The global harmonic filter market has been segmented on the basis of type, voltage level, and end user. By type, the market is segmented into active harmonic filters and passive harmonic filters. The passive harmonic filter segment is sub segmented into tuned passive harmonic filters and de-tuned passive harmonic filters.
Global Harmonic Filter Market was valued at $692 million in 2016 and expected to reach $1,212 million by 2024, growing at a CAGR of 6.5% from 2016 to 2024. In geographical segments, Asia-pacific and Rest of the world are expected to grow at a CAGR of 7% and 6.8%, respectively, over the forecast period 2016 - 2024.
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The global harmonic filter market is majorly driven by growing demand in commercial and industrial sector, growing adoption of fluctuating frequency drives and development of power sector. Though, high price of harmonic filter coupled with availability of substitutes may hinder the growth of the market.
The global harmonic filter market has been categorized into voltage level, type, end user, and geography. Type segment includes passive harmonic filters (tuned passive harmonic filters and de-tuned passive harmonic filters) and active harmonic filters.
Voltage level consists medium voltage harmonic filters, low voltage harmonic filters, and high voltage harmonic filters. End-user comprises automotive, industrial, oil & gas, IT & data centers, and other end-users.
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Among type segments, passive harmonic filters accounted for more than two third of the total market revenue in 2016, due to its low cost in comparison to active filters. Among end-user segments, the industrial segment accounted for around one-third of the total market share in 2016, owing to growing demand from pulp & paper industry, manufacturing industry, and metal processing industry.
In 2016, low voltage harmonic filter segment was the largest revenue generating segment, by voltage level.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific accounted for the largest market share of 37.8% in 2016, due to economic development in countries such as China, Japan, and India which have rising the demand from numerous industries such as oil & gas, automotive, IT industries.
Europe held the second largest market share of 27.2%, owing to restriction regarding energy consumption in countries such as Germany, France and UK. In terms of growth, Asia-Pacific is expected to grow at a fastest CAGR of 7% during the forecast period 2016-2024, driven by increasing demand for harmonic filters from developing economies such as China, to ensure improved power quality.
The major companies in the global harmonic filter market comprise Emerson Electric Co., ABB Ltd., Schneider Electric SE, Eaton Corp. Plc, Schaffner Holding AG, Crompton Greaves Ltd., MTE Corp., Baron Power Ltd., Comsys AB, and TDK Corp., among others.
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Scope of Harmonic Filter Market
Filter Type Segments
- Active Harmonic Filters
- Passive Harmonic Filters
- Tuned Passive Harmonic Filers
- De-Tuned Passive Harmonic Filters
Voltage Level Type Segments
- Low Voltage Harmonic Filters
- Medium Voltage Harmonic Filters
- High Voltage Harmonic Filters
End User Segments
- IT & Data Centres
- Oil & Gas
- North America
- South America
- Middle East
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