Metering ICs Market
Metering ICs have been built particularly to fulfill the needs of next-generation smart meter systems. It is used in energy meters to assist in the calculation of the total energy utilized. The global metering ICs market is expected to increase in response to rising need for an accurate, dependable, and cost-effective solution for energy measurement. Furthermore, the growing usage of smart meters for water, gas, and electricity measurement and real-time reporting of energy usage, which allows consumers to decrease electricity waste and save money. This factor is estimated to propel the global metering ICs market forward. Smart appliances frequently employ metering ICs. High-performance energy metering ICs are utilized in smart appliances for anti-tampering electricity meters, single-phase three-wire, and single-phase two-wire.
Smart metres not only monitor use of heat, water, gas, and electricity, but also facilitate communication between the meter and the data concentrator or cloud. Real-time reporting of energy use is sent directly to the consumer, allowing them to cut down on electricity waste and save money. The increased usage of metering ICs in wireless communication, industrial power monitors for servers, smart homes, smart appliances, and other applications is propelling the global metering ICs market forward. Furthermore, soaring government regulations for energy usage and surging use of metering ICs in smart appliances as a result of the advent of renewable energy sources, as well as demand for customized services to handle assets economically, are all contributing to the expansion of the global metering ICs market.
Metering ICs: Introduction
- Metering ICs are commonly deployed in energy meters, and helps the energy measuring meter to calculate the amount of energy consumed
- Metering ICs consist of a customer-programmable MPU core, RTC with battery backup, and a high-performance analog sensor interface combined with a dedicated 32-bit computation engine to handle all sample rate signal processing
- In recent years, the energy measurement integrated circuit industry has experienced significant expansion in meter products, owing to rising customer demand for an accurate, reliable, and cost effective product
- Additionally, government regulations, competitive forces, and technology innovations are fueling the extraordinary changes in the market
- Metering ICs are used in industrial smart appliances, smart homes, power monitors for servers, wireless communication, advanced billing schemes, and low power design
Rise in Demand for Metering ICs for Use in Smart Appliances
- Metering ICs are largely used in smart appliances. In smart appliances, high-performance energy metering ICs are used for single-phase two-wire, single-phase three-wire, or electricity meters with anti-tampering mode.
- Smart meters not only measure electricity, gas, water, or heat consumption, but also ensures communications from the meter to data concentrator, or cloud. Real-time reporting of energy consumption is directly reported to the consumer, which enables the consumer to reduce wastage of electricity and lower the expenses.
- Moreover, metering ICs are significantly used in smart appliances due to the emergence of renewable energy sources, increased regulations, and demand for customized services to manage assets cost-effectively and provide exceptional customer service
- Multiple manufacturers are focusing on development of innovative electricity meters with high accuracy and reliability, while lowering the total system cost
- Demand for metering ICs for smart appliances applications is growing as a result of these factors, which is expected to drive the global metering ICs market during the forecast period.
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North America to Lead the Metering ICs Market
- In terms of region, the global metering ICs market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is anticipated to dominate the global metering ICs market throughout the forecast period, as a large number of manufacturers of metering ICs operate in the region
- Additionally, many well-established players based in North America are focusing on development of new technology in electricity meters which is expected to boost the metering ICs market in the region during the forecast period
- The metering ICs market in Europe and Asia Pacific is expected to expand at a substantial rate during the forecast period. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Metering ICs Market
The global metering ICs market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansions to meet the rising demand for metering ICs. Moreover, manufacturers are signing partnerships for the development of innovative products.
Key players operating in the global metering ICs market include:
- Analog Devices, Inc.
- Cirrus Logic, Inc.
- Microchip Technology Inc.
- NXP Semiconductors
- Renesas Electronics Corporation
- Silergy Corp
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Global Metering ICs Market: Research Scope
Global Metering ICs Market, by Function
- Apparent Energy (kVA)
- Active Energy (kWh)
- RMS Energy
- Reactive Energy (kVAR)
Global Metering ICs Market, by Type
- Single Channel
Global Metering ICs Market, by Application
- Smart Appliances
- Smart Homes
- Power Monitors for Servers
Global Metering ICs Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.