Global Oxygen Gas Sensors Market - Segmented by Type (Potentiometric Oxygen Sensor, Amperometric Oxygen Sensor, Resistive Oxygen Sensor), End-user Industry (Medical, Environmental, Automotive), Technology (Catalytic, Infrared), and Region - Growth, Trends, and Forecast (2018 - 2023)
The oxygen gas sensors market is expected to grow at a CAGR of 7% over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, software, professional services, and integration solutions. The regions included in the study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes various end-user industries such as medical, industrial, automotive, etc.
Regulations Drive Demand for Oxygen Gas Sensors in Mining and Automobile Industries
Oxygen gas sensors are majorly employed in automobile exhausts and mines, to accurately measure the air quality and oxygen content. Increasing adoption of air quality monitoring and control systems and indoor air filters that utilize these sensors is also helping drive demand in this market. The automotive industry is one of the largest consumers of oxygen sensors. This 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.
Many regulatory authorities and environmental agencies around the world have set strict standards for emissions. These regulations were employed to counter the harmful effects of greenhouse gases and other toxic emissions. In addition, regulations have been set in many countries regarding fuel consumption to decrease the dependency on fossil fuels. Many OEMs are now mandated to install onboard systems to regulate and monitor emissions. Growing environmental concerns among the public and increasing pollution are driving the demand for these systems. With most of the countries employing air filters and air quality monitors, the demand for these sensors is growing.
Asia-Pacific and Electrochemical Sensors have Lion’s Share in Respective Segments
Electrochemical sensors are estimated to hold the largest market share in this segment; however, innovations in technology and advantages of optical-based sensors are driving the growth of these sensors. Asia-Pacific is the largest market for these sensors and is also expected to be one of the fastest growing markets during the forecast period. North America and Europe hold considerable shares in this industry. The Middle East & Africa is a fast-growing region with high potential for growth. Overall, the market is expected to grow due to increased demand from multiple end-user industry segments.
Key Developments in the Market
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