Oxygen sensor Market Overview:
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.
Oxygen sensor Market Growth Drivers and Trends:
· Electric Fueled Automotive Amplifying Application Scope -
The automotive sector with the advent of electric vehicles (EV) is witnessing rampant expansion, thus creating additional oxygen sensor market demand. EVs, which were introduced to enhance the concept of ‘low-carbon emission’ is an avid employer of oxygen sensors. Hence with abundant development in the sales globally due to supportive governmental policies, electric vehicles and electric scooters market is a major growth driver for the oxygen sensor market. According to International Energy Agency, the global electric car fleet surpassed 5.1 million units, that was almost double of the electric car sales recorded in the previous year.
· Stringent Government Regulations-
In 2017, the U.S. Department of Justice and Environmental Protection Agency (EPA) penalized Casper's Electronics for violation of the Clean Air Act (CAA). The company was directed to submit a fine and discontinue marketing of oxygen sensor simulators that permit cars to discharge excess levels of pollution into the environment. Similarly, the EPA has mandated application of catalytic converters in gasoline-powered vehicles. Such stringent norms by elite institutions and governments is a disruptive trend influencing the market.
· Increasing Number of Oil Reserve Facilities in APAC-
To counter volatility of crude oil prices and its adverse economic effects, India is setting up four new strategic reserve facilities and has plans to build more. Along with enabling India to hold sufficient oil for meeting local requirements for over a month, it will also create substantial and novel opportunities for application of oxygen sensors at such facilities. As presence of unwanted oxygen within such combustible settings can be hazardous, implementation of oxygen sensors is pivotal. In line with these developments, the APAC market is poised to witness copious demand from the petroleum sector.
Oxygen sensor Market Companies:
Some of the key players operating in the oxygen sensor market are City Technology Ltd., Delphi Automotive, PLC, Eaton Corporation, Aeroqual Ltd, Control Instruments Corporation, ABB Ltd, Figaro Engineering, Inc., GFG Europe Ltd., Fujikura Ltd., and Colibrys Ltd.
Companies are expanding geographically to gain ground over their competitors, as there is a strong threat from local players in this market since the technology is fairly easy to replicate. For instance, Eaton Corporation, an American power management company, has expanded its geographical footprint by introducing products and technologies for China’s growing electric vehicle market which comply with China’s Ministry of Industry and Information Technology New Energy Vehicle (NEV) mandates.
Oxygen sensor Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the oxygen sensor market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of developments in global oxygen sensor market, and their specific advantages to the market.
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