The power line communication market is
expected to be valued at USD 5.47 billion in 2017 and reach USD 9.45 billion by
2023, at a CAGR of 9.53% during the forecast period. The growing deployment of
smart grids coupled with the fact that power line communication is one of the major communication technologies that is being used for smart
grid communications is one of the major factors driving the growth of the
market. Moreover, the increasing demand for broadband
power line communication devices in indoor networking applications has
also led to the growth of the said market.
The market for the software segment is
expected to witness a significant growth during the forecast period. The data
extracted from hardware components is in
the form of raw data, which is collected, processed, and analyzed by the
software. The software solutions are mostly integrated with the hardware
systems; the software systems can also be purchased separately and then
connected to the hardware. Moreover, users need to update software at a regular
interval and bear the expenses of the related license updates. These factors
are likely to contribute to a high CAGR of the software segment in the power
line communication market in the near future.
The narrowband power line communication market
is expected to grow at the highest CAGR, and hold a dominant position in the
overall power line communication market during the forecast period. Substation
communication and advanced metering are the major application areas of narrowband
power line communication technology-based products while lighting control and
electric vehicle charging are the other emerging applications.
The power line communication market for the
energy management and smart grid segment is expected to witness a significant growth
during the forecast period. The growing demand for power line communication
technology-based products from Asia Pacific (APAC), South America, and the Middle
East and Africa is expected to fuel the growth of the said market for the energy
management and smart grid application.
The power line communication market for the
commercial vertical is expected to grow at the highest CAGR between 2017 and
2023. 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 said market
for the commercial vertical.
The power line communication market in APAC
is expected to grow at the highest CAGR during the forecast period. Substation
communication, advanced metering, and indoor networking are the major applications that accounted for a
significant share of the market in APAC in 2016. Moreover, the high demand for
power line communication technology-based products from these segments is
expected to fuel the growth of the said market during the forecast period.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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