The power line communication market is expected to be valued at USD 5.47 billion in 2017 and reach USD 9.45 billion by 2023, at a CAGR of 9.53% during the forecast period. The growing deployment of smart grids coupled with the fact that power line communication is one of the major communication technologies that is being used for smart grid communications is one of the major factors driving the growth of the market. Moreover, the increasing demand for broadband power line communication devices in indoor networking applications has also led to the growth of the said market.

The market for the software segment is expected to witness a significant growth during the forecast period. The data extracted from hardware components is in the form of raw data, which is collected, processed, and analyzed by the software. The software solutions are mostly integrated with the hardware systems; the software systems can also be purchased separately and then connected to the hardware. Moreover, users need to update software at a regular interval and bear the expenses of the related license updates. These factors are likely to contribute to a high CAGR of the software segment in the power line communication market in the near future.

The narrowband power line communication market is expected to grow at the highest CAGR, and hold a dominant position in the overall power line communication market during the forecast period. Substation communication and advanced metering are the major application areas of narrowband power line communication technology-based products while lighting control and electric vehicle charging are the other emerging applications.

The power line communication market for the energy management and smart grid segment is expected to witness a significant growth during the forecast period. The growing demand for power line communication technology-based products from Asia Pacific (APAC), South America, and the Middle East and Africa is expected to fuel the growth of the said market for the energy management and smart grid application.

The power line communication market for the commercial vertical is expected to grow at the highest CAGR between 2017 and 2023. The increasing penetration of power line communication technology-based products for building automation, especially for the lighting control application, is one of the major factors fueling the growth of the said market for the commercial vertical.

The power line communication market in APAC is expected to grow at the highest CAGR during the forecast period. Substation communication, advanced metering, and indoor networking are the major applications that accounted for a significant share of the market in APAC in 2016. Moreover, the high demand for power line communication technology-based products from these segments is expected to fuel the growth of the said market during the forecast period.

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