The global demand for Harmonic Filter Market is presumed to reach the market size of nearly USD 4.05 BN by 2030 from USD 2.17 BN in 2022 with a CAGR of 8.% under the study period of 2023 - 2030.
The harmonic filter is a device used for the improvement of power quality, energy savings, and stabilization of the power supply. It is used in oil & gas, HVAC, water/wastewater and mining industries to reduces, or mitigates, harmonics to tolerable levels. Their usage eradicates problems associated with the expensive damage to components, downtime or penalties from utilities.
Market Dynamics
The growing industrialization in emerging economies along with increasing adoption of variable frequency drive (VFDs) is driving the market growth. In addition, various governments in developed nations are investing in the set-up for renewable energy infrastructure to control environmental pollution is further fuelling the market growth. However, high installation and maintenance cost of harmonic filters may hinder the market growth. Whereas, rising installation of harmonic filters in power distribution systems and various commercial applications is expected immense growth opportunity over the forecast period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of harmonic filter.
Market Segmentation
The broad harmonic filter market has been sub-grouped into product, phase, voltage and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
By Phase
By Voltage
By Application
- Industrial
- Commercial
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for harmonic filter in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Harmonic Filter Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Harmonic Filter market include ABB Ltd., Schneider Electric SE, Siemens AG, Emerson Electric Co, Danfoss A/S, Schaffner Holding AG, TDK Corporation, Eaton Corporation Plc, MTE Corporation, Comsys AB, Baron Power Ltd. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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