PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629271
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629271
The Power Line Communication Market was valued at USD 10,514.2 million in 2023, growing at a CAGR of 9.90% from 2024 to 2032.
Power line communication (PLC) is a communication technique that uses existing electrical power lines to transport data signals, allowing communication and connectivity in applications such as smart grids, home automation, and industrial control systems. This technology enables the simultaneous transmission of both power and data signals, making it a handy and cost-effective method of constructing communication networks.
Power Line Communication Market- Market Dynamics
Industrial Automation Surge Fuels Power Line Communication Growth
The growing interest in industrial automation and control systems is projected to drive the power line communication industry forward. Industrial automation and control systems are technologies that automate and monitor manufacturing processes, machinery, and equipment in industrial environments, increasing efficiency, productivity, and safety. Industrial automation and control systems are in high demand because of their capacity to improve operational efficiency, product quality, and safety and respond to changing market needs in a variety of industries. Power line communication (PLC) in industrial automation and control systems allows for dependable and cost-effective data transmission over existing power lines, improving communication efficiency and connection in industrial applications. For instance, in May 2022, Rockwell Automation Inc., a US-based provider of industrial automation and digital transformation technology, conducted a study of 321 businesses and found that usage of smart factory technologies increased by 50% year on year.
Furthermore, 74% of surveyed firms are currently using or intend to use artificial intelligence in their manufacturing operations. In addition, 83% of manufacturing professionals plan to modernize their operations into smart factories. As a result, the increased interest in industrial automation and control systems is driving the expansion of the power line communication industry.
Power Line Communication Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 9.90% from 2024-2032.
According to Offering segmentation, the hardware segment held the highest revenue
In 2023, the narrowband segment was the most popular Frequency segmentation.
Indoor Networking now dominates the Power Line Communication business, according to Application segmentation.
In 2023, Commercial was the most dominant Vertical segment.
In 2023, PLC over AC Lines was the most popular sort of Solution segmentation.
On the basis of region, North America was the leading revenue generator in 2023
The Global Power Line Communication Market is divided into six segments: Offering, Frequency, Application, Vertical, Solution, and Region.
The market is separated into three segments based on Offerings.: Hardware, Services, and Software. The hardware category generated the most revenue in 2023, owing to rising demand for cutting-edge gear and tools that support dependable power line communication networks. As smart grid efforts, smart meters, and IoT devices have grown in popularity, so has the demand for hardware such as communication processors, couplers, and modems.
The market is classified into two segments based on Frequency: Broadband (Greater than 500 kHz), and Narrowband (3 kHz to 500 kHz). In 2023, the narrowband segment dominated the power line communication market. Narrowband power line communication technology is ideal for smart metering applications that require dependable long-distance connectivity at modest data rates. As utilities and businesses progressively adopt smart grid solutions and IoT devices, narrowband power line communication's effectiveness in carrying data over long distances while avoiding interference prepares it for rapid expansion.
Power Line Communication Market- Geographical Insights
Geographically, this market encompasses the Middle East, and Africa, Latin America, Asia Pacific, North America, Europe. These zones are further split based on which countries bring business. In 2023, North America dominated the power line communication market. PLCs play an important part in the development of smart grids, allowing utilities to monitor and control electricity distribution more efficiently. Utilities in North America are investing in smart grid technologies to improve reliability and cut costs. PLC facilitates the development of the communication infrastructure required for these smart grids.
Asia Pacific continues to be the fastest-growing region for the Power Line Communication market. Asia-Pacific region has significant development potential, driven by increased urbanization, rising energy demand, and the adoption of smart city programs. China, Japan, and South Korea are investing in Power Line Communication solutions to improve energy management, home automation, and industrial control systems.
The Power Line Communication (PLC) market is highly competitive, with many key players pushing innovation and growth. These are some of the leaders in the market: NETGEAR, ABB, Schneider Electric, and General Electric. Other companies are strong contenders in home networking using PLC technology. Companies like Qualcomm and STMicroelectronics are also contributing to this market through their semiconductor solutions that support PLC applications. The competition among the above players is becoming tougher due to the rising need to communicate in energy management and smart grid technologies efficiently.
In January 2023, ABB and Siemens announced a collaboration to develop and commercialize a new PLC standard for smart grids. The new G3-PLC standard is intended to increase the performance and reliability of smart grid networks.