Press release
Harmonic Filter Market : Demand for Harmonic Filters Climbs High on Swelling Need for Power in Utilities
The IT industry and data centers are rapidly emerging as one of the major application areas of harmonic filters, globally, with increasing usage of these filters in UPS and HVAC systems. Emerson Network Power is focusing on expanding its expertise in this sector and establishing itself as the leading supplier.
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According to TMR, the future of harmonic filters will be shaped by the trends in power quality management. Leading companies are focusing aggressively on the expansion of their product lines in this field. Schneider Electric has already initiated the development of a wide array of high-quality harmonic filters and power correction devices. In line with this strategy, the firm has developed AccuSine, a high-performance active harmonic filter.
“The rapid upsurge in the demand for power on utilities has increased the concerns over the power quality and its transmission. Harmonic filters are witnessing extensive demand across the world due to this. The sales dynamics of these filters are being greatly influenced by the increasing deployment of variable frequency drives (VFDS),” says an analyst at TMR.
Lack of Consumer Awareness Regarding Harmonic Suppression Impacts Demand
On the other hand, the lack of awareness among consumers regarding harmonic suppression is limiting the application of these filters across a number of industries. Apart from this, the high cost of harmonic filters is also acting as a barrier to their adoption among end-users.
The future growth of the global harmonic filters market will be impacted considerably due to these factors. However, the imminent enforcement of stringent government regulations regarding the consumption of energy in heavy industries is likely to multiply the demand for harmonic filters in IT and data centers.
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According to TMR, the global market for harmonic filters is likely to grow into an opportunity worth US$1.2 bn by 2024, rising at a CAGR of 6.50% between 2016 and 2024. In 2015, it had attained a valuation of US$697.2 mn worldwide. Currently, passive harmonic filters attract higher demand than active harmonic filters. However, the latter is expected to gain impetus over the next few years, states TMR.
Based on voltage, while low voltage harmonic filters are likely to hold the majority of the market share, medium voltage harmonic filters will register the fastest growth rate over the forecast period.
Asia Pacific emerged the largest regional market for harmonic filters with a share of nearly 38% in 2015. It is likely to grow almost 1.8 times over the forecast period to reach an opportunity worth US$471.6 mn by the end of this term.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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