According to the latest report published by Variant
Market Research, the global Global
Harmonic Filter Market size was valued at $733
million in 2016 and is estimated to reach $1,212
million by 2024. In this report, the global Harmonic Filter Market forecast
says that the global market is growing at a CAGR of 6.5% from 2016 to 2024. Asia-pacific
and Rest of the world are anticipated to grow at a CAGR of 7.1% and 6.7%,
respectively, in the forecast period.
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Rise in demand for power quality in various
industries fuels the global Harmonic Filter Market
The major global harmonic filter market trend is increasing demand for
power quality in numerous industries such as, medical, railways, IT, automobile,
aircraft and others. Additionally, increased acceptance of adjustable frequency
of power sector are also supporting the market growth. However, high price of
harmonic filter attached with availability of substitutes is the restrain that
would hamper the market growth. Further, rising demand from data centers and IT,
would provide lucrative opportunities to the market.
Market Segmentation
The major segments considered in the global harmonic filter market are type,
voltage level, and end user. Type segment is classified 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. Voltage level segment comprises low, medium and high voltage harmonic
filters. Further, the end-user segment is bifurcated into industrial, IT &
data centers, oil & gas, automotive and others. By geography, the global harmonic filter
market has been bifurcated into Europe, North America, Asia-Pacific and Rest of
the World (RoW). North America is further bifurcated in U.S., Canada, and
Mexico whereas Europe covers Germany, UK, and Rest of Europe. Asia-Pacific is
categorized into Japan, China, India, and Rest of Asia-Pacific, while Rest of
the World is bifurcated into Middle East, South America, and Africa.
Passive harmonic filters contributed for the
largest market share in the product type segment
By type, passive harmonic filters projected for more than two third of
the total market revenue in 2016, driven by its low cost in comparison to
active filters.
Industrial, by end user segment led the
maximum market share in 2016
By end user, the industrial segment occupied for around one-third of the
global harmonic filter market share in 2016, due to increasing demand from
manufacturing industry, metal processing industry and pulp & paper
industry.
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Low voltage harmonic filter dominated the primary
share in the Voltage level segment in 2016
On the basis of harmonic filter analysis in the voltage level segment, low
voltage harmonic filter segment was the largest revenue generating segment in
2016.
Asia-Pacific dominated the leading share in
the global harmonic filter market
Asia-Pacific accounted for the maximum market share of 37.8% in 2016,
due to economic development in countries such as China, Japan, and India which
have increased the demand from numerous industries such as IT, oil & gas and
automotive industries. Europe accounted for the second largest market share of
27.2%, fueled by strict regulations regarding energy consumption in countries
such as France, UK and Germany. In terms of growth, Asia-Pacific is to reach
the fastest CAGR of 7% during the forecast period 2016-2022, boosted by
increased demand for harmonic filters from emerging economies such as China, to
ensure better power quality.
Competitive Landscape
Major players in the global harmonic filter market include, ABB, NKT
Cables, Dubai Cable Company Private Limited, Prysmian Group, TELE-FONIKA Kable
S.A, Siemens AG, General Cable Technologies Corporation, Sumitomo Electric
Industries, Ltd., Nexans S.A., Southwire Company, LLC, among others.
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Scope of Harmonic Filter
Market
Filter Type Segments
Voltage Level Type Segments
End User Segments
Geographical Segments
Related Topics
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