According to the new market research report "Harmonic Filter Market
by Type (Active, and Passive), Voltage Level (Low Voltage Harmonic,
Medium Voltage Harmonic, and High Voltage Harmonic), Phase, End User,
and Region - Global Forecast to 2023", The harmonic filter market is estimated to reach USD 1.12 Billion by 2023, growing at a CAGR of 6.65% between 2017 and 2023.
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.
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.
Based on type, the active segment of the harmonic
filter market is expected to grow at the highest rate between 2017 and
2023. Active filters use power electronics switching to produce harmonic
currents and harmonic components, which cancel harmonics generated from
nonlinear loads. These filters are comparatively new, and various new
technologies are being proposed to enhance their performance.
In 2016, the APAC held the largest share of the
harmonic filter market. Moreover, this market in APAC is expected to
grow at the highest CAGR between 2017 and 2023. This is due to the
growth of different industries in the region and the adoption of complex
equipment that tends to generate harmonics. Furthermore, APAC is
expected to lead the global market, as there are a large number of
manufacturing and processing industries in various countries of APAC,
especially China, India, Singapore, and South Korea
The major players in the harmonic filter market are
ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton
Corporation Plc (Ireland), Danfoss A/S (Denmark), and Schaffner Holding
AG (Switzerland), among others. These players have adopted various
strategies, such as contracts, agreements, partnerships, new product
launches, and business expansions to cater to the rising demand for
harmonic mitigation across industrial and commercial applications.
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