Power Line Communication Market worth over $35 Bn by 2030

Power Line Communication (PLC) Market size is anticipated to reach USD 35 billion by 2030,  according to a new research report by Global Market Insights Inc.
 

The report identifies the strong focus on developing a resilient electric grid as a key driver of the power line communication industry expansion. PLC network architecture is emerging as a cost-effective solution, providing the necessary bandwidth to complement or replace alternative technologies including wireless communication.
 

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Broadband power line communication business to gain momentum

As per the report, the broadband segment accounted for approximately 35% of the power line communication market share in 2021. This was due to its capability to ensure seamless data transition across installed as well as pervasive power distribution infrastructure.
 

Rising penetration of smart meters to augment industry share from the software segment

The software segment will depict a CAGR of more than 15% through 2030, driven by its ability to track power distribution and consumption. This software has also witnessed strong demand for smart home applications worldwide. Furthermore, the increasing penetration of smart meters will also amplify the software segment growth for data acquisition and management applications. Advantages such as monitoring of electricity consumption and management of meter data will further strengthen the segmental outlook from the data acquisition and management sub-segment, which is poised to register growth rate of about 15% through 2030.
 

Browse key industry insights spread across 346 pages with 477 market data tables & 38 figures & charts from the report, “Power Line Communication (PLC) Market Size By Offering (Software [Energy Management, Data Acquisition and Management], Service [Maintenance & Repair, Professional Service], Hardware), By Frequency (Broadband, Narrowband), By Application (Networking, Smart Grid, Long-haul), By Industry Vertical (Commercial, Residential, Industrial [Automotive & Transportation, Energy & Power]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-line-communication-plc-market
 

Rise of home automation to proliferate smart grid application segment growth

The smart grid segment recorded revenue worth over USD 4 billion in 2021, which was attributable to the rising acceptance of home automation devices worldwide. According to data from SafeWise, 3 in 4 Americans purchased a smart home device between May 2021 and May 2022. This significant increase in home tech spending will proliferate the demand for PLC networks for smart grid applications.
 

Strong demand for smart home devices to push the residential segment expansion

The residential segment valued at around USD 4 billion in 2021, owing to the increasing adoption of smart devices and home automation solutions, especially across developed regions. As per the 2022 American Home Tech Spending Survey, over 70% of home tech spending in America either surged or remained the same. This may increase demand for PLC solutions in residential applications, augmenting segmental growth.
 

Europe to emerge as a lucrative revenue pocket

On the regional front, Europe will hold nearly 20% of the power line communication market share by 2030. This growth is characterized by increasing awareness regarding the need for advanced technologies for network buildings. The requirement for innovative methods to build an extensive network for the utilization of power and energy in industrial applications is growing, enabling the region to emerge as a lucrative revenue pocket for power line communication service providers.
 

Acquisitions to remain a key growth strategy among industry players

Some of the power line communication market players profiled in the report include General Electric Company, STMicroelectronics N.V., Panasonic Corporation, Schneider Electric SE, and TP-Link Corporation Limited, among others. These companies are emphasizing acquisition, merger, and collaboration initiatives to gain a competitive edge over rivals.