Global Harmonic Filter Market is Estimated to Reach $1.4 Billion by 2025, Says Accurize Market Research
Global Harmonic Filter Market report published by Accurize Market Research forecast that the global market is expected to reach $1.4 billion by 2025; growing at a CAGR of 6.5% from 2017 to 2025. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 7.1% and 6.7%, respectively, during the forecast period.
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Augmented growth of power sector to drive the global market
Rising adoption of variable frequency drives and growth of power sector are the major factors driving the global harmonic filter market. Rising demand for power quality in various industries such as, IT, medical and others has also pushed the growth of harmonic filter market globally. However, high expense of harmonic filter coupled with availability of substitutes in the market would confine the growth in the upcoming years. Although, escalating demands from IT and data centers, would provide several growth opportunities for the market.
The global harmonic filter market is segmented on the basis of type, voltage level, and end user. The type segment is divided into active harmonic filters and passive harmonic filters. The passive harmonic filter segment is further divided into tuned passive harmonic filters and de-tuned passive harmonic filters. By the voltage level, market is further divided into low voltage harmonic filters, medium voltage harmonic filters and high voltage harmonic filters. By end user segment, the market is classified into industrial, IT & data centers, automotive, oil & gas, and others.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S. and Canada are countries under North America wherein Europe covers U.K., Germany, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Passive harmonic filters accounted for the largest market share in the type segment", says Accurize
By type, passive harmonic filters accounted for more than two third of the total market revenue in 2017. The industrial segment of end user accounted for around one-third of the total market share, owing to increased demand from manufacturing industry, pulp & paper industry and metal processing industry. Low voltage harmonic filter segment was the largest revenue generating segment in voltage level.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted for the largest market share of 37.8% in 2017, due to economic development of the emerging countries which have increased the demand from various industries such as automotive, IT and oil & gas industries. Europe accounted for the second largest market share of 27.2%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 7% during the forecast period 2017-2025.
Top players in the market
Major companies operating in the market are ABB Ltd., Emerson Electric Co., Schneider Electric SE, Crompton Greaves Ltd., Schaffner Holding AG, Baron Power Ltd., MTE Corp., Eaton Corp. Plc, TDK Corp., and Comsys AB, among others.
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