Power Line Communication (PLC) Market Size, Insights, Outlook, and Overview by 2024-2033

The power line communication (plc) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market. Power Line Communication (PLC) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities. Market Size - 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. Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/power-line-communication-plc-global-market-report Scope Of Power Line Communication (PLC) Market The Business Research Company's reports encompass a wide range of information, including: 1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth. 2. Drivers: Examination of the key factors propelling market growth. 3. Trends: Identification of emerging trends and patterns shaping the market landscape. 4. Key Segments: Breakdown of the market into its primary segments and their respective performance. 5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market. 6. Macro Economic Factors: Assessment of broader economic elements impacting the market. Power Line Communication (PLC) Market Overview Market Drivers - 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. Market Trends - 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 vehi