Detailed study: Harmonic Filter Market worth 1.12 Billion USD by 2023
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. To estimate the size of the harmonic filter market, top players in the market and their market shares have been considered in this report.
This research study involves extensive use of secondary sources, such as annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts.
Based on voltage level, the low voltage harmonic segment is expected to grow at the highest CAGR of 6.99% during the forecast period. In addition, this segment is estimated to account for the largest share by 2023. The high growth rate of the low voltage harmonic segment is due to the use of these filters in power transmission, distribution as well as in various manufacturing and process industries.
Among end-users, industrial segment accounted for the largest share of the harmonic filter market in 2016. Industrial facilities are the major producers of harmonic currents, as machines generally operate at a very high voltage. Several industries, such as manufacturing, metal processing, automotive, and oil & gas, involve some form of power conversion to run processes that use variable speed drives. Harmonic filters are used for a large number of industrial end uses, such as manufacturing, oil & gas, paper & pulp, and metal processing.
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Based on type, the active segment of the harmonic filter market is expected to grow at the highest rate between 2017 and 2023. Active filters use power electronics switching to produce harmonic currents and harmonic components, which cancel harmonics generated from nonlinear loads. These filters are comparatively new, and various new technologies are being proposed to enhance their performance.
In 2016, the APAC held the largest share of the harmonic filter market. Moreover, this market in APAC is expected to grow at the highest CAGR between 2017 and 2023. This is due to the growth of different industries in the region and the adoption of complex equipment that tends to generate harmonics. Furthermore, APAC is expected to lead the global market, as there are a large number of manufacturing and processing industries in various countries of APAC, especially China, India, Singapore, and South Korea
The major players in the harmonic filter market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation Plc (Ireland), Danfoss A/S (Denmark), and Schaffner Holding AG (Switzerland), among others. These players have adopted various strategies, such as contracts, agreements, partnerships, new product launches, and business expansions to cater to the rising demand for harmonic mitigation across industrial and commercial applications.
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