Harmonic Filter Market Gained an overall market value of US$697.2 mn Globally
Harmonics are generated in an electrical power system owing to the presence of non-linear loads such as drives in the system. The propagation of harmonic frequencies in the electrical system is one of the frequent causes of problems related to power quality. Harmonic causes misfiring in variable speed drives, heating in the system and torque fluctuations. Therefore, for ensuring optimum power quality, complete suppression of harmonics is a critical consideration. Recent advancements in solid state power converters coupled with growing significance of power quality is expected to increase the use of harmonic filters across the globe. The advancements in semiconductor technology, making Harmonic Filters slightly cost effective and high powered technology, has had positive impact on the growth of harmonic filters across the globe.
The growing use of non-linear loads such as the variable frequency drives that produce harmonics coupled with the increasing need to ensure power quality is boosting the growth of the global Harmonic filter market. The growing importance of achieving acceptable levels of power quality is driving the growth of harmonic filters. By maintaining power quality through harmonic suppression, power losses can be extremely minimized and significant energy savings can be achieved. Increasing adoption of variable frequency drives promoting the uptake of harmonic filters. Rise in automation across different industrial and commercial applications and growing demand for electrical efficiency has increased the demand for Variable Frequency Drives (VFD), which is in turn boosting the growth of the harmonic filter market. The conjoint effect of all these drivers is set to boost the growth of the global harmonic filter market from 2016 – 2024.
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Escalating demand from IT and data centers are set to offer potential growth opportunities to the global harmonic filters market. Thus, growth in the IT industry spending is expected to support the growth of high end machines and equipments with non-linear loads, giving rise to harmonics. Rising demand for ensuring optimum power quality is expected to fuel the growth of harmonic filters in IT and data center industry. Further, government regulations and penalties imposed by utilities are set to offer lucrative opportunities for the growth of harmonic filters in the near future. For example, in India (Tamil Nadu), government has set the total voltage harmonic distortion limit at 5% and total current harmonic distortion limit at 8%. If a consumer exceeds these harmonic levels, then that person is entitled to pay 15% of his respective tariff as compensation. Owing to the impact of these regulations and penalties, facilities that produce harmonics are installing harmonic filters.
The competitive profiling of the key players in the global harmonic filter market broadly across five geographic regions has been incorporated in the study. This profiling includes the recent developments in the field of harmonic filter and the various business strategies adopted by the major player. Market attractive analysis on the basis of end-use of harmonic filters has been included in the report, for providing a deep insight of global market.
An in-depth study of the market dynamics which is inclusive of market drivers, market restraints and market opportunities is included under the scope of this report. Market dynamics are the distinguishing factors which exert an impact on the growth of the global market, thereby helping to analyze the ongoing trends of the market. Thus, this report provides the forecast of the global harmonic filter market for the period from 2016 to 2024, along with offering an exhaustive study of the global market.