Global Harmonic Filters Market 2018-2022
About this market
The rising investments in renewable energy to trend in the market. Resources available for industries across the world are limited as most government has imposed strict regulations to control the use of resources. Consumers are also motivated to use eco-friendly products. Technavio’s analysts have predicted that the harmonic filters market will register a CAGR of more than 4% by 2022.
Rising need to improve power quality
Power quality refers to the efficiency of power. High power quality refers to a situation when a power supply is always available and within the required frequency and the voltage tolerance and sinusoidal waveform do not have any sags, spikes, or other electronic disturbances. Power network reliability issues have increased the need for efficient power supply in industrial and commercial premises.
High cost of installation
Though harmonic filters provide better return on investment, end-users must make significant investments compared with economical alternatives such as line reactors and load reactors. The high switching cost is a major obstacle for end-users to implement these filters in their production processes.
For the detailed list of factors that will drive and challenge the growth of the harmonic filters market during the 2018-2022, view our report.
The global harmonic filters market is predicted to become moderately concentrated with the presence of a few manufacturers who offer two types of harmonic filters namely, passive harmonic filters (PHFs) and active harmonic filters (AHFs). Factors such as the rising need to improve power quality and advent of IoT, will provide considerable growth opportunities to harmonic filter manufactures. ABB, Danfoss, SCHAFFNER, Schneider Electric and Eaton are some of the major companies covered in this report.
‘With the presence of a considerable number of companies, this market appears to be concentrated. Some of the leading harmonic filter manufacturers are focused on developing advanced equipment that meets the expectations of the end-users. This market study provides an extensive analysis of the harmonic filtration sector by considering the evolving demographics and consumer behavior in the market.’"
Technavio Announces the Publication of its Research Report – Global Harmonic Filters Market 2018-2022
Technavio recognizes the following companies as the key players in the global harmonic filters market: ABB, Danfoss, SCHAFFNER, Schneider Electric and Eaton.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising investments in renewable energy.”
According to the report, one of the major drivers for this market is the rising need to improve power quality.
Further, the report states that one of the major factors hindering the growth of this market is the high cost of installation."