Wilmington, Delaware, United States, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Energy Measurement IC market was estimated to have acquired US$ 4.26 billion in 2021. It is anticipated to register a 7.4% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 8.39 billion.
Integrating energy harvesting capabilities within Energy Measurement ICs presents a novel opportunity. These ICs could harness ambient energy sources like vibrations, solar, or thermal energy to power the monitoring devices themselves, reducing the need for external power sources.
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With the proliferation of IoT devices, Energy Measurement ICs can play a pivotal role in edge computing. By incorporating AI algorithms and edge processing capabilities, these ICs can not only measure energy consumption but also analyze data locally, providing real-time insights and reducing the load on central servers.
As energy data becomes more critical, ensuring the security and privacy of this information is paramount. Innovations in encryption, blockchain, and secure data transmission within Energy Measurement ICs will be a valuable niche to explore, especially in sectors like healthcare and critical infrastructure.
Key Findings of Market Report
- Polyphase dominates the energy measurement IC market due to its widespread use in industrial applications and advanced energy-monitoring needs.
- Among package types in the energy measurement IC market, QFN (Quad Flatpack No Lead) and SOIC (Surface Mount Integrated Circuit Package) dominate.
- Smart meters dominate the energy measurement IC market, driven by their critical role in utility billing, grid management, and energy efficiency.
- Industrial sector dominates the energy measurement IC market due to energy monitoring needs in manufacturing, processing, and industrial facilities.
Global Energy Measurement IC Market: Key Players
The competitive landscape in the energy measurement IC market is fiercely contested, with established giants like Analog Devices, Texas Instruments, and Maxim Integrated continually innovating to offer precise and cost-effective energy measurement solutions. They face robust competition from emerging players and startups that bring fresh perspectives and disruptive technologies to the market. As demand grows for energy-efficient solutions in smart grids, renewable energy systems, and IoT devices, competition intensifies. The landscape also sees partnerships and collaborations between traditional and newer entrants, further enriching the market with innovation. In this dynamic environment, differentiation and staying at the forefront of technology are paramount for sustained success.
The following companies are well-known participants in the global Energy Measurement IC market:
- 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.
- Texas Instruments Incorporated
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Product Portfolio:
- Analog Devices offers a comprehensive product portfolio featuring high-performance analog and mixed-signal solutions. Their offerings span a wide range of applications, including data conversion, signal processing, and power management, enabling innovation in various industries.
- Arch Meter Corporation specializes in advanced metering solutions, delivering cutting-edge products for accurate and efficient energy measurement and management. Their portfolio includes smart meters, communication modules, and software platforms, enhancing energy efficiency.
- Cirrus Logic, Inc. is a leader in audio and voice signal processing solutions. Their product portfolio includes audio codecs, amplifiers, and DSPs, catering to consumer electronics, automotive, and industrial markets, ensuring superior sound quality and performance.
- Microchip offers a comprehensive product portfolio spanning microcontrollers, analog and mixed-signal devices, connectivity solutions, and memory solutions. They empower innovators in automotive, industrial, and consumer markets with cutting-edge semiconductor technology, enabling seamless integration and robust performance in a rapidly evolving digital landscape.
Market Trends for Energy Measurement IC
- Energy measurement ICs are increasingly embedded in IoT devices, enabling real-time energy monitoring and management for smart homes and buildings.
- Growing emphasis on sustainability drives demand for precise and efficient energy measurement solutions.
- As renewable energy adoption surges, energy measurement ICs play a pivotal role in monitoring and optimizing clean energy sources.
- Integration with edge computing technology allows for localized data analysis, reducing latency and enhancing responsiveness in energy monitoring systems.
- With the influx of sensitive energy data, heightened focus on cybersecurity within energy measurement ICs is a critical trend to ensure data integrity and privacy.
Global Market for Energy Measurement IC: Regional Outlook
- North America leads the charge, driven by a strong emphasis on energy efficiency, grid modernization, and smart infrastructure.
- Europe follows suit with robust investments in renewable energy projects and stringent energy efficiency regulations.
- The Asia-Pacific region showcases remarkable growth potential, owing to rapid urbanization and the adoption of IoT technologies.
Global Energy Measurement IC Market Segmentation
Phase
- Single Phase
- Polyphase
Package Type
- QFN (Quad Flatpack No Lead)
- TSSOP (Thin Shrink Small Outline Package)
- SOIC (Surface Mount Integrated Circuit Package)
- QFP (Quad Flat Package)
- Others (LFCSP [Lead Frame-based Chip Scale Package], DFN [Dual Flatpack No Lead], etc.)
Application
- Smart Plugs
- Energy Meters
- Solar Inverters
- Smart Power Distribution Units (PDU)
- Street Lighting
- EV Charger Wall Boxes
- Others (Protective Devices, Transformers, Process Monitoring, etc.)
End-use Industry
- Energy & Utility
- Automotive
- Industrial
- Consumer Electronics
- IT & Telecommunication
- Others (Oil & Gas, Chemical, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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