Global Harmonic Filters Market, Forecast to 2024
LONDON, Dec. 4, 2018 /PRNewswire/ -- Efficient Power Quality Driving the Demand for Harmonic Filters
A harmonic filter is used to eliminate the harmonic distortion caused by electrical appliances.The role of harmonic filter is critical of the commercial and industrial sector as it can cause malfunctioning of the system, leading to downtimes and increases in operating costs.
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With latest technological advances and upgrades of infrastructural reforms in regions such as Asia-Pacific (APAC), Latin America, Middle East, and Africa, harmonic filters have become established as tools for mitigating harmonic distortions.The market for harmonic filters is primarily driven by increasing availability and adoption of variable frequency drives (VFDs), especially in North America.
It is poised for growth with the implementation of regulatory standards and legislative policies in the industrial and commercial sector.
The need for efficient power quality has driven the customer demand for effective power solution equipment.Moreover, the development of industrial and commercial sectors in the APAC region has created growth opportunities for harmonic filters.
With the revival in the global economy and revenue growth in the region, the harmonic filters market is expected to grow at a steady rate.In Europe, end users are still reluctant to spend on filters as they have minimal demand for better power quality.
However, with numerous renewable energy plants coming on stream, the uptake of harmonic filters in the region expected to grow.
In Latin America, the presence of numerous local markets for manufacturing harmonic filters and the region's own proximity to North America has created a very good opportunity for the growth of the harmonic filters market.The markets in the region have a relative advantage in regard to the adoption of new technologies for mitigating harmonic distortion issues.
The demand for effective power quality systems and equipment such as harmonic filters is poised to grow in the emerging Rest of World (RoW) economies such as Middle East and Africa.These regions are heavily populated with oil & gas industries where harmonic distortions are extreme and harmonic mitigation equipment are essential.
The requirement for efficient power quality systems to mitigate energy and heat losses due to harmonics has created a demand for devices to mitigate harmonics.With proper guidelines for following regulatory policies and legislations, the RoW market is expected to grow at a steady rate.
Lucrative growth opportunities have been identified in regions such as APAC, Latin America, and RoW. Growth in demand for efficient power quality from industrial and commercial sectors, along with infrastructural reforms, will create growth opportunities for harmonic filters in these emerging economies.
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