Published: Jan, 2017
The intensity of competition in the global harmonic filter market is comparatively low as at present it is being dominated by a few leading players, states Transparency Market Research (TMR) in a research report. As the global harmonic filter market is in a growing stage, the players are focusing on capitalizing this opportunity in order to expand their business and attain a competitive position in the market. To achieve these goals, the companies are entering into strategic partnership with suppliers of components and are also ensuring continual supply. However, due to lack of awareness among consumers regarding the use of harmonic filters as protection equipment, manufacturers are likely to completely rely on the strategy of concept selling. The three leading players, ABB Ltd., Schneider Electric, and Emerson Network Power, collectively held a share of 41% in the global harmonic filter market in 2015.
The global harmonic filter market is projected to witness a 6.5% CAGR from 2016 to 2024. The market was worth US$697.2 mn in 2015 and is likely to rise to a valuation of US$1,212.3 mn by 2024.
Industrial Sector to Emerge as Leading End-user
In 2015, the industrial sector emerged as the leading consumer of harmonic filter with a market share of 32.0% in the same year. It has been projected that the segment will account for a share of 31.6% by 2024. The growth of the market can be attributed to the high demand for harmonic filter from industries such as manufacturing, paper and pulp, and metal processing. In the manufacturing sector, harmonics are produced on the load side in several non-linear loads such as variable speed drives, circuit breakers, motor starters, and computer and electronic devices such as UPS, electronic lightning, and welding supplies. Harmonic production causes further loss in efficiency and a result of this, the connected components are required to be oversized. Due to this, the manufacturers incur high costs. Thus, the demand for harmonic filter is extensively high in this sector. The demand for harmonic filters is also high in the pulp and paper and metal processing industry owing to the deployment of hefty machineries such as welder, arc furnace, paper machine, and wood chippers which also causes voltage variations and transients.
Geographically, Asia Pacific led the market in 2015 with a valuation of US$264.3 mn in the same year and is likely to touch US$471.6 mn by the end of 2024. Asia Pacific is the leading revenue contributor to the global harmonic filter market. According to a TMR analyst, “The progress of the market in Asia Pacific can be attributed to the poor quality of power generation, distribution, and transmission in the region, thus violating the energy savings norms set by the federal and state regulatory bodies.” This has further put pressure on the utilities in order to improve the quality of power, thus boosting the demand for harmonic filters.
Rising Adoption of Variable Frequency Drives (VFDs) to Amplify Employment of Harmonic Filters
A significant rise in automation across several commercial and industrial application coupled with rising demand for electrical efficiency. This has thus propelled the demand for variable frequency drives for their energy efficient feature. These drives can operate motors in variable speeds instead of a constant full time speed. The primary factors driving the growth of VFDs is the soaring prices of energy, strict efficiency regulation in national as well as domestic level, growing awareness regarding the benefits of drives in industries, robust urbanization, improvement of infrastructure, and the increasing average run time of a machinery. The growth of the power industry and the mounting need to improve the quality of power is expected to further bode well for the growth of the global harmonic filter market.
This review is based on a Transparency Market Research report titled, “Harmonic Filter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Global Harmonic Filter Market, by Type
- Active Harmonic Filters
- Passive Harmonic Filters
- Tuned Passive Harmonic Filters
- De-Tuned 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 & Gas
Global Harmonic Filter Market, by Geography
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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