Oxygen Gas Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Oxygen Gas Sensors Market Analysis

The Oxygen Gas Sensors Market is expected to register a CAGR of 7% over the forecast period. The ability to reliably measure oxygen concentration or partial pressure and warn about abnormal conditions is critical in industrial safety environments, such as mines, oil production facilities, and chemical plants. This helps in driving the growth of the market.

• The primary factor that has driven the market's growth over the years is the increasing number of applications for oxygen sensors, coupled with rapid technological advancements in sensing technologies. For instance, MTE-THOMSON recently introduced Planar Oxygen Sensor New Generation for the Fuel Injection system. This new sensor is equipped with the latest technology that does not have a reference chamber in the ceramic, which measures the oxygen in the atmosphere. This reference chamber is created electronically by the Engine Control Unit utilizing a new technology.
• Furthermore, applications ranging from adjusting the air-fuel ratio in automobiles to controlling industrial processes increasingly demand oxygen sensors, as ascertaining oxygen levels accurately is essential. For instance, in August 2022, Premier Auto Trade announced a significant expansion to its Oxygen and Air Fuel Ratio Sensors range. The PAT range now includes over 800 Direct Fit Oxygen Sensors for petrol, LPG, and diesel vehicles with a spread across Japanese, Korean, USA, and European manufacturers. This covers over 14 million vehicle applications in Australia and New Zealand, making it the most extensive range in the Australian Aftermarket.
• Moreover, environmental concerns play a crucial role in driving the growth of oxygen sensors. It is known that dissolved oxygen is a critical requirement for the maintenance of balanced populations of shellfish, fish, and other aquatic organisms in both estuarine and nearshore coastal waters. Various projects have been and are expected to be implemented to measure the dissolved oxygen in the water. Further, in August 2022, Maharashtra Startup Got INR 3.29 Cr support from the Government for Indigenous Development of Hydrogen Gas Detecting Technology. Multi Nano Sense Technologies signed an MoU Technology Development Board under DST for the indigenous development of Hydrogen Sensing & Analysis Technology.
• Furthermore, ammonia, ozone, and chlorine are all toxic gases used in the decontamination stage of wastewater treatment and water purification plants. For instance, the government of India recently spent USD 34.83 billion on the Jal Jeevan mission implementation project. The scheme focuses on increasing local water sources, recharging existing sources, and will promote water harvesting and desalination.
• Companies are rolling out new products lately to remain competitive in the market. Further, Crowcon Detection Instruments Ltd launched a long-life oxygen sensor in its Gasman portable gas detector. The new sensor has an extended lifespan, which reduces the total cost of ownership, and is also completely free of lead, helping organizations to comply with imminent changes to the restriction of hazardous substances (RoHS) regulations, and reducing harm to the environment.
• The COVID-19 pandemic pushed healthcare to the limit, but oxygen management in hospitals has become a challenge for healthcare systems globally. The safety of healthcare providers and their patients is paramount within the healthcare environment. Moreover, the pandemic resulted in constrained growth in sectors, such as automotive, oil and gas, and chemicals, as well as the manufacturing of ventilators, respirators, and other medical device/equipment necessary for the critical care of patients.

Oxygen Gas Sensors Market Trends

This section covers the major market trends shaping the Oxygen Gas Sensors Market according to our research experts:

Automotive Sector to Occupy a Significant Market Demand

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Oxygen Gas Sensors Industry Segmentation

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 oxygen concentration for internal combustion engines in automobiles and other vehicles to calculate and, if required, dynamically adjust the air-fuel ratio so that catalytic converters can work optimally. And it is also used to determine whether the converter is performing correctly. 

The studied market is segmented by different types, such as Potentiometric, Amperometric, and Resistive in Infrared and Catalytic technologies among various End-user Industries, such as Chemical and Petrochemical, Automotive, Medical and Life Sciences, Industrial, Water and Wastewater, Smart Buildings in multiple geographies. The impact of COVID-19 on the market and impacted segments are also covered under the scope of the study. Further, the disruption of the factors affecting the market's expansion in the near future has been covered in the study regarding drivers and restraints. The market sizes and forecasts are provided regarding value (USD million) for all the above segments.

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