Harmonic Filter Market Estimated to Exhibit 6.7% CAGR through 2024: Research Report Insights

Harmonic Filter Market Estimated to Exhibit 6.7% CAGR through 2024: Research Report Insights

Harmonics are basically current and voltages that are multiples of 60 Hz fundamental frequency. Fluctuations and large quantities of harmonics can lead to malfunctioning of the system results in high operating costs and loss of energy and manpower. To eliminate these problems harmonic filters are used and it consists of inductors, capacitors and resistors. Resistors are used to deflect harmonic currents to the ground.

The favorable factors responsible for the growth of the Harmonics filters are the increased demand of harmonic filters in industrial and commercial sectors and stringent regulatory standards regarding energy consumption. However, the lack of consumer awareness regarding the harmonic suppression and high cost of harmonic filters are the hindering factors for the concerned market. In addition, imminent enforcement of stringent government regulations paves new avenues for the players operating in the market.

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The global harmonic filter market is expected to rise at a CAGR of 6.7% during the period from 2016 to 2024 and reach an opportunity worth US$1.5 billion by the end of 2024.

Market Segmentation, By Filer Type

  • Active Harmonic Filters
  • Passive Harmonic Filters
    • Tuned Passive Harmonic Filters
    • De-Tuned Passive Harmonic Filters
  • Hybrid Harmonic Filters

By Voltage Level

  • Low Voltage Harmonic Filters
  • Medium Voltage Harmonic Filters
  • High Voltage Harmonic Filters

By End Use

  • Industrial
  • IT and Data Centers
  • Automotive
  • Oil and Gas

Active Harmonic Filters to Gain Impetus

Harmonic filters are available in two types: Active and passive. Passive harmonic filters enjoy a higher demand in comparison with active harmonic filters, owing to their cost efficiency and robust design. In 2016, the passive harmonic filter segment accounted for more than a share of 70% of the overall demand. The active harmonic filters will gain significant impetus over the next few years, owing to the rising awareness regarding the benefits offered by these filters and the segment is anticipated to grow at a CAGR of 7.8% from 2016 to 2024.

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Asia Pacific to Remain at Center of Global Harmonic Filters Market

In 2016, Asia Pacific holds 39% of the global corrugated boxes market and emerged as the largest contributor among the segmented regions. The demand of corrugated boxes in the Asia Pacific region was due to extensive power losses during distribution and transmission and poor quality of the installed filters. These shortcomings resulted in the increased usage of harmonic filters. The market is rising at a CAGR of 6.5% from 2016 to 2024.

Europe is emerged as second in the global harmonic filter in 2016; however, the region is expected to experience sluggish demand for these filters in the coming future. The availability of robust power infrastructure and stringent regulations were pro-founding factors for the growth.

Competitive Scenario

The companies involved in the production of harmonic filters worldwide include, ABB Ltd., Emerson Electric Co., and Schneider Electric SE. These behemoths consume almost 45% of the global harmonic filters market.  Other prominent players include TDK Corp., Crompton Greaves Ltd., Danfoss A/S, Siemens AG, Schaffner Holding AG, Baron Power Ltd., Crompton Greaves Ltd., MTE Corporation, and Comsys AB.

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