Harmonic Filter Market – Driven by Rising Demand for Power Quality
In an electrical system/equipment, harmonics occur because of the fluctuations in the voltage or current. The propagation of harmonic frequencies in the electrical equipment is recurrent due to power quality problems. The harmonic filters market is in the middle growth stage. The growth can be attributed to the rising demand for power quality and increasing use of harmonic filters in variable frequency drives. On the basis of applications, emphasis on ensuring optimum power quality in industries such as metal processing, information technology & data centers, and automotives is expected to swell the demand for harmonic filters across the globe. The impact of these drivers is expected to vary on the basis of the prevalent market conditions during the forecasted period, i.e., 2016 to 2024. Some of the factors that are inhibiting the growth of harmonic filters include lack of end user awareness, high cost of filters and lack of product differentiation in the market.
Facts about Harmonic Filter Market –
Based on type, the global market has been segmented into active harmonic filters and passive harmonic filters. Passive harmonic filters are further bifurcated into tuned passive filters and de-tuned passive filters. Passive filters dominated the market in 2015 and the demand for it is expected to remain significant owing to their cost effectiveness. However, active filters are expected to experience faster growth in the coming years. This is due to superior harmonic elimination and growing awareness related to the benefits of using active filters over passive filters for harmonic correction.
By voltage level, the global harmonic filter market has been classified into three segments, namely: low voltage harmonic filters, medium voltage harmonic filters and high voltage harmonic filters. Low voltage harmonic filters held the largest market share of the global market in 2015. The major end-users of low voltage harmonic filters include industrial and commercial sectors. Raising levels of non-linear loads such as inverters, converters, and other power electronic devices have fueled adoption of low voltage harmonic filters. Medium and high voltage harmonic filters are expected to grow faster as their use in the industrial segment is expected to increase rapidly during the forecast period.
The global harmonic filter market has been segmented on the basis of end-use into industrial, it and data centers, automotive, oil & gas, others. Industrial segment which includes manufacturing, metal processing and pulp and paper industry acquired major chunk of the market in 2015. The excessive use of variable speed drives in heavy machinery tends to produce harmonics, leading to increased use of harmonic filters. IT and oil & gas application sector hold huge market potential and these segments are expected to experience swift growth over the forecast period from 2016 to 2024.
Case Study of Harmonic Filters: http://bit.ly/28Jo8l4
By geography, the harmonic filter market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The largest share of the global market was acquired by Asia Pacific in 2015. The Asia Pacific market was closely followed by Europe and these two regions held more than 50% of the global market conjointly in 2015. Latin America is projected to be the fastest growing region in the harmonic filter market during the forecast period. Latin American market for harmonic filters is currently experiencing good growth rate owing to increased non-linear loads arising from variable frequency drives used in various industrial applications.
Some of the major players in the global harmonic filter market are: ABB Ltd. (Switzerland), Baron Power Limited (India), Comsys AB (Sweden), Danfoss A/S (Denmark), Schneider Electric (France), Eaton Corporation Plc. (Ireland), Siemens AG (Germany), Crompton Greaves Limited (India), Emerson Electric Co. (U.S.), TDK Corporation (Japan), Schaffner Holding AG (Switzerland), MTE Corporation (U.S.).