Power Line Communication (PLC) Market Key Drivers, Analysis, Trends, Overview And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Power Line Communication (PLC) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The power line communication (PLC) market size has grown rapidly in recent years. It will grow from $10.14 billion in 2023 to $11.43 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to early adoption in home networking, smart grid Initiatives, broadband over power line (BPL), increased bandwidth and data rates.

The power line communication (PLC) market size is expected to see rapid growth in the next few years. It will grow to $18.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to 5G and beyond integration, increasing edge computing and edge devices, advanced metering infrastructure (AMI), increased bandwidth and data rates, sustainability and environmental considerations. Major trends in the forecast period include expanded IoT applications, electric vehicle-to-grid (V2G) communication, distributed energy resources (DERs) integration, smart cities and infrastructure, artificial intelligence and machine learning integration, standardization and interoperability.

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Market Drivers and Trends:

Growing interest in industrial automation and control systems is expected to propel the growth of the power line communication market going forward. Industrial automation and control systems are technologies designed to automate and monitor manufacturing processes, machinery, and equipment in industrial settings, enhancing efficiency, productivity, and safety. Industrial automation and control systems are rising due to their ability to enhance operational efficiency, improve product quality, ensure safety, and adapt to dynamic market demands in various industries. Power line communication (PLC) in industrial automation and control systems facilitates reliable and cost-effective data transmission over existing power lines, enhancing communication efficiency and connectivity within industrial environments. For instance, in May 2022, according to a survey of 321 manufacturers conducted by Rockwell Automation Inc., a US-based provider of industrial automation and digital transformation technologies, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either currently utilizing or planning to integrate artificial intelligence into their manufacturing operations. Additionally, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, the growing interest in industrial automation and control systems is driving the growth of the power line communication market.

Major companies operating in power line communication (PLC) are increasing their focus on developing advanced solutions, such as next-generation powerline communication devices, to gain a competitive edge in the market. A next-generation powerline communication device is an advanced system enabling data transmission over existing electrical wiring, enhancing connectivity and smart home applications. For instance, in May 2022, Qualcomm, a US-based technology company, launched the QCA7006AQ, a next-generation powerline communication device specifically designed to support smart-grid communications between electric vehicles and charging stations. It complies with the HomePlug Green PHY (HPGP) specification for vehicle-to-grid (V2G) systems, enabling seamless authentication on the network for plug-and-charge automated payments during EV charging. The QCA7006AQ facilitates the coordination of energy flow between the grid and the home, supporting smart-grid charging applications under the CCS (Combined Charging System) standard.

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Major Key Players of the Market:

Hitachi Energy Ltd., Siemens AG, General Electric Company, Schneider Electric SE, ASEA Brown Boveri (ABB Ltd.), STMicroelectronics N.V., Renesas Electronics Corporation, AMETEK Inc., Hubbell Power Systems, Landis+Gyr AG, Zyxel Communications Corporation, NETGEAR Inc., D-Link Corporation, Belkin International LLC, TP-Link Technologies Co Ltd., Devolo AG, Corinex Communications Corp., NetComm Wireless Limited, Billion Electric Co. Ltd., Atmel Corporation, Echelon Corporation, Xemex NV

Power Line Communication (PLC) Market 2024 Key Insights:

• The Power Line Communication (PLC) Market is expected to grow to $18.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Industrial Automation Surge Fuels Power Line Communication Growth
• Next-Generation Powerline Communication Devices Transforming Connectivity And Smart Grid Applications
• North America was the largest region in the power line communication (PLC) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power line communication (PLC) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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