Harmonic Filters Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Active Harmonic Filters, Passive Harmonic Filters, Hybrid Harmonic Filters), By Industry Vertical (Manufacturing, Communication And Technology, Automotive, Construction, Others), And By Geography - Forecasts From 2021 To 2026
- Published : Oct 2021
- Report Code : KSI061610448
- Pages : 114
The harmonic filters market is expected to grow at a compound annual growth rate of 4.99% over the forecast period to reach a market size of US$1,046.053 million in 2026 from US$743.691 million in 2019.
Harmonic filters are used to mitigate harmonics. Harmonics are voltages and currents. They recurringly multiply the fundamental frequency of 60Hz. An excessive quantity of harmonics can result in malfunction in the system, increasing the operational cost significantly. Hence harmonic filters have a wide application across various industry verticals employing heavy machinery. Oil and gas, metal and mining, paper and pulp, and water and wastewater treatment plants are key end-user industries oh harmonic filters since they require heavy current and voltage machinery for operation. Furthermore, the use of these filters enables the industries to reduce production time and cost.
By components, the harmonic filters consist of capacitors, inductors, and resistors. By geographical boundary, the global harmonic filter market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. The North American harmonic filter market is expected to hold a dominating share owing to wider adoption and state of art infrastructure. The Asia Pacific and Middle East harmonic filter markets are projected to grow at the fastest rate owing to robust growth in numerous end users industries including mining and oil and gas industries. The European water and wastewater treatment industry is expected to create notable demand for harmonic filters in the region during the forecast period.
With the increase in industry 4.0, a significant surge in demand for variable frequency drives has been observed. However, VFDs result in a higher disturbance in harmonic distribution, leading to power loss. Hence growing VFDs market is expected to drive the market for harmonic filters.
Furthermore, increasing awareness regarding the harmful effects of harmonic disturbance and strict government and industry regulations for safety acts as another factor that supports the market development of harmonic filters.
However, the availability of substitutes that are cost-effective tends to pose a threat to market growth. growing SMEs and increasing inclination of these SMEs towards cost-effective alternatives pose a major challenge for the market.
- Surging penetration of variable frequency drives (VFDs) across various industry verticals is expected to drive the market for harmonic filters.
One of the prime factors which s expected to drive the market growth of harmonic filters during the forecast period is the increasing adoption of variable frequency drives (VFDs) in the manufacturing industry. VFDs have witnessed a significant surge in installation across electrical power systems with an aim to reduce the overall power consumption. However, it has been observed that rising usage of VFDs has resulted in a higher disturbance in harmonic distribution, leading to power loss. High disruption also damages interconnected electric components such as resistors, batteries, and switches. Hence increasing complexities and higher adoption of VFDs are expected to increase market demand for harmonic filters.
- Rising adoption of VFD technology with the uproar of industry 4.0
With significant growth in industry 4.0 and a rise in adoption of VFDs in the electric network system, the harmonic filters market has notable growth opportunities during the forecast years. VFDs have witnessed an increase in deployment within the industry 4.0 circle, especially in the application which is high-power demanding. Significant growth in urbanization coupled with robust growth in the industrial sector is expected to drive significant market demand. Furthermore, with the uproar of electric reliability energy-saving market trends, the VFDs are projected to show robust growth which will drive the market for harmonic filters during the forecasted period. Furthermore, industrialization in major developing countries such as China, South Korea, Singapore, Thailand, and India accompanies by the increasing penetration of variable frequency drives (VFDs) across various industry verticals has driven the market.
One of the prime factors that are expected to constrain the market is the adoption of harmonic filter technology among the small-scale industries is sluggish, owing to the availability of cost-effective substitutes. Owing to low finances and budget constraints, small-scale businesses tend to substitute harmonic mitigation for other cost-effective technologies. Substitutes include low-cost filters, reactors, and transformers. While these alternatives provide partial harmonic filtering, however, low cost makes them more attractive.
COVID-19 Impact On Harmonic Filters Market
The COVID-19 pandemic negatively impacted the harmonic filter market. Nationwide lockdown and trade restrictions implemented to contain the spread of the virus resulted in supply chain disruption and reduction in market supply. furthermore, disruption in the end-users industries also impacted the market.
Harmonic Filters Market Scope:
|Market size value in 2019||US$743.691 million|
|Market size value in 2026||US$1,046.053 million|
|Growth Rate||CAGR of 4.99% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Siemens Ltd., Schaffner Holding AG, Baron, TDK Corporation, Eaton, MTE Corporation, ABB, Schneider Electric, General Electric, Larsen & Toubro Limited (L&T)|
|Customization scope||Free report customization with purchase|
- By Type
- Active Harmonic Filters
- Passive Harmonic Filters
- Hybrid Harmonic Filters
- By Industry Vertical
- Communication and Technology
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the harmonic filters market size by 2026?
A1. The harmonic filters market is expected to reach a market size of US$1,046.053 million in 2026.
Q2. What is the size of global harmonic filters market?
A2. Harmonic Filters Market was valued at US$743.691 million in 2019.
Q3. What are the growth prospects for the harmonic filters market?
A3. The global harmonic filters market is expected to grow at a CAGR of 4.99% over the forecast period.
Q4. What factors are anticipated to drive the harmonic filters market growth?
A4. Increasing demand for variable frequency is a crucial factor accelerating the harmonic filters market growth.
Q5. How is the global harmonic filters market segmented?
A5. The harmonic filters market has been segmented by type, industry vertical, and geography.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Harmonic Filters Market Analysis, By Type
5.2. Active Harmonic Filters
5.3. Passive Harmonic Filters
5.4. Hybrid Harmonic Filters
6. Harmonic Filters Market Analysis, By Industry Vertical
6.3. Communication and Technology
7. Harmonic Filters Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.5. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles.
9.1. Siemens Ltd.
9.2. Schaffner Holding AG
9.4. TDK Corporation
9.6. MTE Corporation
9.8. Schneider Electric
9.9. General Electric
9.10. Larsen & Toubro Limited (L&T)
Schaffner Holding AG
Larsen & Toubro Limited (L&T)
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