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Energy Measurement IC Market Outlook, Trends, Analysis 2031
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Energy Measurement IC Market Introduction
Energy measuring IC is used for high-accuracy electrical energy measurement in single, dual, and three phase power line systems. It can calculate active, reactive, and apparent energy as well as instantaneous RMS voltage and current, and measure line voltage and current. Energy measurement ICs help address difficulties of next-generation smart meter systems. Future market demand for energy measurement ICs is expected to be high owing to the increase in technological advancements in electric metering, substation automation, and emerging applications such as solar/wind generation and energy storage.
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Growth in Advancements in Smart Electricity Meters Driving Global Energy Measurement IC Market
The energy sector has evolved technologically by incorporating renewable energy sources such as wind and solar. Bidirectional flow of energy, intermittent generation from renewable sources, unequal distribution of electrical power, and noise emission on power lines are among the new challenges for the energy sector. These challenges can affect the stability of the network. Therefore, energy distribution firms are implementing smart meters to enable real-time network diagnostics and fast fault identification in order to guarantee uninterrupted and quality service to end customers. This is fueling the global smart meter and smart plug market.
Smart electricity meter is an essential part of the energy distribution network. It can monitor electricity consumption and gather information on the quality of the power being supplied. For instance, it can measure reactive energy, total harmonic distortion, harmonic content, voltage transients and surges, and frequency variations. Smart meters can monitor meter health, eliminate the necessity for interventions in cases of actual failure, and prevent fraud. Energy metering ICs are suitable for measuring active energy (kWh), apparent energy (kVA), reactive energy (kVAR), RMS, and power quality in single phase and polyphase revenue meters with the highest accuracy. Thus, rise in usage of smart meters is propelling the revenue of energy measurement IC manufacturers.
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Regional Analysis of Energy Measurement IC Market
Asia Pacific held the largest share of approximately 38.6% of the global energy measurement IC market in 2021 owing to the presence of key market players and technological advancements in the region. China, India, and Japan present lucrative opportunities for manufacturers of energy measurement ICs. China dominates the market in Asia Pacific owing to its highest smart meter installation in terms of volume. The country is investing significantly in the power grid sector. It plans to invest around US$ 896 Bn in power grids and related industries from 2021 to 2025. Thus, rise in investment in smart grids and smart city projects, and increase in data centers and IT hubs are augmenting the energy measurement IC market in Asia Pacific.
The market in Europe and North America is also growing significantly due to the rapid increase in installation of smart meters in these regions. Around 75% of U.S. households have adopted smart meters, while 42% of meters in the U.K. are now smart or advanced meters. Thus, growth in electricity meters (smart meters) market is fueling the energy measurement IC market in these regions.
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Analysis of Key Players in Global Energy Measurement IC Market
The global energy measurement IC market is consolidated, with a number of large-scale vendors controlling majority of the share. Most of the firms are investing significantly in comprehensive research and development activities, including new product development. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by the key players. Analog Devices, Inc., Arch Meter Corporation, Cirrus Logic, Inc., Microchip Technology Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Shanghai Belling Corp., Ltd., Shenzhen Heliwei Technology Co., Ltd., STMicroelectronics N.V., and Texas Instruments Incorporated are the prominent players operating in the global energy measurement IC market.
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