Stratview Research’s report, “Harmonic Filter Market by Type, Voltage Level Type, Phase Type, End-User Type, and by Region Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023”, sees the global harmonic filter market growing at a healthy rate over the next five years. The report claims the market will reach an estimated value of $1,059.1 million in 2023. Increasing use of power electronics that basically operates through electronic switching, increasing levels of harmonic distortions of voltage and current waveforms in power systems, increasing usage of variable frequency drives (VFDs), rising demand from data centers and IT industries, increasing number of metal arc furnaces worldwide, increasing concern for potential damage from power frequency variations, and increasing use of sensitive electronics in industrial automation process are some of the factors promoting growth of harmonic filters worldwide.
- Based on the filter type, passive harmonic filter is likely to remain the most dominant filter type in the market during the forecast period.
- Three-phase harmonic filter is projected to maintain its dominance in the market over the next five years.
- Based on the end-user type, the manufacturing segment is likely to remain the most dominant end-user type in the market during the forecast period.
- In terms of regions, North America is projected to remain the largest harmonic filter market during the forecast period. The USA is the growth engine of the North American market, driven by the presence of major players of harmonic filters as well as end-use industries. Asia-Pacific is likely to be the fastest-growing harmonic filter market in the same period, driven by China, India, and Japan.
- Some of the key companies supplying harmonic filters are ABB Ltd., Schneider Electric SA, Eaton Corporation Plc, Danfoss Group, Schaffner Holding AG, Siemens AG, TDK Corporation, AVX Corporation, Comsys AB, and TCI, LLC. Advancement in harmonic filters and regional expansion are some of the key strategies adopted by the major players to quickly gain market share.
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