San Francisco, 19 Sep 2019 - The global harmonic filters market size is estimated to reach USD 1.28 Billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 7.1% during the forecast period. Harmonic filters are an integral part of electric power systems that are used for mitigation of harmonics, an effect produced due to non-linear loads. Significant investments in building renewable energy infrastructure worldwide coupled with rapid adoption of variable frequency drives (VFDs) for industrial applications such as heating, ventilation, and air conditioning (HVAC) and electric motors are anticipated to boost the growth of the market.
Harmonic filter is an essential component integrated in power converters and inverters, UPS systems, and other commercial applications such as data centers, hospitals, and offices to enhance power quality in these systems. The global demand for the product is projected to rise tremendously by 2030 on account of increasing investments by governments in the deployment of renewable energy infrastructure (wind energy and solar energy).
For instance, China invested approximately USD 126 Billion on renewable energy infrastructure in 2017. Harmonic resonance is a key concern during the set-up of large solar and wind power plants. Harmonic filters are installed during the deployment of renewable energy infrastructure for the purpose of mitigating harmonic disturbances and power losses.
Additionally, key market players are focusing on developing new innovative products for the rapidly growing e-mobility market across the world. For instance, in 2017, Schaffner Holding AG introduced a new lightweight active harmonic filter for electric vehicles with objective of delivering high performance and reducing power losses even at a high frequency. Moreover, strong adoption of harmonic filters in the manufacturing and consumer electronics industry coupled with significant renewable energy investments enabled the Asia Pacific regional market to gain a substantial share in 2017.
Increasing investments aimed at the construction of new data centers and renewable energy infrastructure in key countries such as the U.S., China, India, and the U.K. are poised to drive the market over the forecast period. Despite all these benefits, lack of product awareness among small and medium-sized manufacturers coupled with significant availability of substitute products is likely to inhibit the growth of the global harmonic filters market over the forecast period.
Explore Complete Report: https://www.grandviewresearch.com/industry-analysis/harmonic-filter-market
Further key findings from the study suggest that:
- In 2017, Asia Pacific represented the leading share in the market, owing to high adoption of VFDs in the manufacturing industry, data centers, and the energy & power sectors
- Europe is expected to reflect the highest growth during the forecast period on account of increasing investments in deployment of renewable energy infrastructure along with burgeoning demand for harmonic filters from the automotive industry, specifically for their use in electric vehicles
- Significant investments in R&D initiatives to develop new and innovative harmonic filters with the objective of reducing the overall input voltage and enhancing product performance is estimated to stimulate the growth of the market
- Investments aimed at building new data centers to meet needs of business enterprises are anticipated to stir up the adoption of harmonic filters over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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