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(IT-NEWSWIRE.COM, March 17, 2018 ) 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 5.47 Billion in 2017 to USD 9.45 Billion by 2023, at a CAGR of 9.53% between 2017 and 2023. The growth of this market can be attributed to the 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.
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Narrowband segment held largest share of the market in 2016
Based on frequency, the narrowband segment leads the power line communication market. The dominant position of this segment can be attributed to the high demand for narrowband power line communication technology-based products from the energy management and smart grid application.
Energy management and smart grid application to dominate the market during forecast period
Based on application, the energy management and smart grid application is currently leading and is expected to dominate the market during the forecast period. Substation communication and advanced metering were the main application areas that held a significant share of the power line communication market for the energy management and smart grid application in 2016.
Market for commercial vertical likely to grow at highest CAGR during forecast period
Based on vertical, the commercial vertical is expected to witness the highest growth in the power line communication market during the forecast period. 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.
Europe held largest share of the market in 2016
Europe held the largest share of the power line communication market in 2016. Italy accounted for the largest share of the power line communication market in Europe, followed by France, the UK, and Germany. In 2016, the advanced metering application accounted for a significant portion of the power line communication market in Europe. This can be attributed to the initiatives taken by the government and utilities for the deployment of smart meters. Italy was the pioneer in Europe in terms of large-scale smart meters deployment. Moreover, the UK government has set a target of deploying nearly 53 million smart meters across 30 million homes and small businesses by 2020.
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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