Energy Measurement IC Market – Growth, Trends, Industry Analysis and Forecast (2024-2030)

The Global Energy Measurement IC Market for the year 2023 was valued at 5.67 billion USD and is projected to grow at a CAGR of 8.1 % by the year 2030, the market size of the industry would be around 8.14 billion USD.
Energy Measurement IC Market: Overview
Energy Measurement IC is a specialized electronic chip that accurately measures and monitors energy consumption in various applications, such as smart meters and industrial automation systems. It provides real-time data on energy usage, enabling efficient energy management and promoting energy efficiency.

To know about the Research Methodology :- Request Free Sample Report

In 2023, Demand for smart meters, which monitor and record energy in real time, is driving market expansion. Real-time energy usage information, remote power disconnection and reconnection, bidirectional communication with utility providers and system stability are benefits of smart meters. Energy measuring ICs are needed to precisely measure the energy generated by solar panels and wind turbines, which increases demand.

The lack of standardization poses a challenge in the energy measurement IC market, as interoperability between products from different manufacturers becomes an issue. The absence of a single standard hinders innovation, increases development costs and reduces market adoption. Efforts are being made by organizations such as the IEC and ANSI to propose new standards and create a standardized architecture that enhances interoperability and promotes market innovation. In terms of regional insights, Asia Pacific held over 40% of the energy measurement IC market in 2023, driven by the region's large population, rapid urbanization, and the push towards renewable energy sources. North America and Europe followed as the second and third-largest markets, respectively, with factors such as energy efficiency awareness, government policies promoting smart meters, and renewable energy installations driving market demand.

The Energy Measurement IC Market is segmented based on type, application, function, end-user, technology, region, sales channel, and integration. Among these segments, the polyphase segment within the type category is expected to have significant growth potential due to the increasing adoption of polyphone power systems in industrial and commercial applications. The market's competitive landscape is intense, with key players such as Analog Devices, Maxim Integrated, Texas Instruments, Renesas Electronics, and Infineon Technologies actively striving for a competitive advantage through innovation, product development, partnerships, and market expansion.

Leading companies have introduced advanced energy measurement ICs tailored for specific applications, such as Texas Instruments' MSP430F67641A for polyphase power systems, Renesas Electronics' RA6M4 microcontrollers with energy measurement capabilities, and Infineon Technologies' XMC4800 series with energy measuring unit. These developments demonstrate the industry's commitment to energy efficiency and meeting the growing demand for accurate energy monitoring and management across various sectors.
Energy Measurement IC Market Research Methodology
The report on the Energy Measurement IC Market covers an in-depth analysis of the industry. Key insights of the report include the Energy Measurement IC Market size and the growth rate. A thorough regional analysis of the Energy Measurement IC industry is conducted at a global, regional and country level. Such an analysis provides valuable information on market penetration, regional dominance and growth strategies adopted by the key players in the market.

The major countries in each region are mapped according to their revenue contribution to the global Energy Measurement IC Market. To understand the competitive landscape of the Energy Measurement IC Market, key players and new entrants in the market are listed. Growth indicators such as company profiles, revenue and share, core competitors, recent developments, new growth strategies, technological advancements, and mergers and acquisitions are covered. The report provides a competitive analysis of Energy Measurement IC Market drivers, restraints, opportunities, and growth strategies.

PESTLE, SWOT, and Porter’s five forces were used for industry analysis of the Energy Measurement IC Market. Swot analysis is used to identify the strength and weaknesses of the market. The bottom-up approach was used to estimate the Energy Measurement IC Market size. The report includes the Energy Measurement IC Market’s major strategic developments, comprising R&D, new product launches, M&A, partnerships, agreements, collaborations, joint ventures, and regional growth of the key competitors. The report includes an analysis of the global, regional and country levels.
Energy Measurement IC Market Dynamics
Rising demand for smart meters is driving the growth of Energy Measurement IC Market

Smart meters are replacing manual mete reading with real-time energy measurement and recording. Smart meters have various advantages over traditional ones. These meters give consumers real-time energy consumption statistics. This data helps users understand their energy usage and make smart energy choices. This information allows consumers to discover energy waste and cut consumption, lowering their energy bills.

Smart meters can remotely disconnect and reconnect power. Smart meters let utilities control customer power remotely. Utility companies can quickly restore electricity to customers using this function. Smart meters also allow power companies to disconnect unpaid clients without visiting them. Smart meters communicate bidirectional. They can exchange information with utilities. Utility providers can notify customers of power outages, tariff changes and energy-saving recommendations. Interactive communication engages customers and keeps them informed about energy usage and related services.

Energy measuring IC need rises with smart meter demand. Smart meters employ energy measurement ICs to properly track energy use. Energy measurement ICs are projected to expand when smart meters are adopted.

Smart meters also encourage users to save energy. Real-time data lets consumers track and reduce energy use. Turning off lights and unplugging appliances while not in use conserves energy. They also reduce energy costs. Smart meters notify consumers on their energy consumption and recommend energy-saving strategies, reducing energy use and energy expenses. These meters increase grid dependability. Utility firms can quickly discover and fix grid imbalances with real-time energy use data. This preventive technique prevents power interruptions and provides energy stability. They improve customer satisfaction by giving clients more energy usage management. Real-time energy monitoring empowers consumers and improves energy service provider satisfaction. Long-term client loyalty and churn reduction may result.

Increasing adoption of renewable energy would drive the global Energy Measurement IC Market

Renewable energy is driving demand for energy measuring ICs. Solar panels and wind turbines need energy measurement ICs to precisely measure energy generated. Energy measuring ICs will be in demand as renewable energy sources grow.

New market potential arises from energy measuring IC demand. Smart grid applications require energy measurement ICs. Advanced technologies and clever monitoring systems make smart grids more efficient and reliable. Smart grid systems rely on energy measurement ICs for accurate, real-time data on energy generation, consumption and distribution. Manufacturers and suppliers of energy measurement ICs should expect new market opportunities as smart grid installation proceeds.

The energy measuring IC market is expanding in demand and competition. More businesses are entering the market to design and produce energy measuring ICs for renewable energy applications as renewable energy adoption rises. Competition has increased the variety of energy measurement ICs, lowering prices and spurring innovation to improve performance and functionality. Thus, consumers and enterprises gain from energy measuring IC market choices, affordability and capabilities.

Lack of standardization acts as a restraint for the Energy Measurement IC market

Lack of standardisation is causing problems in the energy measuring IC business. Interoperability between manufacturers' goods is a challenge. Energy measurement ICs from different manufacturers are incompatible without a standard. If people are unsure about new items' compatibility with existing systems, they may not embrace them, limiting market growth. New energy measurement ICs cost more to build without a framework. Manufacturing things to fulfil numerous standards takes time and money. Navigating and adhering to standards can be complicated and costly, affecting firms' profitability and market innovation.

Without a single standard, innovation suffers. If market adoption and compatibility are unknown, energy measuring IC manufacturers may reluctant to invest in new technologies or features. This uncertainty can slow energy measurement IC industry innovation. Over 20 standards complicate standardisation in the energy measuring IC market. This causes 20% higher development expenses and 30% lower innovation potential.

Despite these obstacles, the energy measurement IC market should develop in the future years. Smart meters, renewable energy and government rules promoting energy efficiency and conservation will drive this rise. The IEC and ANSI are proposing new energy measuring IC standards to overcome the lack of standardisation. These activities aim to create a standard architecture that enhances interoperability, lowers development costs and promotes energy measurement IC market innovation. Industry-wide standards improve efficiency, dependability and harmonisation for manufacturers and customers.
Energy Measurement IC Market Regional Insights:
In 2023, Asia Pacific had over 40% of the energy measurement IC market. Several factors explain this dominance. First, Asia Pacific has the world's largest population, increasing demand for energy measuring ICs.

Rapid urbanisation in the Asia-Pacific area has spurred smart grid development. Energy measurement ICs provide efficient energy management in smart grids. Smart grids increase regional energy measurement IC demand.

To address environmental concerns and assure sustainable energy production, Asia Pacific nations are encouraging renewable energy sources. This push towards renewable energy and the necessity for effective energy measuring and monitoring drive demand for energy measurement ICs in the region.

North America is the second-largest energy measurement IC market in 2022, with over 30% market share. Several variables influence this market position. First, North Americans are more cognizant of energy efficiency than other regions, emphasising the need of energy management. This awareness boosts regional energy measurement IC demand.North American countries have also incorporated the smart meter implementation policies. Energy measuring ICs in smart meters give real-time energy usage statistics to help consumers conserve energy. North American energy measurement IC demand is driven by government smart meter use. The region also has many smart meters. Energy measuring ICs' market position in North America strengthens as smart meter deployments increase.

In 2023, Europe was the third-largest energy measurement IC market with over 20% market share. Like other regions, Europe's use of renewable energy sources drives energy measurement IC demand. Europe has pioneered renewable energy legislation and incentives. Energy measuring ICs are needed to accurately monitor renewable energy generation as renewable energy installations proliferate.

European laws also drive energy measurement IC demand. European governments promote smart meters, which offer real-time energy consumption data to consumers and utility businesses, driving the need for energy-measuring ICs. Europe's massive smart meter base boosts energy-measuring IC demand.
Energy Measurement IC Market Segment Analysis:
Based On End User,
In the competitive landscape of the Energy Measurement IC Market, the Energy & Utility segment takes the lead, commanding an estimated 35% of the market share. This dominance is attributed to the critical requirement for accurate energy measurement in the utilities sector, where precise measurements are essential for billing, grid management, and loss detection. The expansive and continually evolving energy and utility infrastructure, encompassing smart meters and transmission lines, drives a substantial demand for Energy Measurement ICs to facilitate various measurement functions. Government regulations, particularly those promoting energy conservation and smart grid initiatives, further propel the need for advanced metering solutions, solidifying the Energy & Utility segment's prominence.

While promising, other segments in the market currently hold smaller shares. The automotive sector sees a growing demand for ICs in battery management and powertrain systems due to increasing electrification, albeit at a lower volume compared to the utility sector. The industrial segment, driven by automation and monitoring needs, presents a fragmented market with diverse applications, unlike the standardized requirements of utilities. Similarly, consumer electronics incorporate energy monitoring features in home appliances and smart devices, but the overall volume and value per IC remain lower compared to industrial and utility applications. While the Energy & Utility segment is poised to maintain its lead in the foreseeable future, ongoing advancements in sectors like electric vehicles and smart homes could potentially reshape market dynamics in the long term. The continual evolution of Energy Measurement IC technology will play a pivotal role in fostering efficient and sustainable energy use across diverse industries.



The Energy Measurement IC Market is segmented by Region:

This segmentation divides the market into North America, Europe, Asia Pacific, South America and the Middle East and Africa. China and India's growing industrialization, urbanisation and rising electricity demand make the Asia Pacific area widely used and promising.

The Energy Measurement IC Market is segmented by Sales Channel:

This segment categorizes the market based on the distribution channels through which energy measurement ICs are sold. It includes sub-segments such as direct sales and indirect sales (including distributors and online channels). The indirect sales segment, particularly through distributors, is widely used as it offers a wide reach and efficient supply chain and it is expected to continue growing in the future.

The Energy Measurement IC Market is segmented by Integration:

This segment divides the market based on the level of integration of energy measurement ICs. It includes sub-segments such as standalone ICs and system-on-chip (SoC) ICs. The standalone ICs segment, which provides dedicated energy measurement functionality, is widely used and likely to experience future growth, driven by the demand for specialized energy measurement solutions in various applications.

Among these segments, the polyphase segment within the Type category is widely used and has significant growth potential in the future. With the increasing adoption of polyphase power systems in industrial and commercial applications, the demand for energy measurement ICs specifically designed for polyphase systems is expected to grow. This segment enables accurate measurement and monitoring of energy consumption in complex multi-phase systems, catering to the evolving energy management needs of industries and buildings

Energy Measurement IC Market Competitive Landscape:

Intense competition among key players defines the competitive landscape of the Energy Measurement IC market. These players actively seek to gain a competitive advantage through innovation, the development of new products, strategic partnerships and expanding their market presence.

Analogue Devices' energy measurement ICs are high-accuracy with advanced features. The corporation dominates smart metering, industrial automation and renewable energy technologies. Maxim Integrated is a leading provider of analog and mixed-signal integrated circuits, including energy measurement ICs. Their portfolio encompasses diverse energy measurement solutions for consumer, industrial and automotive applications. Maxim Integrated focuses on product innovation and strategic partnerships to maintain competitiveness.

Texas Instruments, a global semiconductor industry leader, is significant in the Energy Measurement IC market. They offer a comprehensive range of energy measurement ICs catering to smart meters, power grids and industrial automation. Texas Instruments emphasizes technological advancements and invests in R&D to stay competitive.

Renesas Electronics provides semiconductor solutions to various industries, including the Energy Measurement IC market. Their energy measurement ICs are integrated into microcontrollers, enabling accurate and real-time energy measurement. Renesas Electronics prioritizes innovation and market expansion through strategic collaborations.

Infineon Technologies, a global leader in semiconductor solutions, actively participates in the Energy Measurement IC market. They offer a range of energy measurement ICs with advanced features for consumer, industrial and automotive applications. Infineon Technologies emphasizes research and development to enhance product performance and efficiency.

Additional notable companies in the Energy Measurement IC market include STMicroelectronics, Microchip Technology, Silicon Labs, Cirrus Logic and NXP Semiconductors. These companies contribute to the competitive landscape through innovative energy measurement ICs, exploring new markets and expanding their customer base. To maintain a competitive edge, companies focus on factors like product differentiation, cost-effectiveness, technological advancements and customer support. They engage in strategic collaborations, acquisitions and partnerships to enhance market reach and accelerate product development. The competitive landscape is dynamic, driven by rapid technological advancements and increasing demand for energy-efficient solutions across industries.

Texas Instruments has released the MSP430F67641A polyphase energy measurement IC, designed for polyphase power systems. This IC is widely used in industrial automation and power monitoring applications, providing accurate energy measurement for three-phase systems. Its built-in metrology techniques, powerful digital signal processing and communication interfaces facilitate seamless integration with smart grids.

Renesas Electronics has introduced the energy-measuring RA6M4 microcontrollers, equipped with Renesas' Energy Measurement Engine (EME). These microcontrollers enable accurate and real-time measurement of energy consumption, making them suitable for building automation, energy management and industrial monitoring applications.

Infineon Technologies offers the XMC4800 series of microcontrollers, which include an energy measuring unit (EMU). This unit allows precise and reliable energy measurement for both single-phase and polyphase systems. Industries such as smart grids, solar energy and motor control benefit from the advanced capabilities of these microcontrollers.

These leading companies' energy measurement ICs showcase the industry's dedication to energy efficiency, enhancing energy monitoring and management across various sectors. They are well-positioned to meet the market demand for energy-efficient products and continue innovating in the field of energy measurement ICs.
Energy Measurement IC Market Scope: Inquire before buying



Global Energy Measurement IC Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 5.67 Bn.


Forecast Period 2024 to 2030 CAGR:
8.1%
Market Size in 2030:
US $ 8.14 Bn.


 Segments Covered:
by Phase
Single Phase
Poly Phase


by Application
Smart Plugs
Energy Meters
Solar Inverters
Smart Power Distribution Units
Street Power
EV Charger Wall Boxes
Others


by  End Use
Energy And Utility
Automotive
Industrial
Consumer Electronic
IT and Telecommunication
Others



Energy Measurement IC Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Energy Measurement IC Market Key Players are:
The report has in detail information about the Strategies adopted by the following key companies to sustain and grow in the market. These Energy Measurement IC Manufacturers covered in the report are selected on the basis of certain criteria.

1. Analog Devices Inc.(United States)
2. Texas Instruments Inc. (United States)
3. Maxim Integrated Products, Inc. (United States)
4. Renesas Electronics Corporation (Japan)
5. Infineon Technologies AG (Germany)
6. STMicroelectronics NV (Switzerland)
7. Microchip Technology Inc. (United States)
8. Silicon Labs (United States)
9. Cirrus Logic Inc. (United States)
10. NXP Semiconductors N.V. (Netherlands)
11. Atmel Corporation (United States)
12. Mitsubishi Electric Corporation (Japan)
13. ROHM Semiconductor (Japan)
14. Semtech Corporation (United States)
15. Dialog Semiconductor PLC (United Kingdom)
16. ON Semiconductor Corporation (United States)

FAQs
1] What are the growth drivers for the Energy Measurement IC Market?
Ans: Increasing adoption of renewable resources is one of the primary drivers for the Energy Measurement Market.

2] What is the major restraint for the Energy Measurement IC Market growth?
Ans: Lack of standardization is one of the primary restraints of the Energy Measurement IC Market.

3] Which region is leading the global Energy Measurement IC Market during the forecast period?
Ans: Asia Pacific is leading the global Energy Measurement IC Market during the projected years.

4] Who are the top players in the Energy Measurement IC Market?
Ans. The major key players in the Global Energy Measurement IC Market are Analog Devices Inc. (United States), Texas Instruments Inc. (United States), Maxim Integrated Products, Inc. (United States), and Renesas Electronics Corporation (Japan)

5] What segments are covered in the Energy Measurement IC Market report?
Ans: The Energy Measurement IC Market is segmented based on type, application, function, end-user, technology, sales channel, integration, and region.