Delphi Automotive, PLC, Eaton Corporation, Aeroqual Ltd., Control Instruments Corporation, ABB Ltd., Figaro Engineering, Inc., GFG Europe, Ltd., Fujikura, Ltd., Beanair, Colibrys Ltd. These companies are investing heavily in research and development activities to introduce innovative sensors to consumers at marginal prices. This is done in order to gain grounds over their competitors.
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