Global Energy Measurement IC Market- WishTree Insight

Global Energy Measurement IC Market by Phase (Poly Phase and Single Phase), Application (Solar Inverters, Energy Meters, Smart Plugs, Street Lighting, Distribution Units, and Others), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Energy Measurement IC market size was valued at USD 5.6 billion in 2022 and is expected to surpass USD 10.9 billion by 2032, expanding at a CAGR of 8.1 % during the forecast period, 2022–2032. The market's growth is attributed to the rising demand for high-precision electrical meters from various applications.

INTRODUCTION

An energy measurement IC, also known as an energy metering IC, is a specialized integrated circuit designed to accurately measure energy consumption in electrical circuits. These ICs are commonly used in utility metering applications, where they are used to measure the amount of energy consumed by residential, commercial, or industrial customers.

Energy measurement ICs typically incorporate a number of features, such as voltage and current sensors, signal conditioning circuitry, analog-to-digital converters, and various digital signal processing functions. These components work together to accurately measure and calculate the amount of energy consumed by the circuit.

Energy measurement ICs are used in a wide range of applications, including utility metering, smart grid systems, building automation, and industrial monitoring and control. They are an important tool for managing and optimizing energy usage, as they provide accurate and reliable data on energy consumption that can be used to identify areas for improvement and to track the effectiveness of energy-saving initiatives.

Market Trends, Drivers, Restraints, and Opportunities

• Rising levels of investments in innovation & development of energy measurement technology are boosting the market.
• Rising levels of demand for high-accuracy meters are propelling the growth of the market.
• Increasing government regulations for energy use and rising preferences for the use of smart meters to record electric energy consumption and transmit the information to the supplier are augmenting the market growth.
• Growth advancements in smart electricity meters are anticipated to drive market growth.
• Rising trends in energy measurement to calculate reactive energy measurement and power quality monitoring are anticipated to propel the market.
• The high cost of purchasing & manufacturing energy measurement ICs is restraining the market.
• The rising need for energy-efficient solutions will create lucrative opportunities in the market.

Scope of the Report

Market Segment Insights

The polyphase accounted for the largest market share

Based on phase, the Energy Measurement IC market is bifurcated into poly phase and single phase. The polyphase segment is expected to expand rapidly during the forecast period owing to consisting of a system of two or more voltages with the same frequency & amplitude.

The solar inverters segment has augmented the market

Based on application, the Energy Measurement IC market is divided into solar inverters, energy meters, smart plugs, street lighting, distribution units, and others. The solar inverters segment has augmented the market and is expected to expand rapidly during the forecast period.

Asia Pacific holds the largest market share

In terms of regions, the Energy Measurement IC market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific holds the largest market share. It is expected to constitute a key share of the market during the projected period owing to significant potential in the region. However, the market of Europe and North America is anticipated to expand at a rapid pace during the forecast period owing to a quick rise in smart meter installation.

Competitive Landscape

Key players competing in the Energy Measurement IC market are Cirrus Logic, Inc.; Microchip technology inc.; Shanghai Belling Corp., Ltd.; Analog Devices, Inc.; Texas Instruments Incorporated; NXP Semiconductors N.V.

FAQs

How much is the market worth?

The Energy Measurement IC market size was valued at USD 5.6 billion in 2022 and is expected to surpass USD 10.9 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 8.1%.

What are the key drivers of the market?

The market's growth is attributed to the rising demand for high-precision electrical meters from various applications.

What segments are covered in the Energy Measurement IC report?

The segments covered in the report are phase (poly phase and single phase), and application (solar inverters, energy meters, smart plugs, street lighting, distribution units, and others).

Mention which region is expected to hold the highest share of the Energy Measurement IC market.

The Asia Pacific region is expected to hold the highest share of the Energy Measurement IC market.

Which segment holds the largest market share in the Energy Measurement IC by 2032?

The solar inverters segment holds the largest market share in the Energy Measurement IC by 2032.

Mention the key players in the market.

Cirrus Logic, Inc.; Microchip technology inc.; Shanghai Belling Corp., Ltd.; Analog Devices, Inc.; Texas Instruments Incorporated; NXP Semiconductors N.V.