The oxygen gas sensors market is expected to grow at a CAGR of 7% over the forecast period 2020-2025. The ability to reliably measure oxygen concentration or partial pressure, and provide a warning concerning the abnormal conditions is a critical requirement in industrial safety environments, such as mines, oil production facilities, and chemical plants are driving the growth of the market.
- The primary factor that has driven the growth of the market, over the years, is the increasing number of applications for the oxygen sensors, coupled with rapid technological advancements in sensing technologies.
- Applications ranging from adjusting the air-fuel ratio in automobiles to controlling industrial processes are increasingly demanding the use of oxygen sensors, as accurately ascertaining oxygen levels is essential.
- Furthermore, environmental concerns are also playing a crucial role in driving the growth of oxygen sensors. Various projects have been and are expected to be implemented to measure the dissolved oxygen in the water which is crucial for ecological balance in the water.
- However, the lack of awareness and usage is hampering the growth of the market.
Scope of the Report
An oxygen sensor is an electronic device that measures the proportion of oxygen (O2) in the gas or liquid being analyzed. The most common application is to measure the exhaust-gas concentration of oxygen for internal combustion engines in automobiles and other vehicles in order to calculate and, if required, dynamically adjust the air-fuel ratio so that catalytic converters can work optimally, and also determine whether the converter is performing properly or not. Divers also use a similar device to measure the partial pressure of oxygen in their breathing gas.
Key Market Trends
Automotive Sector to Occupy a Significant Market Demand
- Ever since its commercial availability, the automotive industry accounted for the major share of the demand for oxygen gas sensors. Oxygen gas sensors are majorly employed in automobile exhausts, to accurately measure the amount of oxygen entering the car cylinders. This instrument is used for managing the released emission of petrol, diesel, and gas engine.
- The general strategy of automobile engineers for meeting standards was to add devices to the car to identify and often reburn or chemically transform unwanted exhaust and emission gases.
- Automobiles consist of one or more oxygen sensors and convert toxic gases and pollutants in exhaust gas from an internal combustion engine into less-toxic pollutants by catalyzing a redox reaction and are hence, supported by various government policies.
- Moreover, the industry is governed by strict policies and regulations employed by, both national and international authorities, making it mandatory to utilize these systems. The industry is dependent on oxygen sensors to meet the emission standards set by governments and concerned authorities.
- For instance, to comply with the U.S. Environmental Protection Agency’s stricter regulation of exhaust emissions, most gasoline-powered vehicles are equipped with catalytic converters.
Asia-Pacific to Mark the Fastest Growth Rate
- The automotive sector is expected to be the major driver for the incorporation of oxygen sensors in the region due to increasing automobile production. The regions automobile is expected to grow at 8% YoY growth according to OICA due to rising disposable incomes in countries like India.
- The region’s industrial manufacturing is also set to increase also due to developing economies and government initiatives like make in China and make in India. The growth of the industrial sector is expected to boost the oxygen sensors market due to its wide applications in the industrial sector.
- Chemical and Petrochemical have many applications of oxygen sensors the region is home to one of the biggest explorations in the world. For, Instance Indian Strategic Petroleum Reserves Ltd. includes four new underground oil reserves in 2019.
- Sinopec Qilu Petrochemical Corporation has chosen Topsoe’s Catox catalyst for cost-efficient control of volatile organic compounds (VOC) at their rubber plant in Zibo, China. The facility has two lines with a total capacity of 240,000?Nm3/h, which makes it the largest current styrene-butadiene rubber (SBR) emissions control project in Asia.
The oxygen gas sensor market is highly fragmented due to the presence of a Large number of players and low entry barriers. Some key players in the market are ABB, Honeywell, Eaton, GE. Some key recent developments include:
- April 2019 - Eaton introduced new technologies for China’s growing electric vehicle market. More than 60% of the world’s EVs are sold in China, and sales in the region are expected to increase as automakers strive to reduce emissions to meet China’s Ministry of Industry and Information.
- April 2018 - Bosch revealed its plans to build a smart plant for electronic components. The company is investing EUR 100 million in a new manufacturing plant in central Mexico and focusing on strengthening its local presence in North America.
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