- 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 the 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 ascertaining oxygen levels accurately is very essential.

- Furthermore, environmental concerns are also playing a crucial role in driving the growth of the market for 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.

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 US Environmental Protection Agency's stricter regulation of exhaust emissions, most gasoline-powered vehicles are equipped with catalytic converters.

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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 the increasing automobile production. The automobile production 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, 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.

- The chemical and petrochemical sectors 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. included four new underground oil reserves, in 2019.

- Sinopec Qilu Petrochemical Corporation chose 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.

Competitive Landscape

The oxygen gas sensor market is highly fragmented, due to the presence of a large number of players and low-entry barriers. Some of the key players in the market are ABB, Honeywell, Eaton, GE, etc. 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 invested EUR 100 million in a new manufacturing plant, in central Mexico , and is focusing on strengthening its local presence in North America.

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