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Albany, New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report that gives in-detail information about the overall dynamics of the global harmonic filter market. According to the TMR report, the harmonic filter market is expected to exhibit a CAGR of 6.50% over the course of the given forecast period of 2016 to 2024. With this rate of growth, the market is then estimated to reach a valuation worth US$1.2 Bn by the end of 2024.
The vendor landscape of the global harmonic filter market is fragmented one because of a large number of players. However, the market is mainly dominated by the top three companies. These companies, ABB Ltd., Schneider Electric SE, and Emerson Electric Co. cumulative accounted for nearly 41% of the overall market share. Of these three, around 17.7% of the overall market share is accounted by ABB Ltd. alone. The company maintains very strong business and product portfolio in terms of utilities, metal handling, procedures, and fabrication.
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Apart from the top companies, some other key companies in the global harmonic filter market include names such as Baron Power Ltd., Zhangzhou Kehua Technology Co. Ltd., Schaffer Electric, and Anhui Tongfeng Electronics Ltd. among others. The companies in the market are now striving to develop efficient and affordable products that will enhance their brand value. Also, mergers, acquisitions, and joint ventures are becoming increasingly common among the players in the harmonic filter market.
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Asia Pacific to Show CAGR of 6.80% Till 2024
In terms of geography, there are five key segments of the global harmonic filter market viz. North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global market is primarily dominated by the Asia Pacific market. The region accounted for nearly 38% of the global market share back in 2015. This trend is expected to continue over the course of the given forecast period. The growth of the Asia Pacific harmonic filter market is driven due to the increasing deployment of harmonic filters to ensure the improved quality of power. The region has been experiencing huge energy losses during the transmission and distribution because of the poor quality of power. That has also helped in the increased deployment of harmonic filters.
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It is expected that the growth of Asia Pacific harmonic filter market to witness a CAGR of 6.80 during the given forecast period. The market valuation of the region is projected to reach around US$471.6 Mn by 2024. Initially, the Asia Pacific market was valued at US$264.3 Mn.
On the other hand, Europe is the second largest market for harmonic filters and is expected to continue its growth in the near future. Even though it has experienced a slight slow-down in development in recent years, the Europe market is now on the rise due to the presence of superior power infrastructure.
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Increasing Installation of VFDs Fueling Market Growth
The global harmonic filter market is mainly driven by the increasing concerns over the quality of power and its transmission. The growth of the market is also fueled by the growing installation of variable frequency drives (VFDs) in recent years. In addition to this, implementation of strict regulations related to the consumption of energy across industries is expected to drive the overall growth of the global harmonic filter market.
The global harmonic filter market has been segmented into:
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