Energy Measurement ICs Market Analysis
The global Energy Measurement ICs Market size is predicted to develop at a healthy CAGR between 2018- 2023, 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.
Key Boosters and Top Challenges
Energy measurement ICs are commonly deployed in energy meters, helping them calculate the amount of energy consumed. This way, the energy meters are able to display real-time and accurate readings. Some of the notable contenders in the global market are Microchip Technology, Atmel Corporation, Analog Devices and more. In recent years, the energy measurement integrated circuits industry has been experienced significant expansion due to the evolving consumer behavior and the urgent need to measure the amount of power being consumed for enhanced energy management. This has resulted in a sharp rise in the demand for energy measurement ICs in diverse applications in the commercial sector.
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The market for energy metering ICs is largely boosted by the surging uptake of smart appliances, rising number of government policies pertaining to energy use, and the frequent innovations in the energy measurement technology. Due to this, the smart meters concept has gained massive momentum over the years, which can be described as electric meters that track the consumption rate of the electric energy and then send that data to the supplier to monitor and bill the customer.
The escalating consumption of smart appliances has proved to be a prominent growth booster for the market. Apart from the rising trend of energy measurement for measuring and monitoring the energy use, the main objective is to track the reactive energy use, monitor the power quality as well as multi-tariff billing, which leads to boosted power generation, distribution and transmission of electric power. This also helps safeguard electricity from thefts, while boosting the customer billing as well as services. These benefits culminate into a high demand for energy measurement ICS worldwide.
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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.
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.
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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