Energy Measurement ICs Market Analysis
The global Energy Measurement ICs Market size is predicted to develop at a healthy CAGR between 2022- 2030, states the recent Market Research Future (MRFR) analysis. Energy measurement, simply put, is the measurement of energy consumption that is used for determining consumer needs and aids in better management of energy. Generally, energy measurement ICs are used in energy meters that help them in measuring the consumption of energy with which an energy meter displays real-time and accurate readings and at the same time, also calculates multi-tariff billing, power quality monitoring, and reactive energy measurement. This result in improved customer services and billing, offer protection against electricity theft, and improve power generation, distribution and transmission of electric power. Multi-channel and single-channel are its different types, and its function includes RMS energy, reactive energy (kVAR), apparent energy (kVA), and active energy (kWh). Some of its key applications include smart cities, smart homes, smart appliances, power monitors for servers, industrial, and smart-plugs.
Various factors are propelling the global energy metering ICs market share. According to the recent MRFR report, such factors include the rapid change in consumer behavior, need for better energy management, increasing use in different applications in commercial industries, offer real-time and accurate readings, increasing use of smart appliances, strict government regulations about energy utilization, and innovations in energy measurement technology.
On the contrary, the impact of the COVID-19 outbreak may limit the global energy metering ICs market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global energy metering ICs market based on application, type, and functions.
By function, the global energy metering ICs market is segmented into RMS energy, reactive energy (kVAR), apparent energy (kVA), and active energy (kWh).
By type, the global energy metering ICs market is segmented into multi-channel and single-channel.
By application, the global energy metering ICs market is segmented into smart cities, smart homes, smart appliances, power monitors for servers, industrial, and smart-plugs. Of these, the industrial segment will lead the market over the forecast period.
Key Players
Eminent contenders profiled in the global energy metering ICs market report include Linear Technology (US), Microchip Technology (US), Integrated Device Technology, Inc. (US), STMicroelectronics (Switzerland), Maxim Integrated (US), Cirrus Logic (US), Atmel Corporation (US), NXP Semiconductors (Netherlands), and Analog Devices Inc.(US).
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Regional Analysis
By region, the global energy metering ICs market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Rest of the World (RoW). Among these, North America will spearhead the market over the forecast period. Burgeoning demand for smart technology in different industrial vectors, superior technology, willingness to use the latest technologies, the presence of key players are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in Europe is predicted to hold the second-largest share over the forecast period. The region following strict environmental policies, demand for smart technology, technological advances, adoption of current technologies, and the presence of eminent players are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in the APAC region is predicted to grow at a fast pace over the forecast period. Integration of the technology in industries in Japan, India, and China, growing demand for smart homes from the construction sector, rising adoption of smart appliances, and a huge population base are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in the RoW is predicted to have sound growth over the forecast period.
