Technavio analysts forecast the global harmonic filters market to register an incremental growth of USD 210 million during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Rising investments in renewable sources of energy is one of the major trends being witnessed in the global harmonic filters market 2018-2022. Renewable sources of energy available for industries across the world are limited which is impacting harmonic filters production as most governments have imposed stringent regulations to control the use of resources. Hence, many countries such as China, India, and Germany are increasing their investments to generate power from renewable sources of energy to strengthen their power supply. Thus, the increasing number of renewable power generation and the smart power grid is expected to provide immense growth opportunities to vendors that offer harmonic filters.
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According to Technavio analysts, one of the key factors contributing to the growth of the global harmonic filters market is the rising need to improve power quality:
Global harmonic filters market: Rising need to improve power quality
Power quality refers to the efficiency of power and high-power quality refers to a situation when the power supply is always available within the required frequency and the voltage tolerance and sinusoidal waveform do not have any sags. Power network reliability issues and non-uniform power quality have increased the need for efficient power supply and harmonic filters in industrial and commercial premises. Thus, the demand for equipment that ensures high power quality from end-users is growing.
According to a senior analyst at Technavio, Electricity has become a key concern for various industries, especially in developing countries, because of severe power shortages but harmonic filters can address network reliability issues and ensure the standardization of power quality by using power quality equipment such as surge arresters and power quality meters. Thus, the rising focus on improving power quality to reduce the strain on machines and increase their lifespan increases the demand for harmonic filters.
Global harmonic filters market: Segmentation analysis
The global harmonic filters market research report provides market segmentation by end-user (industrial and non-industrial) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC held the largest share of the market in 2017, accounting for more than 38% share. It was followed by EMEA and the Americas respectively. The dominance of APAC can be attributed to the rising need to improve power quality and presence of regulations that mandate the reduction of harmonic distortion levels in industries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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