Harmonic Filter Market: Increasing Uptake of Variable Frequency Drives to Stimulate Revenue Growth

According to a new report by Transparency Market Research (TMR), the global harmonic filters market is a highly concentrated arena in nature, with nearly 63% being represented by the top six companies. Since the market is in its growth stage, the majority of manufacturers are looking to expand their business and achieve a competitive position in the market by maintaining strong partnerships with components suppliers ensuring continual supply. The six leading companies in the global harmonic filters market are ABB Ltd., Schneider Electric, Emerson Network Power, Schaffner Holding AG, Danfoss AS, and EPCOS AG.

“Strong sales distribution network, better compliance with technical standards and regulations, and large customer base of established players pose barriers to the swift entry of new players. However, with the promising growth of the market and the immense scope of technological development, a large number of players are expected to enter the market in the forthcoming years,” says the author of the report.

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The global harmonic filters market was valued at US$697.2 mn and is expected to expand at a CAGR of 6.5% from 2016 to 2024, reaching a value of US$1,212.3 mn by 2024. By type, the passive harmonic filters segment will continue to dominate the market until 2024, accounting for about 74% of overall market revenue. However, due to the growing awareness about the returns and benefits offered by active filters in terms of harmonic mitigation and voltage stability, the active segment is anticipated to rise at a CAGR higher than the passive segment during the forecast period.

Asia Pacific to Lead Owing to Increasing Demand for Quality Power

Geographically, Asia Pacific was the leading revenue contributor in 2015. The increasing demand for power is putting pressure on this region to ensure improved power quality, resulting in rising demand for harmonic sales. Owing to this factor, this region is anticipated to retain its leadership until 2024. However, with the increasing non-linear loads arising from variable frequency drives and improving power transmission and distribution facilities, the Latin America market for harmonic filters is estimated to exhibit a noteworthy CAGR of 9.2% during the same period.

Rising Deployment of Harmonic Filters to Minimize Energy Loss to Fuel Growth Prospects

The rising penetration of automation across different commercial and industrial applications, increasing capital investment to improve infrastructure development, and growing emphasis on electrical efficiency are driving the demand for power quality drives and variable frequency drives (VFDs). Despite their efficiency and accuracy, the fluctuating voltage levels in these drives can result in the generation of harmonics. “Harmonics affect the machines’ efficiency by causing voltage stress or dielectric thermal stress, which results in premature aging of electrical insulations in electrical equipment,” says a TMR analyst. Therefore, increasing demand for power quality drives and VFDs is supporting the demand for harmonic filters, thereby propelling the growth of the market.

To address scarcity in power production, energy conservation forms a critical factor that can cater to the electricity needs. By maintaining power quality through harmonic mitigation, power losses can be significantly reduced and appreciable energy savings can be achieved. Thus, the ever-increasing demand for power is fuelling the growth of the global harmonic filters market.

On the flip side, the lack of consumer awareness pertaining to ill effects of harmonic disturbances is hampering the adoption of these filters across a number of end-use industries. Moreover, the high cost of harmonic filters is also reflecting negatively on the sales of these filters. However, the escalating demand from the IT sector is likely to create tremendous growth opportunities for harmonic filter manufacturers in the near future.

The information presented in 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.”

Read Report @ http://www.transparencymarketresearch.com/world-harmonic-filter-market.html

The global harmonic filters market can be segmented as follows:

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

Industrial
IT And Data Centers
Automotive
Oil & Gas
Others

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This release was published on openPR.