global power line communications market will increase to 9.45 billion U.S. dollars
By 2023, the global power line communications market will increase to 9.45 billion U.S. dollars
According to a report released by market research institute Markets and Markets, the global power line communications market is expected to grow from 5.47 billion U.S. dollars in 2017 to 9.45 billion U.S. dollars in 2023, with a compound annual growth rate of 9.53%.
Market growth can be attributed to the high demand from the vertical industries in industrial and residential sectors for power line communications technology, primarily for substation communications, advanced metrology and indoor network applications.
The narrowband segment accounted for the largest share of the market in 2016
According to the frequency, the narrowband segment leads the power line communication market in 2016. Its dominance benefits from the high demand for narrowband powerline communications technology products for energy management and smart grid applications.
By 2023 energy management and smart grid applications will dominate the market
Depending on the application, energy management and smart grid applications are currently at the leading edge and are expected to continue to dominate the market during the forecast period. Substation communications and advanced metering are the major fields of application for the power line communications market for energy management and smart grid applications in 2016.
Commercial verticals may grow at the highest annual compound growth rate during the forecast period
Taking the vertical direction as the benchmark, the vertical growth rate of the commercial vertical industry will be the fastest in the forecast period. Building automation products based on powerline communication technology, especially the popularization of lighting control applications, are one of the main factors that promote the growth of the commercial vertical market.
Europe accounted for the largest market share in the world in 2016
Europe accounted for the largest share of the power line communications market in 2016. Italy accounted for the largest share of the European market, followed by France, the United Kingdom and Germany. In 2016, advanced metering applications accounted for a large part of the European powerline communications market thanks to the government and utilities measures to deploy smart meters. Italy is a European pioneer in the deployment of large-scale smart meters. In addition, the British government has set a goal of deploying nearly 53 million smart meters in 30 million homes and small businesses by 2020.
The major operators in the global power line communications market include Siemens (Germany), Netgear (USA), ABB (Switzerland), AMETEK (USA), Schneider Electric (France), GE (General Electric) United States), Allianz (China), U-Tech (Taiwan), Landis + Gyr (Switzerland), Belkin International (USA), Corinex Communications (Canada), devolo (Germany) and ZyXEL (Taiwan).