Increasing Smart Appliances Consumption to Charge Energy Measurement ICs Market Growth: MRFR

Overview: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 (2024-2032), 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. Segmentation: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.

Regional Analysis:

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. Competitive Insight:The energy measurement ICs market is witnessing impressive traction from sectors that are founded on smart technology. The market is further putting its hope on strategic actions implemented by various companies for their own benefits. These tactics include merger, acquisition, collaboration, and other methods which are often in the long run, quite effective. Analog Devices Inc. opened their new facility in Bengaluru in 2018. It is a part of their market strategy to expand and support developing & selling cutting-edge technologies and solutions for the global automotive, industrial, healthcare, consumer, Internet of Things (IoT), security, communications, and energy markets. Infineon Technologies AG is planning to takeover STMicroelectronics. This would expand their market reach. However, the French government which has a large amount of share in STMicroelectronics, are unwilling to part with their share. 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.