The harmonic filter market is projected to reach USD 1.12 Billion by 2023, at a CAGR of 6.65% from 2017 to 2023. The base year used for study is 2016, and the forecast period is from 2017 to 2023.
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According to the new market research report "Harmonic Filter Market by Type (Active, and Passive), Voltage Level (Low Voltage Harmonic, Medium Voltage Harmonic, and High Voltage Harmonic), Phase, End User, and Region - Global Forecast to 2023", The harmonic filter market is estimated to reach USD 1.12 Billion by 2023, growing at a CAGR of 6.65% between 2017 and 2023.
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There is a high demand for harmonic filters to ensure high power quality by eliminating transients from signals. This can help to save cost and prevent failure in power instruments.
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Thus, the rising need for high power quality and reliability is the key factor driving the harmonic filter market.
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“The market for active type harmonic filters is expected to grow at the highest CAGR during the forecast period”
Active filters not only eliminate harmonics in a power signal but also offer other capabilities, such as the elimination of voltage and current harmonics, improving the power factor of rectifiers, AC and DC drives, and UPS, reactive power compensation, regulation of terminal voltage, and compensation for voltage flickering.
“Based on voltage level, the low voltage harmonic segment is expected to grow at the highest CAGR between 2017 and 2023”
Low voltage harmonic filters find application in various manufacturing and process industries, power plants, and harbor cranes. Therefore, based on voltage level, the low voltage harmonic segment led the harmonic filter market in 2016.
Furthermore, this segment is expected to grow at the highest CAGR during the forecast period.
“APAC estimated to account for the largest share of the harmonic filter market in 2023”
The APAC region is estimated to account for the largest share of the harmonic filter market in 2023. This can be attributed to a large number of manufacturing and processing industries in the APAC region, especially in countries, such as China, India, Singapore, and South Korea.
Manufacturing and processing industries require harmonic filters to maintain smooth operations of machines in these sectors.
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The major players in this market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation Plc (Ireland), Danfoss A/S (Denmark), and Schaffner Holding AG (Switzerland), among others.
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