The global harmonic filter market has been foreseen by Transparency Market Research (TMR) to bear a low degree of competition on account of a handful of participants showcasing dominance in the industry. Howbeit, the competition degree could increase because of the emergence of several regional players in the world harmonic filter market. An almost 50.0% of the total share in the world harmonic filter market was collaboratively secured by top four manufacturers in 2015, viz. ABB Ltd., Schneider Electric SA, Emerson Power Network, and Schaffner Holding AG.
Companies such as ABB Ltd. supplying to metal processing, manufacturing, and utilities industries could largely benefit in the world harmonic filter market due to a telling increase in demand from the industrial sector.
According to a report authored by TMR, the world harmonic filter market has been evaluated to earn a probable valuation of US$1.2 bn by 2024 at a CAGR of 6.5% from US$0.6 bn in 2015. The stable demand of passive filters owing to cost effectiveness could help them to rake in a US$0.8 bn in the world harmonic filter market by the concluding forecast year. Geographically, Asia Pacific has been anticipated to secure a grander share of nearly 38.0% in the world harmonic filter market by 2024 on the back of a hasty rise in demand.
VFD Adoption for Managing Harmonic Generation Consequently Encourages Demand
The international harmonic filter market could be advantaged by a chain of drivers connected to each other. For instance, the snowballing adoption of automation in commercial and industrial applications has been expected to augment the uptake of variable frequency drives (VFD), which could in turn promote demand in the international harmonic filter market. This is because harmonic filters can regulate harmonic generation which causes premature aging in electrical equipment, undesired heating in rotating machines, and affect the torque and efficiency of other machinery.
The mushrooming significance of attaining standard levels of power quality could aggravate the rise of the international harmonic filter market. Power quality helps in gauging the performance of electrical equipment as it allows to evaluate a broad scope of power supply characteristics. Additionally, the growth of the power industry itself has been envisaged to spur growth in the international harmonic filter market.
Low Product Differentiation and Consumer Awareness Disturb Growth
Lack of high-level technology required in the manufacturing process could create a dearth of product differentiation in the worldwide harmonic filter market, thus decelerating its growth. Manufacturers have also been envisioned to suffer stiff challenges in respect of lack of awareness about maintaining appropriate power quality levels and hostile effects on electrical networks due to harmonic disturbances. On the other hand, availability of alternates and high cost could deter the growth of the worldwide harmonic filter market.
However, the IT sector and data centers have been predicted to offer potential growth opportunities in the worldwide harmonic filter market. This could be because of the need to manage high total harmonic distortion of current (THDi) levels in frequently engaged machinery such as laptops and printers. Besides this, stringent implementation of penalties and government policies with regard to harmonic distortion limit have been foretold to attract more opportunities in the worldwide harmonic filter market.
The information presented in this review is based on a TMR report, titled “Harmonic Filter Market (Filter Type - Active Harmonic Filters and Passive Harmonic Filters (Tuned Passive Harmonic Filters and Detuned Passive Harmonic Filters); Voltage Level - Low Voltage Harmonic Filters, Medium Voltage Harmonic Filters, and High Voltage Harmonic Filters; End Use - Industrial, IT and Data Centers, Automotive, and Oil and Gas) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global harmonic filter market has been segmented as presented below:
Global Harmonic Filter Market by Filter Type
- Active Harmonic Filters
- Passive Harmonic Filters
- Tuned Passive Harmonic Filters
- Detuned Passive Harmonic Filters
Global Harmonic Filter Market by Voltage Level
- Low Voltage Harmonic Filters
- Medium Voltage Harmonic Filters
- High Voltage Harmonic Filters
Global Harmonic Filter Market by End Use
- IT And Data Centers
- Oil and Gas
Global Harmonic Filter Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- Latin America
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