The market report on the Harmonic Filter Market published by Stratview Research indicates lucrative growth opportunities in the Harmonic Filter Market industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Harmonic Filter Market Forecast:
The Harmonic Filter Market is projected to grow at a healthy rate over the next five years to reach an estimated value of US$ 1,059.1 million in 2023.
The growth of this market principally depends upon several factors which have direct or indirect influence on the demand. The report published by Stratview Research has the summary of such factors derived using multiple analysis. These methods help in evaluating the potential of the companies and identify gaps, finding challenges as well as opportunities to lay out a successful roadmap which leads to higher profitability.
Here are the key players in the market –
- ABB Ltd., Schneider Electric SA,
- Eaton Corporation Plc,
- Danfoss Group,
- Schaffner Holding AG,
- Siemens AG,
- TDK Corporation,
- AVX Corporation, Comsys AB,
- TCI, LLC.
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Harmonic Filter Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
Harmonic Filter Market Share by Filter Type
The market is segmented based on the filter type as passive harmonic filter and active harmonic filter. Passive harmonic filter is likely to remain the most dominant filter type in the market during the forecast period. Passive filters are best suitable for constant loads, as they eliminate or bypass lower order fixed harmonics of current or voltage by tuning passive filters at the resonance frequency. However, active harmonic filter is likely to be the faster-growing filter type segment of the market, owing to its superior harmonic elimination factor as it doesn’t get easily overloaded even if reaches its limit.
Harmonic Filter Market Share by Voltage Level Type
Based on the voltage level type, the harmonic filters market is segmented as low-voltage, medium-voltage, and high-voltage harmonic filter. Low-voltage harmonic filter is projected to remain the largest segment of the market during the forecast period. Whereas, medium-voltage harmonic filter, another considerable segment, is likely to grow at an impressive rate in the market during the same period.
Harmonic Filter Market Share by Type of Phase
Based on the phase type, the harmonic filters market is segmented as single-phase harmonic filter and three-phase harmonic filter. Three-phase harmonic filter is projected to maintain its dominance in the market over the next five years. The segment is also likely to grow at an impressive rate in the market during the same period, owing to its diversified usage in high-end industrial applications, such as manufacturing and metal processing, as well as in commercial applications, such as data and IT center, malls, and airports.
Harmonic Filter Market Share by End-User Type
Based on the end-user type, the market is classified as manufacturing, metal processing, paper & pulp, data & IT center, oil & gas, and others. The manufacturing segment is likely to remain the most dominant end-user type in the market during the forecast period. The manufacturing segment majorly includes cement, pharmaceutical, power plants, steel, foundries, and chemical industries. The industrial sector is the major generator of variable speed drives (VSDs) in which manufacturing is a big contributor. VSDs inject harmonics and create a power-quality problem in industrial power-supply distribution.
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 during the forecast period, driven by China, India, and Japan.
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