Metering ICs Market Trends and Technology with Top Key Players, Target Audience and Forecast to 2030
- 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.
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- 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.
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.
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- 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.