A new study title “Energy Measurement ICs market size, status and forecast 2027” has been featured on market research future.
The energy measurement integrated circuits (ICs) market is experiencing unprecedented growth as consumer behavior is changing rapidly. It has become necessary to measure power consumption for better energy management. This has spurred the use of such energy measurement ICs in various applications in commercial industries. Used in meters, these systems provide accurate and real-time readings. The global energy measurement ICs market is expecting robust growth during the forecast period (2018-2023), reveals Market Research Future (MRFR). Their published report encompasses further details such as market factors and segmental analysis. Among the drivers, increasing use of smart appliances is proving to be a major factor. Other than that, strict government regulations regarding energy utilization, innovation in energy measurement technology can be seen as potential boosters for the overall energy measurement ICs market.
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Prominent players in the energy measurement ICs market are Analog Devices Inc. (U.S.), NXP Semiconductors (Netherlands), Atmel Corporation (U.S.), Cirrus Logic (U.S.), Maxim Integrated (U.S.), STMicroelectronics (Switzerland), Integrated Device Technology, Inc. (U.S.), Microchip Technology (U.S.), Linear Technology (U.S.), and others.
The global energy measurement ICs market can be segmented by functions, type, and application.
By function, the energy measurement ICs market is segmented into active energy (kWh), apparent energy (kVA), reactive energy (kVAR), and RMS energy.
Based on type, the energy measurement ICs market is segmented into single-channel and multi-channel.
By application, the energy measurement ICs market comprises smart-plugs, industrial, power monitors for servers, smart appliances, smart homes, and smart cities. Industrial segment has the upper hand in the market. However, smart-plugs and smart homes segments are expected to project substantial growth.
A region-wise approach to the energy measurement ICs market includes namely North America, Europe, Asia-Pacific, the Rest-of-the-World (RoW).
North America is currently leading the global market by generating the maximum revenue. Demand for smart technology across industrial vectors is spurring the growth of this marker in the region. In addition, the demand is getting aptly backed by superior technology and willingness to integrate the latest technologies. Furthermore, the presence of major market players across the region is a boon to the regional market.
Europe is also having significant market growth owing to features quite similar to that of North America. At the same time, the region follows strict environmental policies which can be considered a potential market influencer.
The APAC region is expecting significant growth. The integration of energy measurement ICs in industries of the emerging nations such as India, China, and Japan can assist the market in coming days. Furthermore, the construction sector is spurring the demand for smart homes, and a huge population base, with a tendency to adopt smart appliances, are going to impact the regional market.
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