In a recent published report, Kenneth Research has updated the market report for Harmonic Filter Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Harmonic Filter Market products.
Kenneth Research, in its repository of market research reports, have recently added a report on Harmonic Filter Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Harmonic Filter Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Harmonic Filter Market in North America is anticipated to grow significantly owing to the presence of several key players in the region, along with the increasing need of the organizations in the nation to run on a strong ICT infrastructure.
By Type (Active, and Passive), Voltage Level (Low Voltage Harmonic, Medium Voltage Harmonic, and High Voltage Harmonic), Phase and Regional Market Size, Status and Forecast to 2025
The global Harmonic Filter Market was valued at USD 0.70 billion in 2016 and is projected to reach USD 1.24 billion by 2025, growing at a CAGR of 6.54% from 2017 to 2025.
Harmonic filters are shunt elements that are used in power systems for decreasing voltage distortion and for power factor correction. Nonlinear elements such as power electronic converters generate harmonic currents or harmonic voltages, which are injected into power system.
Final Report will add the analysis of the impact of COVID-19 on this industry.
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1. Market Drivers
1.1 Rising Need for High Power Quality and Reliability
1.2 Increased Adoption of Variable Frequency Drives (VFDS)
1.3 Stringent Government Regulations Pertaining to Power Quality and Reliability
1.4 Increasing Awareness of Negative Effects of Harmonic Disturbances
2. Market Restraints
2.1 High Cost of Harmonic Filters and Their Cost of Installation and Maintenance
2.2 Availability of Substitutes for Harmonics Filters
1. Global Harmonic Filter Market, by Voltage level:
1.1 Low-Voltage Harmonic Filters
1.2 Medium-Voltage Harmonic Filters
1.3 High-Voltage Harmonic Filters
2. Global Harmonic Filter Market, by Type:
2.1 Active Harmonic Filter (AHF)
2.2 Passive Harmonic Filter (PHF)
2.2.1 Tuned Passive Harmonic Filter
2.2.2 Detuned Passive Harmonic Filter
3. Global Harmonic Filter Market, by Phase:
3.1 Single-Phase Harmonic Filter
3.2 Three-Phase Harmonic Filter
4. Global Harmonic Filter Market, by End-User:
4.1.2 Metal Processing
4.1.3 Pulp and Paper
4.1.5 Oil and Gas
5. Global Harmonic Filter Market, by Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. ABB Ltd.
2. Schneider Electric Se
3. Eaton Corporation PLC
4. Schaffner Holding AG
5. Siemens AG
6. CG Power and Industrial Solutions Limited (CG)
7. TDK Corporation
8. Larsen & Toubro Limited (L&T)
10. AVX Corporation
11. Mte Corporation
12. Comsys Ab
13. Enspec Power Ltd
14. Mirus International Inc.
15. LPI-NZ Ltd
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Harmonic Filter Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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