Oxygen sensor Market - Forecast(2021 - 2026)
According to the latest findings by the International Organization of Motor Vehicle Manufacturers (OICA), the number of automotives produced globally surpassed 95 million units in 2018. The modern automotive sector is well guided and directed by governmental guidelines to counter carbon footprints. For example, United States Environmental Protection Agency has mandated automotive OEMs to install specific apparatuses to counter emissions.
These developments have led automotive OEMs to install apparatus to monitor and regulate hazardous emissions from vehicles. Consequently, the oxygen sensors market is gaining profound traction, and its global market size was valued at $1.37 billion in 2018. Apart from automotive, oxygen sensors are being employed in various industrial sectors such as mining, oil production plants, and chemical plants owing to their ability to measure oxygen concentration and deliver alerts for abnormal conditions in combustible settings.
With all the adjacent end-user verticals witnessing intense growth due to industrialization creating demand to increase output, the oxygen sensor market is growing at a CAGR of 5.82% during the forecast period of 2019-2025. Another pivotal trend acting as disruptive market force is the novel application in wearable medical and fitness tracking devices.
Healthcare sector is already an avid employer of oxygen sensors in the form of oximeter to detect oxygen level in blood samples, and O2 sensors also finds application in medical devices such as ventilators, anesthesia machines, and oxygen monitors. But several consumer electronics manufactures have revolutionized its healthcare application by manufacturing wearable devices inserted with oxygen level sensors. This trend is followed by wearable devices market players such as Huawei Technologies Co., Ltd., Fitbit, Inc. and Garmin Ltd.
Oxygen Sensor Market Outlook:
The APAC region is estimated to be the most profitable area with its flourishing automotive and petroleum sector, and heavy mining operations in China, Australia and India. In 2018, APAC registered 36.72% share of the global oxygen sensor market. Some facts supporting the sheer affluence of APAC are-
· As per the World Mining Congress, of the global mining production recorded at 17.2 billion metric tons in 2017, Asia held more than half (57.9%) of the share. China and Australia held 23.5% and 7.3%, respectively, thus securing the apex spot and fourth positions respectively. As toxic gases are a major concern within mining settings, oxygen sensors are also mandatorily implemented to monitor oxygen levels.
· According to OICA, Asia-Oceania represented more than 50% of the global automotive production in 2018, with China alone manufacturing 27.8 million units. While Japan and Korea have a mature auto industry, emerging economies such as India and Thailand are dynamically growing at 8% and 9% respectively. Automobiles require more than one oxygen sensor, and as they convert toxic gases and pollutants in exhaust gas into less-toxic pollutants, their employment is enforced by government policies
Among end user segments, the automotive sector is estimated to be the fastest growing vertical, progressing at a CAGR of 6.12% going through 2025. The International Energy Agency (IEA) states that transportation is responsible for 24% of direct CO2 emissions from fuel combustion. With global initiatives such as the IEA’s Sustainable Development Scenario (SDS) intended to curb carbon footprints, the automotive sector is bound to employ oxygen sensors.
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