Thursday, 03 November 2022 02:03 PM
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WILMINGTON, DE / ACCESSWIRE / November 3, 2022 / The global energy measurement IC market is estimated to reach a value of US$ 8.39 Bn by the end of 2031, as per a research report by Transparency Market Research (TMR). In addition, the report finds that the market for energy measurement IC is expected to advance at a CAGR of 7.4% during the forecast period, from 2022 to 2031.
Asia Pacific is the fastest growing market for energy measurement IC. It expected to show prominent growth opportunities during the forecast period owing to many factors including the presence of several key players and technological advancements in the region. Moreover, the existence of emerging economies is anticipated to play key part in the rapid growth of the Asia Pacific energy measurement IC market in the near future, note analysts at TMR.
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Energy Measurement IC Market: Key Findings
- In the energy sector, there has been increase in the adoption of technological advancements owing to rise in the incorporation of renewable energy sources including solar and wind, note analysts of a TMR review on the energy measurement IC market. Moreover, companies in the energy sector are increasing efforts to address issues on intermittent generation from renewable sources, bidirectional flow of energy, noise emission on power lines, and unequal distribution of electrical power, as these challenges can show negative impact on the network stability, states a TMR study that delivers key insights on the revenue of energy measurement IC market. Thus, major companies engaged in the energy distribution activities are using smart meters in order to allow for rapid fault identification and real-time network diagnostics, thereby offering superior quality and uninterrupted services to end-users. This factor is expected to help in the rapid expansion of the revenue of energy measurement IC market during the forecast period, as per the assessment by TMR researchers.
- Smart electricity meter is gaining impetus as a key part of the energy distribution network owing to its different advantages including ability to monitor electricity consumption and gather data pertaining to the quality of the supplied power, according to TMR's study that delivers important data on the energy measurement IC manufacturers. Smart electricity meters are being utilized to measure total harmonic distortion, reactive energy, voltage transients and surges, frequency variations, and harmonic content. Moreover, these devices can help in monitoring meter health, eliminate the need for interventions in times of actual failure, and stop fraud, notes a TMR study that helps in understanding major recent developments in the energy measurement IC market.
- Energy metering ICs are being utilized for measuring apparent energy (kVA), active energy (kWh), RMS, reactive energy (kVAR), and power quality in polyphase and single phase revenue meters with the highest precision. Hence, increase in the demand for smart meters is expected to boost the future market demand for energy measurement IC market.
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Energy Measurement IC Market: Growth Boosters
- Technological advancements in the smart electricity meters are projected to drive the global energy measurement IC market growth
- Increase in the adoption of electric vehicles across developing and developed nations is expected to help in growth of the global energy measurement IC market
Energy Measurement IC Market: Key Players
Some of the key players profiled in the report are:
- Arch Meter Corporation
- Analog Devices, Inc.
- Microchip Technology Inc.
- Cirrus Logic, Inc.
- Renesas Electronics Corporation
- NXP Semiconductors N.V.
- Shenzhen Heliwei Technology Co., Ltd.
- Shanghai Belling Corp., Ltd.
- Texas Instruments Incorporated
- STMicroelectronics N.V.
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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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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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