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Global Harmonic Filter Market Is Boosted By Increased Adoption Of Variable Frequency Drives

Global Harmonic Filter Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,212 million by 2024 from $692 million in 2016, growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia-pacific and Rest of the world are expected to grow at a CAGR of 7% and 6.8%, respectively, during the forecast period.

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Global harmonic filter market is majorly driven by increasing adoption of variable frequency drives and growth of power sector. Furthermore, increase in demand for power quality in various industries such as, medical, IT, railways, aircraft, automobile and others has also boosted the growth of the market. Though, high cost of harmonic filter and availability of substitutes in the market may hamper the market growth in the coming years. Escalating demand from IT and data centers, would provide growth opportunities for the market in the future years.

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The global harmonic filter market has been bifurcated into type, voltage level, and end user. Type segment contains active harmonic filters and passive harmonic filters. Further, the passive harmonic filter segment is sub segmented into tuned passive harmonic filters and de-tuned passive harmonic filters. The market is further divided by voltage level as the market low voltage harmonic filters, medium voltage harmonic filters and high voltage harmonic filters. End user segment is classified as IT & data centers, industrial, automotive, oil & gas, and others. Passive harmonic filters in type segment held more than two third of the total market revenue in 2016, driven by its low cost in comparison to active filters. In end user segment, the industrial segment accounted for around one-third of the total market share in 2016, owing to increased demand from pulp & paper industry, manufacturing industry and metal processing industry. By voltage level, Low voltage harmonic filter segment was the largest revenue generating segment in 2016, by voltage level.

The market is geographically segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific held the largest market share of 37.8% in 2016, owing to economical development in countries such as China, Japan, and India which have increased the demand from different industries such as IT, automotive, and oil & gas industries. Europe held the second largest market share of 27.2%, driven by stringent regulations regarding energy consumption in countries such as Germany, France and UK. In terms of growth, Asia-Pacific is predicted to grow at a fastest CAGR of 7% during the forecast period 2016-2024, driven by increased demand for harmonic filters from developing economies such as China, to ensure better power quality.

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The key players operating in the global harmonic filter market comprises Schneider Electric SE, ABB Ltd., Emerson Electric Co., Crompton Greaves Ltd., Schaffner Holding AG, Baron Power Ltd., MTE Corp., Eaton Corp. Plc, Comsys AB, and TDK Corp., among others.

Scope of Harmonic Filter Market
Filter Type Segments
• Active Harmonic Filters
• Passive Harmonic Filters
o Tuned Passive Harmonic Filers
o De-Tuned Passive Harmonic Filters
Voltage Level Type Segments
• Low Voltage Harmonic Filters
• Medium Voltage Harmonic Filters
• High Voltage Harmonic Filters
End User Segments
• Industrial
• IT & Data Centres
• Automotive
• Oil & Gas
• Others
Geographical Segments
• North America
o US
o Others
• Europe
o Germany
o UK
o Others
• Asia-Pacific
o China
o India
o Japan
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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News Release: Global Harmonic Filter Market Is Boosted By Increased Adoption Of Variable Frequency Drives
Submitted on: September 13, 2017 01:02:45 PM
Submitted by: manoj
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