Harmonic Filter Market : Growth possibilities, factors, Trends, Key players, analysis and Region - Global Forecast to 2023


Posted September 14, 2018 by poojapatange

Harmonic Filter Market by Type (Active, and Passive), Voltage Level (Low Voltage Harmonic, Medium Voltage Harmonic, and High Voltage Harmonic), Phase, End User, and Region

 
There is a high demand for harmonic filters to ensure high power quality by eliminating transients from signals. This can help to save cost and prevent failure in power instruments. Thus, the rising need for high power quality and reliability is the key factor driving the harmonic filter market.

According to the new market research report "Harmonic Filter Market by Type (Active, and Passive), Voltage Level (Low Voltage Harmonic, Medium Voltage Harmonic, and High Voltage Harmonic), Phase, End User, and Region - Global Forecast to 2023", The harmonic filter market is estimated to reach USD 1.12 Billion by 2023, growing at a CAGR of 6.65% between 2017 and 2023.

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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. The research methodology is explained below:

Analyzing the overall size of the individual markets through percentage split with the help of primary and secondary research
Analyzing several market segments and subsegments
Analyzing supply and demand sides of the harmonic filter market ecosystem
Analyzing market trends in various regions and countries, supported by the ongoing research and development in these regions
Finalizing overall market sizes by triangulation with supply-side data, which includes product development, supply chain, and estimated sales in the harmonic filter market
“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.

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.

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.

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Issued By Puja
Country United States
Categories Electronics , Energy
Tags active harmonic filter , electrical , electronics , harmonic filter , manufacturer , market , passive harmonic filter , power
Last Updated September 14, 2018