January 27, 2025 12:30 ET | Source: Custom Market Insights Custom Market Insights
Austin, TX, USA, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Harmonic Filter Market Size, Trends and Insights By Product (Active, Passive, Hybrid), By Phase (Single Phase, Three Phase), By Voltage (Low Voltage, Medium Voltage, High Voltage), By End Use (Industrial, Commercial, Residential), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database. svc compensator
“According to the latest research study, the demand of global Harmonic Filter Market size & share was valued at approximately USD 1,200 Million in 2023 and is expected to reach USD 1,343.6 Million in 2024 and is expected to reach a value of around USD 3,119.6 Million by 2033, at a compound annual growth rate (CAGR) of about 8.99% during the forecast period 2024 to 2033.”
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A Harmonic Filter is an electronic device used to reduce harmonic distortions, which are produced due to excessive electric current. Harmonic filters are used to mitigate and reduce the harmonics to acceptable ranges in a power system is known as a harmonic filter.
Various factors such as growing demand for efficient power supply, increasing stringent regulations on the reduction of harmonic distortion, increasing adoption in commercial and industrial applications, growing need for high power quality, increasing adoption of the VFDs, and supportive government policies are mainly driving the market growth of the harmonic filter market.
However, factors such as the high cost of the harmonic filter, less adaption in many underdeveloped countries, fluctuation in the raw material prices, high operation and maintenance costs, and complex and stringent regulatory processes are restraining the market growth.
The key harmonic filter manufacturers are heavily investing in product innovations and new technological advancements to improve the operational efficiency of harmonic filter products. Various technological advancements such as smart sensors, automation, the Internet of Things, and artificial intelligence to foster the efficiency and durability of harmonic filters are expected to create lucrative opportunities for the market during the forecast period.
The global harmonic filters market is segmented by product, by phase, by voltage, by end use and by region. By product, the passive harmonic filters segment dominated the market in 2023 and is expected to keep its dominance during the forecast period owing to the growing usage of the passive harmonic filter in various end-use applications.
Furthermore, the cost advantages of passive harmonic filters and various benefits in commercial and industrial applications make them popular in various end-use applications.
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By end use industry, the industrial applications segment dominated the market and is expected to keep its dominance during the forecast period. The growing adoption of high-power solutions such as inverters, UPS, capacitors, and transformers in various end-use applications is boosting the demand for efficient regulatory harmonic filters, thereby driving market growth.
The commercial application segment is expected to grow at the fastest CAGR during the forecast period owing to the growing implementation of harmonic filters in commercial infrastructures such as airports, hotels, retail complexes, and hospitals.
By Region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. Among all these, the North American region dominated the global market. It is expected to keep its dominance during the forecast period owing to the growing adoption of harmonic filters in the U.S., Canada, and Mexico.
Various factors, such as the presence of major players in the region, the presence of a well-established value chain, growing investment in the region, and supportive government policies, are mainly driving the market growth of this region.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period, owing to the growing adoption of harmonic filters in industrial applications. Key countries such as China, India, Japan, ASEAN, and South Korea are mainly driving the growth of this region’s market.
(A free sample of the Harmonic Filter report is available upon request; please contact us for more information.)
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(Please note that the sample of the Harmonic Filter report has been modified to include the COVID-19 impact study prior to delivery.)
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CMI has comprehensively analyzed the Global Harmonic Filters market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the market scenario. Segment-wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Harmonic Filters industry.
The competitive landscape includes key innovators, aftermarket service providers, market giants, and niche players, which are studied and analyzed extensively with respect to their strengths, weaknesses, and value-addition prospects. In addition, the report covers key players’ profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.
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Key questions answered in this report:
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Harmonic Filter Market: Regional Analysis
By Region, Harmonic Filter market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America.
Among all these, North America held the largest market share in 2023 and is expected to maintain its dominance during the forecast period owing to the rapidly expanding end-use industries and increasing investment by global companies in the region.
Key countries such as the U.S., Canada, and Mexico are mainly driving the market growth of this region. Various factors such as the presence of well-established end-use industries, growing research and development activities in the power supply sector, increasing investment by the companies in product development, and supportive government policies are mainly driving the market growth of this region.
Additionally, increasing adoption of the harmonic filters in the commercial applications, growing stringent regulations about harmonic filter installations and growing adoption of the various emerging technologies such as artificial, internet of things is expected to create lucrative opportunities for key players in this region.
Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to the rapid adoption of harmonic filters in this region. Key countries such as China, India, Japan, South Korea, and Australia are mainly driving the market growth of this region.
Various factors, such as the growing presence of global companies in the region due to the easy availability of raw materials and skilled workforce at low wages, rapidly growing end-use industries, and increasing digitalization in the private and government sectors, are mainly driving the market growth of this region.
China is a major country in this region and is expected to keep its dominance during the forecast period owing to the presence of a well-developed value chain in China and the growing production and sales of harmonic filters in this region.
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The Harmonic Filter Market is segmented as follows:
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The Middle East & Africa
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