Asia-Pacific Region is Anticipated to Dominate the Global Harmonic Filter Market with Largest Market Share

Global Harmonic Filter Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $1,212 million by 2024 from $692 million in 2016; growing at a CAGR of 6.5% from 2016 to 2024. The harmonic filter market is majorly driven by the following driving factors such as growing demand for power quality in several sectors such as railways, aircraft and others, expanding power sector and rising adoption of variable frequency. However, availability of substitute along with high cost of harmonic filters might hinder the growth of the market. Furthermore, increasing demand from IT and data centres’ would provide growth opportunities for the market.

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Voltage level type, filter type, end-user type and geography are the key segments of the global harmonic filter market. Voltage level type segment has been segmented into high voltage harmonic filter, medium voltage harmonic filters and low voltage harmonic filters. Low voltage harmonic filter was the leading sub segment with highest market share in 2016. Additionally, end-user type segment includes automotive, IT & data centres, oil & gas, industrial and others.

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The global harmonic filter market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. Asia-Pacific held the highest market share of 37.8% in 2016 and is likely to dominated by fastest CAGR during the forecast period, driven by rising demand from various sectors and rapid economic development. Moreover, Europe accounted the second largest market. 

Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the harmonic filter market include Schneider Electric SE, ABB Ltd., Comsys AB, Baron Power Ltd., Emerson Electric Co., Eaton Corp. Plc, Crompton Greaves Ltd., Schaffner Holding AG, MTE Corp., and TDK Corp., among others.

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