According to the report published by Zion Market Research, global demand for Harmonic Filter market was valued at approximately USD 920.2 Million in 2019, and is expected to generate revenue of around USD 1470.7 Million by end of 2026, growing at a CAGR of around 8.1% between 2020 and 2026.
Global Harmonic Filter Market: Overview
Harmonic filters are the equipment that lessens harmonics to tolerable proportions. These instruments are generally used to reduce harmonic distortion to the levels described extensively in IEEE 519 - the IEEE Recommended Practice and Requirements for Harmonic Control in Electrical Power Systems. Harmonic filters have the ability to resolve the issues across Oil & Gas, Wastewater, HVAC, and Mining industries. Furthermore, if issues pertaining to harmonic filters are not addressed, it can result in extensive damage to parts and downtime, or can result in penalties from utility service providers.
Global Harmonic Filter Market: Growth Factors
Lucrative demand for quality power distribution systems coupled with extensive application of variable frequency drives (VDF) for effective power transmission is forecast to spur harmonic filter market growth in near future. Growing use of the products in capacitor banks that are used in heating electrical applications is set to leverage the expansion of harmonic filter market in the forthcoming years. Apart from this, escalating knowledge about the potential damage as a result of power frequency oscillations in electrical and heating equipment is forecast to steer harmonic filter market revenue in the coming decade. In addition to this, widespread application of the product in commercial as well as industrial sectors including power converters, variable speed motor drives, fluorescent lamps, and light dimmers is anticipated to contribute notably towards harmonic filter market size in the forthcoming years.
However, lack of end user awareness about the product can inhibit the growth trajectory of harmonic filter market in the years to come.
Global Harmonic Filter Market: Segmentation
The global harmonic filter market can be divided based on filter type, voltage level, and end use industry. On the basis of filter type, the harmonic filter market is sub-segmented into active harmonic filters and passive harmonic filters. Based on the voltage level, the market is sectored into low voltage harmonic filters, high voltage harmonic filters, and medium voltage harmonic filters. On the basis of end use industry, the harmonic filter market is divided into Industrial, Oil & Gas, IT and Data Centres, and Automotive sectors.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Harmonic Filter Market: Regional Analysis
Based on regions, the global harmonic filter market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America harmonic filter market led the overall market demand in 2015 and is likely to record a lucrative expansion in the years ahead. The growth can be credited to escalating customer awareness along with enforcement of strict legislation governing the use of electrical equipment in North America.
Asia Pacific harmonic filter market is projected to witness a rapid growth over the estimated timeline. The growth can be attributed to massive demand for the product in countries such as Japan, India, and China along with escalating application of harmonic filters witnessed in IT, automotive, and Oil & Gas sectors in the region. Furthermore, rising concerns over power tariffs & voltage variations are foreseen to accelerate the market scope in the years to come.
Europe harmonic filter market growth is projected to gain momentum during the estimated span, subject to strict enforcement of legislation governing power consumption along with immense need of high-quality power systems in the countries such as Germany, France and UK.
Global Harmonic Filter Market: Competitive Players
Some main participants of the Harmonic Filter market are Comsys AB ABB India Ltd., Baron Power Ltd, Siemens AG, Anhui Tongfeng Electronics Ltd., Eaton Corp., The Schaffner Group, Zhangzhou Kehua technology Co. Ltd, Danfoss A/S, TDK Corp., and Schneider Electric.
Harmonic Filter Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Lucrative demand for quality power distribution systems coupled with extensive application of variable frequency drives (VDF) for effective power transmission is forecast to spur harmonic filter market growth in near future. Growing use of the products in capacitor banks that are used in heating electrical applications is set to leverage the expansion of harmonic filter market in the forthcoming years. Apart from this, escalating knowledge about the potential damage as a result of power frequency oscillations in electrical and heating equipment is forecast to steer harmonic filter market revenue in the coming decade
According to Zion Market Research, global demand for Harmonic Filter market is expected to generate revenue of around USD 1470.7 Million by end of 2026, growing at a CAGR of around 8.1% between 2020 and 2026.
North America harmonic filter market led the overall market demand in 2015 and is likely to record a lucrative expansion in the years ahead. The growth can be credited to escalating customer awareness along with enforcement of strict legislation governing the use of electrical equipment in North America.
Some main participants of the Harmonic Filter market are Comsys AB ABB India Ltd., Baron Power Ltd, Siemens AG, Anhui Tongfeng Electronics Ltd., Eaton Corp., The Schaffner Group, Zhangzhou Kehua technology Co. Ltd, Danfoss A/S, TDK Corp., and Schneider Electric, among others.
