According to the new market research report "Power Line Communication Market by Offering (Hardware, Software, and Services), Frequency (Narrowband, and Broadband), Application (Energy Management and Smart Grid, and Indoor Networking), Vertical, and Geography – Global Forecast to 2023", the power line communication market is expected to grow from USD 5.5 billion in 2017 to USD 11.1 billion by 2025, at a CAGR of 9.3% between 2017 and 2023. High demand for power line communication technology-based products from the industrial and residential verticals primarily for substation communication, advanced metering, and indoor networking applications are most likely to be the key factors attributed to the growth of the market.
Browse 64 market data Tables and 40 Figures spread through 159 Pages and in-depth TOC on "Power Line Communication Market by Offering (Hardware, Software, and Services), Frequency (Narrowband, and Broadband), Application (Energy Management and Smart Grid, and Indoor Networking), Vertical, and Geography – Global Forecast to 2023"
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Based on frequency, the narrowband segment led the power line communication market. High demand for narrowband power line communication technology-based products from the energy management and smart grid application can be attributed to the dominant position of this segment.
Based on application, the energy management and smart grid application is currently leading and is expected to dominate the market during the forecast period. Power line communication technology is one of the most preferred technologies for communication on smart grids. This preference can be attributed to the ability of this technology to enable communication using existing powerlines, resulting in a wide coverage with less capital expenditure. Vehicle communication and electric vehicle charging are likely to boost power line communication during the forecast period.
The commercial vertical is expected to witness the highest growth in the power line communication market during the forecast period. Smart buildings, retail, and municipalities are some of the common areas in the commercial vertical where the power line communication technology is adopted. The increasing penetration of power line communication technology-based products for building automation, especially for the lighting control application, is one of the major factors fueling the growth of the market.
Some of the key countries in the power line communication market in APAC include China, Japan, India, and South Korea. High economic growth witnessed by major developing economies in the region can be attributed to the rapid growth of the power line communication market in the region. Government efforts to expand the grid and build new power plants, wind farms, and solar farms in China and India are also likely to drive the demand during the forecast period. Heavy investments towards smart city infrastructure in China where this technology is used for smart grids and smart buildings for communication will be a likely factor to contribute to the growth of the market
Some of the players operating in the power line communication market include Siemens (Germany), NETGEAR (US), ABB (Switzerland), AMETEK (US), Schneider Electric (France), General Electric (US), Hubbell Power Systems (US), TP-Link Technologies (China), D-Link (Taiwan), Landis+Gyr (Switzerland), Belkin International (US), Corinex Communications (Canada), devolo (Germany), and Zyxel Communications (Taiwan).
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