Energy measurement is the computation of consumption of energy, which is applied in determining customer requirement, and assists in improved energy management. Progressions in technology in energy calculation leads to the replacement of conventional utility meters. The need for surged precision in electric meters from different applications such as manufacturing or commercial sectors is driving and increasing the demand for smart management. The energy measurement ICs market has observed a persistent need for ICs which are sufficiently smart for covering the general electric power operation. Energy measurement ICs are widely applied in energy meters which allows them to estimate the energy consumption, employing which the energy meters display real-time and accurate readings. Prominent players such as Atmel Corporation, Analog Devices Inc., Microchip Technology are prevalent in the US which supply and manufacture energy measurement ICs globally.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Major drivers for the energy measurement ICs market encompass the surging adoption of innovation and development in energy measurement technology, which in turn introduces the concept of smart meters, government regulations for energy utilization, and smart appliances. Smart meters are electric meters which register the utilization of electric energy and transmission of information to the supplier for billing and monitoring the energy utilization of the consumer. Smart meters incorporate energy measurement ICs which assists in estimating the electric power consumption and collaborating with the suppliers. The prevalent trend in energy measurement is not only to measure and monitor the application of energy but also to gauge reactive energy measurement, multi-tariff billing, and power quality monitoring, which leads to improvement in power generation, distribution of electric power, and transmission. It offers safety against electricity theft as well as enhance the quality of customer services and billing. Novel technologies in energy measurement ICs are extending different features in energy meters which include monitoring and measurement which are estimated to stimulate the market of energy measurement ICs.
The research by Market Research Future (MRFR) assesses Energy Measurement ICs Market Covid 19 by different segments such as type, functions, regions, and application. Based on function, the market has been segmented into apparent energy (kVA), active energy (kWh), RMS energy, and reactive energy (kVAR). According to type, the market has been segmented into multi-channel and single-channel. On the basis of application, the market has been segmented into industrial, smart-plugs, smart appliances, power monitors for servers, smart cities, and smart homes, out of which, the industrial vertical is ruling the market as it carries most of the energy measurement activities. On the other hand, development is anticipated for industrial verticals in the assessment period. Based on region, the market has been bifurcated into Asia-Pacific, Europe, North America, and the rest of the world.
The worldwide market for energy measurement ICs is expected to develop at a substantial rate during the tenure of forecast from 2018 to 2023. The regional study of energy measurement ICs market has been assessed for Asia-Pacific, Europe, North America, and the rest of the world. North America is likely to rule the market owing to the prevalence of key players such as Microchip Technology and Analog Devices Inc. Active energy measurement ICs is predicted to rule the market in North America owing to the surging demand for active power in this region. The Europe market is estimated to reflect development in energy measurement ICs market on account of the expanding demand for smart meters for electricity estimation. India, Japan, and China, are enhancing their energy measurement regulations owing to which APAC market is projected to represent an accelerating share in energy measurement ICs market in the assessment period.
The renowned players in the energy measurement ICs are NXP Semiconductors (Netherlands), Analog Devices Inc.(US), Cirrus Logic (US), Atmel Corporation (US), STMicroelectronics (Switzerland), Maxim Integrated (US), Microchip Technology (US), Integrated Device Technology, Inc. (US), and Linear Technology (US).
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