According to a new market report published by Credence Research, Inc., “Global Harmonic Filter Market (By Type (Passive Harmonic Filters, Active Harmonic Filters, and Hybrid Harmonic Filters), By End-use (Industrial, Commercial, Residential,), By Voltage Level (Low Voltage, Medium Voltage, and High Voltage)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023” the global harmonic filter market is poised to witness steady growth, growing at a CAGR of 6.9% during the forecast period 2016 – 2023.
Browse the full Global Harmonic Filter Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/harmonic-filter-market
Harmonics or distortions are ideally produced in an electrically powered system/equipment owing to the presence of non-linear loads like variable frequency drives in the system. The transmission of distortions in electrically powered machinery/equipment is the major cause behind power quality issues. Large magnitude of harmonics can result in malfunctioning of the system, which leads to downtime and increased operating costs. Thus, suppressing or mitigating such distortions is extremely crucial to achieve power reliability and quality. A harmonic filter is electrically powered equipment that is used to limit the effect of distortions in an electrical system.
The global market for harmonic filters is moderately concentrated with top 4 players acquiring the major chunk of the revenue share. Some of the leading players identified in the research study include Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Schaffner Holding AG (Germany), MTE Corporation (the United States), Emerson Network Power (the United States), Eaton Corporation Plc (Ireland), Epcos AG (Germany), Comsys AB (Sweden), Danfoss A/S (Denmark), and Baron Power Ltd. (India) among others. The global harmonic filters market has been plagued by lack of product differentiation. This has resulted in profit crunching. Thus, application specific product diversification and focus on product enhancement are some of the key strategies adopted by harmonic filter manufacturers across the globe.
- Growing need to ensure power reliability and quality
- Mounting adoption of Variable Frequency Drives (VFDs), especially in industrial and commercial applications
- Growing demand from commercial applications
- Stringent government regulations associated with the power reliability and quality promoting the uptake of harmonic filters