The harmonic filter market share is expected to increase by USD 223.66 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.73%.

This harmonic filter market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers harmonic filter market segmentation by product (PHF and AHF), end-user (industrial and non-industrial), and geography (APAC, Europe, North America, South America, and MEA). The harmonic filter market report also offers information on several market vendors, including ABB Ltd., Arteche Group, Baron Power Ltd., Danfoss AS, Eaton Corp. Plc, Kyocera Corp., Schaffner Group, Schneider Electric SE, Siemens AG, and TDK Corp. among others.

What will the Harmonic Filter Market Size be During the Forecast Period?

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Harmonic Filter Market: Key Drivers and Trends

The rising need to improve power quality is notably driving the harmonic filters market growth, although factors such as the high cost of installation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the harmonic filter industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Harmonic Filter Market Driver

One of the key factors driving growth in the harmonic filter market is the rising need to improve power quality. Power network reliability issues and non-uniform power quality have increased the need for efficient power supply in industrial and commercial premises. Hence, the demand for equipment that ensures high-quality power from end-users is growing. Electricity has become a key concern for various industries, especially in developing countries, because of severe power shortages. Therefore, industrial operators prefer different types of energy-efficient industrial equipment such as motors, compressors, pumps, and fans to reduce the use of electricity utilization and OPEX. Such machines require voltage stability and high-quality power. Hence, the rising focus on improving power quality to reduce the strain on machines and increase their lifespan increases the demand for harmonic filters.

Key Harmonic Filter Market Challenge

The high cost of installation will be a major challenge for the harmonic filter market during the forecast period. Though harmonic filters provide a better return on investment (ROI) in a long duration, end-users must make significant investments compared with economical alternatives such as line reactors and load reactors. Line reactors are used on the input of VSDs and other non-linear devices to eliminate tripping and reduce harmonic distortion and surge currents. The high switching cost is a major obstacle for end-users to implement these filters in their production processes. The need for regular maintenance and repair also increases OPEX. Line reactors are comparatively economical and provide equivalent efficiency of tuned and low-pass harmonic filters. These factors tend to prevent end-users from deploying harmonic filters.

This harmonic filter market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Harmonic Filter Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• Arteche Group
• Baron Power Ltd.
• Danfoss AS
• Eaton Corp. Plc
• Kyocera Corp.
• Schaffner Group
• Schneider Electric SE
• Siemens AG
• TDK Corp.

This statistical study of the harmonic filter market encompasses successful business strategies deployed by the key vendors. The harmonic filters market is fragmented and the vendors are deploying growth strategies such as investing in technological innovation to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The harmonic filter market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Harmonic Filter Market?

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43% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for harmonic filters in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The rapid urbanization and the increasing number of commercial establishments will facilitate the harmonic filter market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Harmonic Filter Market?

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The harmonic filter market share growth by the PHF segment will be significant during the forecast period. PHFs are commonly used in equipment such as inverters and speed controllers. They are the most commonly used harmonic filters in the industrial and commercial sectors as they are cost-effective compared with AHFs.

This report provides an accurate prediction of the contribution of all the segments to the growth of the harmonic filters market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Harmonic Filter Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive harmonic filter market growth during the next five years
• Precise estimation of the harmonic filter market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the harmonic filters industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of harmonic filters market vendors

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