Energy Measurement ICs Market Analysis
The global Energy Measurement ICs Market size is predicted to develop at a healthy CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Energy measurement, simply put, is the measurement of energy consumption that is used for determining consumer needs and aids in better management of energy.
The energy measurement ICs market has noticed a strict requirement for ICs which are adequately savvy for covering the overall electric force activity. Energy estimation ICs are broadly applied in energy meters, allowing them to assess energy utilization, utilizing which the energy meters show constant and precise readings. Noticeable players, for example, Atmel Corporation, Analog Devices Inc., Microchip Technology, are familiar in the US, which supply and assembling energy measurement ICs worldwide.
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COVID 19 Analysis
Utilities and energy measurement industries are adjusting their strategic policies and creating methodologies for managing the COVID-19 pandemic. The COVID-19 pandemic gigantically affects the lifestyle across the world. Each business needs to take on the conflict on the two fronts-wellbeing and monetary, and should bear this season of a constrained downturn. With the worldwide financial decline running into trillions of dollars, theories are overflowing that the recuperation period may run well ahead of schedule one year from now.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global energy metering ICs market based on application, type, and functions.
By function, the global energy metering ICs market is segmented into RMS energy, reactive energy (kVAR), apparent energy (kVA), and active energy (kWh).
By type, the global energy metering ICs market is segmented into multi-channel and single-channel.
By application, the global energy metering ICs market is segmented into smart cities, smart homes, smart appliances, power monitors for servers, industrial, and smart-plugs. Of these, the industrial segment will lead the market over the forecast period.
Regional Analysis
By region, the global energy metering ICs market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, North America will spearhead the market over the forecast period. Burgeoning demand for smart technology in different industrial vectors, superior technology, willingness to use the latest technologies, & the presence of key players are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in Europe is predicted to hold the second-largest share over the forecast period. The region following strict environmental policies, demand for smart technology, technological advances, adoption of current technologies, and the presence of eminent players are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in the APAC region is predicted to grow at a fast pace over the forecast period. Integration of the technology in industries in Japan, India, and China, growing demand for smart homes from the construction sector, rising adoption of smart appliances, and a huge population base are adding to the global energy metering ICs market growth in the region.
The global energy metering ICs market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Eminent contenders profiled in the global energy metering ICs market report include Linear Technology (US), Microchip Technology (US), Integrated Device Technology, Inc. (US), STMicroelectronics (Switzerland), Maxim Integrated (US), Cirrus Logic (US), Atmel Corporation (US), NXP Semiconductors (Netherlands), and Analog Devices Inc.(US).
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