The global harmonic filter market is expected to maintain a consistent annual growth rate of 6.9% throughout the forecast period. This steady progress is anticipated to result in a significant rise in revenue, with the market's total value projected to reach US$ 977.8 million in 2023. Furthermore, it is forecasted to exceed US$ 1,911.5 million by the year 2033.
The filters serve in the reduction of constant harmonic distortions in electrical devices. The advancement of semiconductor technologies is increasing the demand for harmonic filter by making them more cost effective and powerful, which has had a beneficial impact on the global growth of harmonic filters.
Harmonics are caused by the presence of non-linear loads in an electrical power system. One of the key causes of problems associated with poor power quality is the transmission of harmonic frequencies in the power system. As a result, harmonic suppression is necessary for optimal power quality.
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The market is largely driven by the escalating demand for power quality and the increasing need to mitigate power system distortions. As industries and businesses continue to rely heavily on sensitive electronic equipment, any disruption in power quality can lead to operational inefficiencies and equipment damage. This has propelled the adoption of harmonic filters to counteract the adverse effects of harmonics and maintain a stable power supply.
Growing awareness related to potential damage from power frequency variations in electrical and heating devices is expected to be a key factor driving the harmonic filters market. Harmonic filters are widely used in capacitor banks used in heating and electrical appliances.
Active harmonic filters are designed for power compensation and for avoiding non-linear loads that lead to low-quality transmission. Active harmonic filters are designed for dynamic reactive power compensation and harmonic filtering.
Increasing usage of harmonic filters in industrial and commercial sectors such as variable speed motor drives (VSDs), power converters, light dimmers, fluorescent lamps and have significantly contributed to the growth of harmonic filters market.
Market Dynamics:
The growth of harmonic filters can be attributed to the increasing demand for active and passive harmonic filters in industrial and commercial sectors.
Rising demand from IT and data centers creates potential growth opportunities for harmonic filters market.
The application of harmonic filters along with adjustable speed drives (ASDs) on two distinct platforms is expected to hamper the growth of harmonic filter market.
Regional Outlook:
APAC is estimated to lead in the Harmonic Filter market as there is a high presence of various manufacturing and processing industries in different countries such as China, India, etc. followed by North America and Europe region.
APAC holds the largest market share of Harmonic filter market and is expected to grow at highest CAGR in the forecast period. Latin America and MEA are expected to contribute significantly in the near future
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