pressure sensors that will be embedded in an earbud, earphone, or over-the-ear headphone. Even though the patent application was filed in September 2015, it is more of a modification to the original grant issued by the US Patent and Trademark Office in 2011.
The worldwide market for pressure sensors, according to a report by Transparency Market Research, is poised to grow at a 6.20% CAGR from 2014 to 2020, rising from a value of US$6.5 bn in 2013 to US$9.3 bn in 2020.
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Here are the top trends governing the global pressure sensors market
1. Technological advancements in major industry verticals including oil and gas, automotive, and healthcare have led to the evolution of multiple applications as well as functionalities of pressure sensors.
3. Motor vehicle safety has become a significant aspect of the overall automotive sector and strict government regulations surrounding this feature have contributed to the demand for pressure sensors from the automotive industry.
4. Micro-electromechanical systems (MEMS) and nanoelectromechanical systems (NEMS)-based technology have been receiving immense popularity and increase in adoption, which has resulted in the growth of the pressure sensors market.
5. The use of pressure sensors in consumer electronics has greatly increased, making it the fastest developing application segment of the overall market.
6. The maturity of end-use segments such as automotive and healthcare is a major challenge that is holding the pressure sensors market back in North America and Europe.
7. Rapid industrialization and production of motor vehicles in Asian countries such as China, Japan, India, and South Korea can be attributed for the development of the Asia Pacific pressure sensors market.
8. Development of smart city infrastructures in the Asia Pacific and Middle East regions is an emerging trend that holds immense potential for future growth.
9. The pressure sensors market is likely to be restrained by consumer apprehension regarding the purchase of pressure sensors owing to their soaring costs of installation and replacement.
10. The rapid progress that the pressure sensors market has made over the past several years has had a positive impact on the competitive landscape, bringing in new players and expansions of existing participants.
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The most notable players functioning in the global pressure sensors market include STmicroelectronics N.V., Robert Bosch GmbH, Emerson Process Management, Schneider Electric SE, Freescale Semiconductor Ltd., Omron Corporation, Analog Devices Inc., ABB Ltd, Honeywell International Inc., and Delphi Automotive PLC.