Harmonic Filter Market: Introduction
Transparency Market Research delivers key insights on the global harmonic filter market. In terms of revenue, the global harmonic filter market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global harmonic filter market.
Harmonics are generated in an electric power system, due to presence of non-linear loads, such as drives, in the system. The growing need for ensuring quality of power and increasing use of non-linear loads producing harmonics, such as variable-frequency drives, are factors driving the global harmonic filter market. In addition to this, developing countries are focusing on developing their power infrastructure. This is expected to offer ample growth opportunities to the harmonic filter market in these countries during the forecast period.
Harmonic Filter Market: Dynamics
The global power industry is changing significantly, with the increasing demand for reliable and efficient power supply, implementation of sustainability policies, and government regulations and penalties imposed by utilities. Rise in automation across different commercial and industrial applications has raised the demand for variable-frequency drives. Variable-frequency drives are energy efficient, as the motor can be operated at variable speeds throughout their use, unlike other drives.
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Harmonic Filter Market: Prominent Regions
Asia Pacific is the leading region of the global harmonic filter market. Growth of the market in the region can be attributed to high investments in power infrastructure and industrialization in Asia Pacific. Moreover, the market in Middle East & Africa is expected to witness significant growth during the forecast period, due to increasing demand for harmonic filters, growing urbanization, rising generation of renewable power, and investments in mass transportation in the region. In other regions, the demand for harmonic filters is dependent on the growth of sectors such as industrial, IT & telecommunication, power generation & transmission, and residential & commercial.
Harmonic Filter Market: Key Players
Key players operating in the global harmonic filter market are ABB Ltd., Emerson Electric Co., Schneider Electric SE, Danfoss A/S, Siemens AG, Comsys AB, Schaffner Holding AG, Crompton Greaves Ltd., and Eaton Corp. Plc