According to the MarketsandMarkets’ forecast, the
harmonic filter market is projected to reach USD 1.12 Billion by 2023,
growing at a CAGR of 6.65% between 2017 and 2023. The growth of
the market can be attributed to the increasing demand for harmonic
filters from industrial and commercial sectors. Both active and passive
types of harmonic filters are increasingly used in industrial,
commercial, and residential applications.
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 this market are ABB Ltd.
(Switzerland), Schneider Electric SE (France), Eaton Corporation Plc
(Ireland), Danfoss A/S (Denmark), and Schaffner Holding AG
(Switzerland), among others.
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