“The harmonic filter market is projected to grow at a CAGR of 6.65% between 2017 and 2023”
According to the new market research report, the harmonic filter market is projected to grow from USD 0.70 billion in 2016 to USD 1.12 billion by 2023, at a CAGR of 6.65% between 2017 and 2023. The key reason fueling the growth of the market is the need to eliminate the harmonic distortion caused by nonlinear loads. Harmonics in power systems result in increased heating of equipment and conductors, misfiring in variable speed drives, and torque pulsations in motors. Thus, reduction of harmonics using filters is crucial across industrial and commercial sectors.
“Based on type, the passive segment is expected to lead the harmonic filter market between 2017 and 2023”
The cost of Passive Harmonic Filter (PHF) is lower than Active Harmonic Filter (AHF), as the former is built using passive network elements, such as resistors, capacitors, and inductors. In the present scenario, PHF is most commonly used to control the flow of harmonic currents. PHFs offer a plug-and-play approach with more compact dimensions, which is one of their major advantages over AHFs.
“The harmonic filter market in APAC is expected to grow at the highest CAGR during the forecast period”
The harmonic filter market has been studied for North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest rate between 2017 and 2023. This can be attributed to the growth of different industries in the region and the adoption of complex equipment that tend to generate harmonics.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts. The breakup of profiles of primary participants is given below:
- By Company Type: Tier 1?25%, Tier 2?40%, and Tier 3?35%
- By Designation: C Level?50%, Director Level?40%, and Others?10%
- By Region: North America?35%, Europe?22%, APAC?28%, and RoW?15%
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.
This report segments the harmonic filter market on the basis of voltage level into low voltage harmonic, medium voltage level, and high voltage level. Based on phase, the harmonic filter market has been segmented into 1-phase and 3-phase. On the basis of type, the harmonic filter market has been segmented into active and passive. Based on end user, the harmonic filter market has been divided into industrial, commercial, and residential. Furthermore, the harmonic filter market has been studied for North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
- This report includes market statistics pertaining to type, phase, voltage level, end user, and region, along with their respective revenues.
- It also includes value chain analysis to provide an insight into the harmonic filter market.
- The major drivers, restraints, challenges, and opportunities for the harmonic filter market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the harmonic filter market based on type, phase, voltage level, end user, and region have been conducted to provide an overall view of the harmonic filter market.
- A detailed competitive landscape has been provided, which includes DIVE analysis, business strategy, product offerings, and key players and their revenues.
- The available customizations for the report offer further country-wise segmentation of the harmonic filter market, in terms of value; further breakdown of the industry could be provided, along with the profiling of additional companies in the report.