Oxygen Sensors Market size was over USD 2.41 Billion in 2023 and is set to reach USD 5.68 Billion by the end of 2036, witnessing around 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oxygen sensors is assessed at USD 2.56 Billion. This growth of the market is projected to be encouraged by growing demand for automobiles. Global automotive sales surged from almost 65 million vehicles in 2021 to about 66 million vehicles in 2022. Oxygen sensors are frequently used in various automotive vehicles for monitoring the operation of internal combustion engines. Hence, the demand for oxygen sensor is growing.
The oxygen sensor instrument is employed to control the emissions from petrol, diesel, and petrol engines. The O2 sensor is mounted in the exhaust manifold to measure the quantity of unburned oxygen in the exhaust as it exits the engine. Hence, further with the growing emission for automotive is expected to influence the market expansion. An average passenger automobile generates 4.6 metric tonnes of carbon dioxide annually.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.8% |
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Base Year Market Size (2023) |
USD 2.41 Billion |
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Forecast Year Market Size (2036) |
USD 5.68 Billion |
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Regional Scope |
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Product Type (Potentiometric, Amperometric, Resistive)
The potentiometric segment share in the oxygen sensors market is poised to surpass 46% by the end of 2036. The function of potentiometer sensors is to quantify the potential difference between two electrodes. In order to assess vital electrolytes physiologically, this analytical technique has been applied extensively. Moreover, its demand is also surging in the food processing industry. The food processing sector possesses a number of difficulties, prominent among them being the need to check food safety and nutritional quality. For quality and safety analyses, conventional analytical methods are very laborious, time-consuming, and require specialized personnel. Depending on this approach is not practicable due to the potential of food poisoning from improper handling and storage. According to the WHO prediction, approximately one in ten individuals globally, or 600 million people, are believed to become unwell after consuming tainted food, and 420,000 of them pass away a year, taking 33 million years of healthy living away. As a result, the adoption of potentiometers is predicted to grow.
Technology (Infrared, Catalytic)
Oxygen sensors market from the infrared segment is projected to grow at the highest CAGR of 7% over the coming years. Some of the shortcomings of catalytic sensors have been addressed with the development of infrared gas sensors. Often referred to as fingertip oximeters or finger pulse oximeters, infrared pulse oximeters are light-based oxygen sensors that monitor blood oxygen levels. Hence, with the surge prevalence of asthma and cardiovascular disease, the segment is set to grow further. Most frequently, they are employed in inexpensive fingertip or earlobe devices that evaluate the body's oxygen saturation for usage in at-home medicine. Additionally, the benefits of owning infrared oxygen sensors are its non-invasiveness, affordability, portability, and ability to promptly identify low blood oxygen levels.
Our in-depth analysis of the global oxygen sensors market includes the following segments:
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Product Type |
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Technology |
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End User Industry |
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Asia Pacific Excluding Japan Market Forecast
The Asia Pacific oxygen sensors market is poised to dominate 41% revenue share by 2036. This growth is set to be influenced by rising demand for two-wheelers. Due to their excellent fuel effectiveness and ease of riding in crowded areas, two-wheeled scooters and motorbikes are the most prevalent forms of transportation in the Asia-Pacific region. As a consequence, traditional two-wheeled vehicles are being significantly adopted by consumers in the Asia Pacific region. The Asia Pacific area's growing urbanization of developing nations and the rising incomes of middle-class families are largely responsible for the current surge in scooter and motorcycle usage in the region. People spent more money on transport as a result of these changes, and they also needed transport to get to work. Over 89% of two-wheeler sales worldwide take place in Asia. Hence, since its demand is this high large number of organizations are working on deploying the oxygen sensor in two-wheelers which might dominate the market expansion in the coming years.
North American Market Analysis
The oxygen sensors market in North America is also projected to have significant growth over the forecast period. The market in this region is growing on account of growing investment on health care by the government. Hence, the adoption of ventilators at a high rate has become possible in this region which is further expected to drive the market growth. Furthermore, the development of number of hospitals with advanced technology has been encouraged. As a result, this is also estimated to influence the market growth in this region.
Author Credits: Abhishek Verma
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