The global Harmonic Filter Market is set to experience substantial growth in the coming years, with a projected compound annual growth rate (CAGR) of 7.5% during the forecast period. In 2021, the market size for industrial refrigeration systems reached USD 1.1 billion, driven by the increasing demand from various industries, including automotive, oil and gas, information technology, HVAC, mining, and wastewater, where harmonic filters are extensively employed.
Addressing a Critical Issue: Harmonics in Power Systems
Harmonics, continuous multiples of the fundamental frequency of 60 Hz in terms of current and voltage, pose a significant challenge in power systems across industries. The presence of excessive harmonics can lead to system malfunctions, resulting in downtime and increased operational costs. Harmonic filters, equipped with capacitors, inductors, and resistors, effectively mitigate appliance-induced harmonic distortion by diverting harmonic currents to the ground. This technology has been instrumental in reducing operational expenses and minimizing production downtime across various sectors.
Innovations Driving Market Growth
The Harmonic Filter Market continues to evolve with innovations such as the third-generation DPM active harmonic filter, which allows continuous monitoring of load current using high-frequency current sensors. This advancement, introduced by Mesta Electronics, Inc. in January 2019, is a testament to the ongoing commitment to addressing harmonic issues in modern electrical power networks.
Challenges and Opportunities
While harmonic filters offer a robust solution to harmonic problems, their high initial investment costs have limited their adoption, particularly in smaller businesses. However, companies like ABB Ltd. have introduced multipurpose power quality and energy storage solutions, including active harmonic filters, to provide more cost-effective options.
COVID-19 Impact and Future Outlook
The COVID-19 pandemic has disrupted supply chains and affected international sales, particularly from major electronic device producers like China. Nevertheless, local players have stepped in to meet regional demands, intensifying competition among industry leaders. As technology continues to advance rapidly and the need to reduce irregularities persists, the harmonic filter market is expected to rebound and grow in the post-pandemic era.
Regional Growth and Market Leaders
Asia-Pacific currently leads the harmonic filter market, accounting for over 35% of total revenue in 2021. The regions industrial and energy & power sectors, especially in countries like China and India, have been significant contributors to this growth. Additionally, Europe is poised for substantial growth, thanks to substantial investments in renewable energy projects.
Competitive Landscape
Key players in the Harmonic Filter Market include Koninklijke Philips N.V., Fuji Component Parts USA, Inc., Siemens AG, ABB Ltd., Comsys AB, Schneider Electric SE, Eaton Corporation Plc, Baron Power Limited, Danfoss A/S, Crompton Greaves Ltd., Schaffner Holding AG, TDK Corporation, MTE Corporation, TCI, LLC, Larsen & Toubro Limited, Enspec Power Ltd., Arteche, AVX Corporation, Mirus International Inc., LPI-NZ Ltd., Mesta Electronics, Inc., and REO AG.
The Harmonic Filter Market is set for significant growth as industries continue to prioritize power quality and voltage stability in their operations. With technological advancements and the demand for reliable electrical systems on the rise, harmonic filters are poised to play a pivotal role in ensuring efficient and uninterrupted power supply across various sectors.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/harmonic-filter-market
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COMTEX_442467059/2840/2023-10-26T02:15:51
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