Power Line Communication (PLC) Market Size - By Offering (Software, Service, Hardware), Frequency (Broadband, Narrowband), Application (Networking, Smart Grid, Long-haul), Industry Vertical (Commercial, Residential, Industrial) & Global Forecast, 2023 - 2

Power Line Communication (PLC) Market Size - By Offering (Software, Service, Hardware), Frequency (Broadband, Narrowband), Application (Networking, Smart Grid, Long-haul), Industry Vertical (Commercial, Residential, Industrial) & Global Forecast, 2023 - 2032

Global Power Line Communication (PLC) Market will witness over 14.5% CAGR between 2023 and 2032, attributed to rising industry events that serve as platforms for companies to unveil groundbreaking innovations. These events showcase the latest developments, fostering market growth. For instance, in December 2023, during the Europe energy forum in Paris, named Enlit, STMicroelectronics put the spotlight on their latest offerings— a NB-IoT module for mobile devices and a 1.4-certified Prime v chipset for smart metering along with an evaluation kit (EVLKST8500GH-2). This kit comprises a smart-grid chipset integrating a (PLC) SoC (ST8500) power line communication, a dual-line driver (STLD1), and an ultra-low-power radio transceiver (S2-LP). This combination facilitates a hybrid connectivity approach, combining powerline and wireless connections.

As companies exhibit cutting-edge technologies and solutions, the industry witnesses heightened interest and investment. The convergence of industries, from smart homes to industrial automation, fuels the demand for robust communication infrastructure, strengthening the power line communication market outlook. These events serve as catalysts, driving advancements and shaping the trajectory of PLC technology adoption globally.

The overall Power Line Communication (PLC) Market share is classified based on application, industry vertical, and region.

Networking segment will undergo significant development from 2023 to 2032. Industries rely on PLC for seamless data transmission through existing power lines, eliminating the need for additional wiring. This technology integrates with smart grids, homes, and industrial automation, meeting the growing need for interconnected systems. As networking becomes integral for efficient operations, these lines offer a reliable, cost-effective solution, driving the power line communication (PLC) market demand and adoption across various networking applications worldwide.

Commercial segment will register a noteworthy CAGR from 2023 to 2032. PLC systems cater to diverse commercial applications, facilitating efficient data transmission over existing power lines. Industries such as telecommunications, security, and building automation benefit from this technology's ability to enable robust networking and control systems. With the emphasis on streamlined operations and cost-effective connectivity solutions, the commercial sphere increasingly adopts PLC for its adaptability and seamless integration, elevating the power line communication market size in this domain.

Asia Pacific power line communication (PLC) industry will showcase a commendable CAGR from 2023 to 2032. With a focus on smart city initiatives, the region embraces PLC for its versatile applications in energy management, smart grids, and home automation. Rising infrastructure development and the need for efficient communication networks bolster PLC adoption. As industries and consumers seek reliable connectivity solutions, Asia Pacific's burgeoning demand for PLC reflects its pivotal role in shaping modern infrastructure and fulfilling the region's growing connectivity requirements. For instance, in November 2021, Renesas Electronics Corporation, headquartered in Tokyo, unveiled the R9A06G061 power line communication (PLC) modem IC. This innovation achieved high-speed

communication, reaching 1 Mbps across extensive distances exceeding a kilometer without relays, broadening PLC's application scope.