Based on voltage level, the low voltage harmonic segment is expected to grow at the highest CAGR bet
Posted: Dec 16, 2018
The harmonic filter (HF) market has witnessed enormous technological developments in the past few years. Companies in the APAC region have witnessed significant growth and hold a major share of the harmonic filter market ecosystem. The companies mainly adopt strategies of contracts, partnerships, and agreements to grow in the market. Currently, these companies are adopting the strategies of mergers & acquisitions, expansions, and new product launches, among others to grow in the harmonic filter market.
The harmonic filter market is projected to reach USD 1.12 Billion by 2023, at a CAGR of 6.65% from 2017 to 2023. The base year used for study is 2016, and the forecast period is from 2017 to 2023. This report provides a detailed analysis of the market based on type, voltage level, phase, end user, and region. Based on voltage type, the low voltage harmonic segment is estimated to account for the largest share of the market by 2023. In addition, this segment is expected to grow at the highest rate between 2017 and 2023.
"The market for active type harmonic filters is expected to grow at the highest CAGR during the forecast period"
Active filters not only eliminate harmonics in a power signal but also offer other capabilities, such as the elimination of voltage and current harmonics, improving the power factor of rectifiers, AC and DC drives, and UPS, reactive power compensation, regulation of terminal voltage, and compensation for voltage flickering.
"Based on voltage level, the low voltage harmonic segment is expected to grow at the highest CAGR between 2017 and 2023"
Low voltage harmonic filters find application in various manufacturing and process industries, power plants, and harbor cranes. Therefore, based on voltage level, the low voltage harmonic segment led the harmonic filter market in 2016. Furthermore, this segment is expected to grow at the highest CAGR during the forecast period.
"APAC estimated to account for the largest share of the harmonic filter market in 2023"
The APAC region is estimated to account for the largest share of the harmonic filter market in 2023. This can be attributed to a large number of manufacturing and processing industries in the APAC region, especially in countries, such as China, India, Singapore, and South Korea. Manufacturing and processing industries require harmonic filters to maintain smooth operations of machines in these sectors.
The major players in this market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation Plc (Ireland), Danfoss A/S (Denmark), and Schaffner Holding AG (Switzerland), among others.
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