The global harmonic filter market, valued at USD 1.1 billion in 2021, is poised for substantial growth with a projected Compound Annual Growth Rate (CAGR) of 7.5 percent during the forecast period. Harmonic filters play a critical role in industries such as automotive, oil and gas, information technology, HVAC, mining, and wastewater, by mitigating harmonic problems and preventing system malfunctions. As the industrial sector continues to expand worldwide, the demand for harmonic filters is rising to ensure stable power systems and prevent outages.
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Key Report Findings
- Critical Role in Power Systems: Harmonic filters are essential components for mitigating the impact of harmonics in power systems. Harmonics, continuous multiples of the fundamental frequency, can cause system malfunctions and increased operational expenses. Filters help in removing harmonic distortion caused by appliances and non-linear loads, ensuring reliable and stable power supply.
- Technology Advancements Driving Adoption: The harmonic filter market is witnessing technological advancements to address harmonic pollution in power systems. Novel technologies are being developed to reduce non-linear current in customer loads within power systems, supporting efficient and stable operations.
Harmonic Filter Market: COVID-19 Impact
The COVID-19 pandemic has impacted the harmonic filter market, causing disruptions in supply chains due to travel restrictions and hindered international selling. China, a major producer of electronic devices, faced challenges in global trade. However, local players have stepped up to meet regional demands, intensifying competition. Despite these challenges, the post-pandemic period is expected to witness a rise in the harmonic filter market due to technological advancements and the focus on reducing power irregularities.
Harmonic Filter Market: Drivers
- Diverse Industry Demand: Industries such as automotive, oil and gas, information technology, HVAC, mining, and wastewater rely extensively on harmonic filters to prevent system failures and damage to utility providers and consumer devices. The industrial sectors growth worldwide underscores the need for stable power systems, boosting the demand for harmonic filters.
- Global Urbanization Boosts Adoption: The growing trend of global economic and urban development is driving the adoption of harmonic filters. High-speed rail networks and transportation systems in urbanized areas require high levels of power quality and voltage stability, creating a greater need for harmonic filters.
Harmonic Filter Market: Restraints
- Cost Sensitivity in Emerging Economies: In developing economies, price is a critical factor when adopting new technologies. The relatively high initial investment required for harmonic filters restricts their adoption to a few global sectors. Cheaper alternatives, though not as effective, slow down the adoption of harmonic filters in small-scale industries.
Harmonic Filter Market: Segment Overview
- Three-Phase Filters Dominate: The three-phase harmonic filter segment held over 75.0% of the market share in 2021. The increasing use of three-phase harmonic filters in commercial and industrial electrical power systems to rectify power factors and reduce voltage distortion is driving their dominance. The single-phase segment, used in consumer electronics and appliances, is also expected to grow steadily.
- Low Voltage Filters Lead: Low voltage filters captured the largest market share, projected to be around 75.0% by 2025. These filters find widespread applications in various industries such as manufacturing, data centers, power plants, and more. The benefits of efficiency and minimal power usage contribute to the high demand for low voltage harmonic filters.
Harmonic Filter Market: Regional Landscape
- Asia-Pacific Leads: The Asia-Pacific region dominated the market in 2021, generating over 35.0% of total revenue. The widespread use of harmonic filters in industries such as industrial, energy, and power sectors, especially in China and India, contributes to the regions market expansion. Additionally, the growing population and consumer electronics manufacturing drive residential harmonic filter demand.
Global Harmonic Filter Market: Competitive Landscape
Prominent players in the harmonic filter market include ABB Ltd., Siemens AG, Schneider Electric SE, and others, who are introducing innovative solutions to address power quality challenges. Their efforts align with the increasing demand for stable power systems in various industries.
As industries strive for stable power systems and efficient operations, harmonic filters emerge as critical tools in maintaining power quality and minimizing operational disruptions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/harmonic-filter-market
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