New York, May 17, 2023 (GLOBE NEWSWIRE) -- According to PMR, the value of Power Line Communication Market is expected to reach US$ 8.6 billion in 2023 from US$ 7.9 billion in 2022. In 2033, Industry experts predict the industry will reach US$ 19.4 billion, representing a CAGR of 8.5%.
This technology uses modular signals to communicate broadband data over conductors that are also used for electric power transmission. PLC and BPL are most commonly used in remote locations with limited access to the internet via cable or PDSL. Low-voltage power lines are used to transmit high-speed data, voice, and video using PLC communications. Since PLC can support new communication technologies, such as Internet-of-things (IoT) and Smart Grids, the technology has become in greater demand.
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Smart Grids and Internet-of-things (IoT) can benefit from PLCs as reliable communication mediums. Due to the fact that PLC is implemented in the same wiring system, in addition to sending the signals for communication, it is also capable of controlling and monitoring all connected devices. A PLC also works like other communication technologies by requiring a transmitter that modulates data before sending it, and a receiver that receives that data after demodulating it.
The growth of e-mobility and a net-zero emission society are supported by next-generation power line communication devices. As part of the advanced metering infrastructure (AMI) for metering, a wide range of communication technologies are incorporated, such as radio frequency (RF) mesh, power line communication (PLC), and cellular communication. Increasing demand for advanced home automation solutions, such as those that can control multiple parameters in the home, is expected to drive demand for power line communication systems upwards. Existing power cables will be used extensively to transform data with these systems.
Key Takeaways from Market Study
- Demand for narrowband (3 kHz to 500 kHz) is expected to grow by 8.4% over the forecast period.
- The industrial market is expected to grow at a CAGR of 8.3% during the next five years.
- A United Kingdom power line communication project will cost US$ 556.6 million in 2033.
- According to forecasts, the power line communications market in South Korea will grow at 8.9% CAGR.
- Japan's power line communication market is expected to grow by US$ 3.4 billion.
"Internet penetration and rapid technological advancements will increase the demand for power line communication. Growth in smart grids and increasing penetration of broadband devices are expected to drive demand in the future.,” says an analyst at Persistence Market Research.
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Competitive Landscape
Power line communication is highly competitive since large and small businesses entered the market. Major players dominate the industry, holding a significant share of its market share. Several major players in the industry are seeking ways to increase market share in order to stay competitive. They are expanding geographically, developing new products and services, merging with other companies, forming partnerships, and collaborating to stay ahead of competitors.
Some of the top players include: Siemens, NETGEAR, ABB, AMETEK, Schneider Electric, General Electric, Hubbell Power Systems, TP-Link Technologies, D-Link, Landis+Gyr, Belkin International, Devolo, Zyxel Communications
Market Segmentation:
- By Offering (Hardware, Software, Services)
- By Frequency (Narrowband-3 kHz to 500 kHz, Broadband - More than 500 kHz)
- By Application (Energy Management and Smart Grid, Indoor Networking)
- By Vertical (Residential, Commercial, Industrial)
- By Solution (PLC over AC Lines, PLC over DC Lines)
Recent Developments:
- In January 2023, Alliance members jointly promote a new generation communication standard based on Wavelet OFDM formats developed by HD-PLC Alliance. In November, the IEEE P1901c Working Group ("WG") adopted this resolution. This IEEE Standards Association (IEEE SA) working group promotes the use of advanced power line communication technology in different communication media and engages in discussions on international standardization to continue the evolution of IoT society. Discussions regarding international standards will accelerate from here.
- In April 2023, DAH Solar procured a multipurpose solar power system connected to an electric grid for residential use. With this system, DAH Solar also offers an energy communication unit (ECU). Through the power line communication (PLC) system, it communicates with the micro inverters. In order to share information, it utilizes the power cable itself.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the power line communication market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how power line communication sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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