According to a recent market study published by Growth Market Reports, titled, “Global Harmonic Filter Market by Type, by Voltage Level, by Phase, by Application, by End-User, by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 1,113.9 Million in 2022 and is expected to grow at a moderate growth rate of 5.8% by the year 2031.
As per Growth Market Reports industry analyst Shubham Khairnar, “Global Harmonic Filter Market is anticipated to witness significant growth during the forecast period 2022-2030. A harmonic filter is a specialized electronic component utilized within electrical systems to address the growing concern of harmonics. Harmonics denotes unwanted and distorted sinusoidal waveforms that emerge as a result of non-linear loads, such as power electronic devices. These distorted waveforms, which are typically multiples of the fundamental frequency, lead to a lot of issues, including voltage distortion, equipment overheating, and power losses. Harmonic filters act as instruments that selectively mitigate the harmful impact of harmonics on the power distribution network. These filters possess the capability to identify specific harmonic frequencies and subsequently generate counteracting currents that possess inverse phase angles, effectively neutralizing the undesired harmonic components. Harmonic filters enable the restoration of the sinusoidal waveforms, thus maintaining the integrity of the electrical grid and preventing potential disruptions to sensitive equipment.
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Supply chain management is a pivotal part of any business. A supply chain involves a series of steps to get harmonic filters, products, sizes, and distribution from their primary state to customers. These steps include development, engagement with customers, and delivering and supporting the harmonic filter. Entities in the supply chain include raw material suppliers, manufacturers, logistics, warehouses, finance, distributors, and customers.
The primary, as well as secondary research methodology, is used for keen observation and study of the harmonic filter market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned to understand the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.
The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Companies investing in political, business, and financial stability, as opposed to decreasing global risks, implemented strategies to overcome the pandemic. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. COVID-19 hampered R&D activities in the harmonic filter market, due to social distancing and less access to manufacturing plants, which hampered the manufacturing industry. A majority of research activities were halted, due to social distancing regulations during the pandemic. As COVID-19 spread in the regions, various governments shut down public gatherings, travel, and major projects to protect people from the virus.
Key Takeaways from the Study:
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In terms of type, the passive harmonic filters segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.
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In terms of voltage level, the low voltage (LV) segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.
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In terms of phase, the three-phase segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.
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Based on application, the variable frequency drives (VFD) segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.
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Based on end-user, the industrial segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.
Report Scope:
Report Metric |
Details |
Market Value in 2022 |
US$ 1,113.9 Million |
Market Growth Rate (from 2016 to 2031) |
5.8% |
Historical Data |
2016-2021 |
Base Year |
2022 |
Forecast Period |
2023 – 2031 |
Units Considered |
Value (USD Million) |
Market Segments |
By Type, By Voltage Level, By Phase, By Application, By End-use, By Region |
Key Companies Profiled |
Danfoss, Schaffner Holding AG, Schneider Electric, ABB, TDK Corporation, Comsys AB, Mesta Electronics, LLC, Siemens, Eaton, Mirus International Inc., and KYOCERA AVX Components Corporation |
Customization Scope |
Report customization available on request |
Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
Target Audience:
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Supply-side: Manufacturers, Raw Material Suppliers, and Distributors
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Demand Side: Government Agencies, Consulting Firms, Private Research and Development Firms, Equity Firms, and Investment Firms.