PORTLAND, Oregon and PUNE, India, February 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Power Line Communication (PLC) Systems Market by Type, Solution, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global power line communication (PLC) systems market is projected to reach $14 billion by 2022, with a CAGR of 18.4% from 2016 to 2022. In 2015, Europe dominated the global market, in terms of revenue, accounting 34% of market share, followed by North America.
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With the advent of broadband access, the demand for sending digital voice, video, and Internet data is on a continuous rise. Currently, rise in demand for higher efficiency, faster data transfer rate, and minimal power loss are key factors that drive the PLC market growth. Moreover, increased need for power management technologies is expected to provide lucrative opportunities to market players. Broadband PLC is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, narrowband PLC segment is expected to witness significant growth in the future, as this transistor is compact and cost-effective.
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The transmitter & receivers segment is projected to maintain its lead by component as these components are used for transmitting and receiving power and data carrier signals with minimum energy loss. Moreover, in 2015, Europe was a major revenue contributor in this segment due to presence of top manufacturers in the region. UK, Italy, and France are the prime consumers of power line communication, which is expected to fuel the overall market growth.
Europe is expected to maintain its dominance throughout the forecast period, owing to the increase in number of smart grid projects and industry systems utilizing PLC. Moreover, advancements in residential and commercial sectors are expected to boost the growth, especially in Asian countries such as China, Japan, South Korea, and India.
"Power line communication is applied in residential and commercial applications to enable power management and reduce power leakage. Moreover, it offers numerous benefits, such as high efficiency, low system complexity, and reduced system maintenance. Broadband PLC represents almost 48-50% of the total power line communication market, owing to its resilience and high efficiency. In addition, substantial demand for high-speed data transfers and trend of smart grids to achieve better efficiency are expected to fuel its adoption in the energy & power, oil & gas, and other industry sectors," states Himal Srivastava, Semiconductor & Electronics Research, AMR.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in power transmission, upsurge in use of Internet, and rise in adoption of advanced technologies. Furthermore, increase in power management devices across China, Japan, India, and South Korea to cater to the end user needs, such as consumer electronics and industrial systems, have supplemented the market growth. Moreover, technological advancements to overcome power loss issues in extreme conditions are expected to offer lucrative opportunities for market players in the coming years.
Key findings of the study
The key players operating in the PLC market have adopted new product launch as their preferred strategy to expand their market foothold. The major players profiled in this report include Cypress Semiconductor, ST Microelectronics, Texas Instruments, Maxim Integrated, Marvell, Qualcomm Atheros, Microchip, Sigma Designs, Inc., Broadcom Corporation, and Echelon Corporation.
Read similar market research reports on semiconductor and electronics at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/semiconductors-market-report
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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