According to the Market Statsville Group, the global oxygen sensors market size is expected to grow from USD 2,540.4 million in 2021 to USD 4,749.6 million by 2030, at a CAGR of 7.2% from 2022 to 2030. An oxygen sensor is an electrical device that determines the amount of oxygen in a gas or liquid. Oxygen sensors are commonly used in automobiles to compute the air-fuel ratio by monitoring the oxygen concentration in the exhaust flow. Due to the general growing automobile industry, the market for oxygen sensors will flourish. The commercial market for oxygen sensors is growing at a breakneck pace. Oxygen sensors are used in a variety of applications around the world, including autos, mining operations, pharmaceuticals, and other industries. Many certifying organizations use oxygen sensors throughout the world to monitor the vehicle’s air-fuel ratio and the oxygen concentration in the environment. Further, the severe air quality regulations in developed countries have significantly influenced the market’s growth over the forecast period. Moreover, the market has seen tremendous growth during COVID-19, as oxygen sensors are used in ventilators to check that the concentration of oxygen in the oxygen/air-gas mixture is correct.
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Global Oxygen Sensors Market Dynamics
- The increasing demand for oxygen sensors from various end-use applications coupled with rapid technological advancements in sensing technologies are driving the market’s growth.
- Oxygen sensors are rapidly being used in various applications, from changing the air-fuel ratio in automobiles to managing industrial operations because precisely determining oxygen levels is critical.
- Additionally, the surge in COVID–19 pandemic has resulted in the rise in demand for oxygen concentrators, ventilators, and respiratory devices, as these devices are utilized to aid COVID-19 patients, thereby boosting the market‘s growth.
Scope of the Global Oxygen Sensors Market
The study categorizes the oxygen sensors market based on product, and application at the regional and global levels.
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By Product Type Outlook
- Zirconia
- Electrochemical
- Galvanic
- Infrared
- Ultrasonic
By Application Outlook
- Automotive
- Healthcare
- Environmental testing
- Others
By Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- the Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
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- South America
- Brazil
- Argentina
- Colombia
- Rest of Latin America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global oxygen sensors market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global oxygen sensors market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia–Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
Key Market Players
The major players in the global oxygen sensors market are:
- Apogee Instruments, Inc.
- ABB Ltd.
- General Electric Company
- GfG Europe Ltd.
- Honeywell International Inc.
- Mettler-Toledo International Inc.
- Nemoto Sensor Engineering Co. Ltd.
- Robert Bosch LLC
- Siemens AG
- Yokogawa Electric Corporation
- Control Instruments Corporation