The global harmonic filter market is expected to rise at a CAGR of 6.50% during the period from 2016 to 2024 and reach an opportunity worth US$1.2 bn by the end of 2024.
Albany, NY -- (SBWIRE) -- 08/26/2016 -- The stiff competition between ABB Ltd., Emerson Electric Co., and Schneider Electric SE characterizes the competitive landscape of the global harmonic filter market, finds Transparency Market Research (TMR). Collectively, these three players account for a share of 41% in this highly concentrated market. As the industrial sector consumes the highest number of these filters at present, ABB Ltd., which supplies harmonic filters to utilities, metal processing, and manufacturing industries, has gained prominence, accounting for 17.7% of the market.
The IT industry and data centers are rapidly emerging as one of the major application areas of harmonic filters, globally, with increasing usage of these filters in UPS and HVAC systems. Emerson Network Power is focusing on expanding its expertise in this sector and establishing itself as the leading supplier.
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According to TMR, the future of harmonic filters will be shaped by the trends in power quality management. Leading companies are focusing aggressively on the expansion of their product lines in this field. Schneider Electric has already initiated the development of a wide array of high-quality harmonic filters and power correction devices. In line with this strategy, the firm has developed AccuSine, a high-performance active harmonic filter.
"The rapid upsurge in the demand for power on utilities has increased the concerns over the power quality and its transmission. Harmonic filters are witnessing extensive demand across the world due to this. The sales dynamics of these filters are being greatly influenced by the increasing deployment of variable frequency drives (VFDS)," says an analyst at TMR.
Lack of Consumer Awareness Regarding Harmonic Suppression Impacts Demand
On the other hand, the lack of awareness among consumers regarding harmonic suppression is limiting the application of these filters across a number of industries. Apart from this, the high cost of harmonic filters is also acting as a barrier to their adoption among end-users.
The future growth of the global harmonic filters market will be impacted considerably due to these factors. However, the imminent enforcement of stringent government regulations regarding the consumption of energy in heavy industries is likely to multiply the demand for harmonic filters in IT and data centers.
According to TMR, the global market for harmonic filters is likely to grow into an opportunity worth US$1.2 bn by 2024, rising at a CAGR of 6.50% between 2016 and 2024. In 2015, it had attained a valuation of US$697.2 mn worldwide. Currently, passive harmonic filters attract higher demand than active harmonic filters. However, the latter is expected to gain impetus over the next few years, states TMR.
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Based on voltage, while low voltage harmonic filters are likely to hold the majority of the market share, medium voltage harmonic filters will register the fastest growth rate over the forecast period.
Asia Pacific emerged the largest regional market for harmonic filters with a share of nearly 38% in 2015. It is likely to grow almost 1.8 times over the forecast period to reach an opportunity worth US$471.6 mn by the end of this term.
This study is based on the findings of a TMR report titled "Harmonic Filter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024."
Global Harmonic Filter Market, by Type
Active Harmonic Filters
Passive Harmonic Filters
Tuned Passive Harmonic Filters
De-Tuned Passive Harmonic Filters
Global Harmonic Filter Market, by Voltage Level
Low Voltage Harmonic Filters
Medium Voltage Harmonic Filters
High Voltage Harmonic Filters
Global Harmonic Filter Market, by End-Use
IT And Data Centers
Oil & Gas
Global Harmonic Filter Market, by Geography
Middle East & Africa (MEA)