The harmonic filter market is projected to reach USD
1.12 Billion by 2023, at a CAGR of 6.65% from 2017 to 2023. The base
year used for study is 2016, and the forecast period is from 2017 to
2023. This report provides a detailed analysis of the market based on
type, voltage level, phase, end user, and region. Based on voltage type,
the low voltage harmonic segment is estimated to account for the
largest share of the market by 2023. In addition, this segment is
expected to grow at the highest rate between 2017 and 2023.
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Based on voltage level, the low voltage harmonic
segment is expected to grow at the highest CAGR of 6.99% during the
forecast period. In addition, this segment is estimated to account for
the largest share by 2023. The high growth rate of the low voltage
harmonic segment is due to the use of these filters in power
transmission, distribution as well as in various manufacturing and
process industries.
To estimate the size of the harmonic filter market,
top players in the market and their market shares have been considered
in this report. This research study involves extensive use of secondary
sources, such as annual and financial reports of top players,
presentations, press releases, journals, paid databases, and interviews
with industry experts.
The research methodology is explained below:
- Analyzing the overall size of the individual markets through percentage split with the help of primary and secondary research
- Analyzing several market segments and subsegments
- Analyzing supply and demand sides of the harmonic filter market ecosystem
- Analyzing market trends in various regions and countries, supported by the ongoing research and development in these regions
- Finalizing overall market sizes by triangulation with supply-side data, which includes product development, supply chain, and estimated sales in the harmonic filter market
Among end-users, industrial segment accounted for the
largest share of the harmonic filter market in 2016. Industrial
facilities are the major producers of harmonic currents, as machines
generally operate at a very high voltage. Several industries, such as
manufacturing, metal processing, automotive, and oil & gas, involve
some form of power conversion to run processes that use variable speed
drives. Harmonic filters are used for a large number of industrial end
uses, such as manufacturing, oil & gas, paper & pulp, and metal
processing.
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