Product Code: RP-ID-10336409 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Industrial Automation & Equipment |
Report ID: 10336409
Market Overview:
Impact Analysis of COVID-19 on Global Metal Enclosed Harmonic Filter Market Outlook 2028
Global Metal Enclosed Harmonic Filter Market Analysis – 2019-2028
A harmonic filter is referred to a device that helps to mitigate or reduce harmonics to tolerable levels. These harmonic filters are majorly used in the oil & gas, HVAC, water/wastewater, and mining industries. The global metal enclosed harmonic filter market is anticipated to achieve a CAGR of 5.20% across the globe over the forecast period, i.e. 2020-2028. Factors such as the growing adoption of variable frequency drivers in the commercial and manufacturing industry, growing industrialization in the developing countries worldwide, for instance the US, China, Australia, Germany, India, and various others, rising installations of harmonic filters in power distribution systems, coupled with the numerous benefits associated with metal enclosed harmonic filters, such as reducing overall operating costs by efficient use power, reducing the risk of operational downtime from overloading, premature plant failure, and nuisance tripping among others are anticipated to promote towards the growth of the global metal enclosed harmonic filter market. Additionally, factors such as the growing demand for electricity in the industrial sectors of the developing countries is anticipated to drive the growth of the metal enclosed harmonic filters market.
The global metal enclosed harmonic filter market consists of various segments that are segmented by type, phase, voltage level, application, end user and by region. The market is further segmented by voltage level into low, medium and high voltage. Out of these, the low voltage segment registered the largest market share along with a value of around USD 420 million in the year 2019. The segment is further anticipated to grow at a CAGR of around 5% during the forecast period. Low voltage harmonic filters are designed to avoid premature degradation of power system components and improper operations of the sensible loads caused by the distortion of current and voltage harmonic components. These filters help in the reduction of the electric bill, thereby avoiding penalties, which is up to 2.5% of the overall allowances. It also reduces the overall power consumption associated with peak demand. These harmonic filters help in saving up to 3 to 6% of electricity on its correct installation.
Based on region, the global metal enclosed harmonic filter market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in Europe, which registered a value of around USD 98 million in the year 2019, is anticipated to grow at a CAGR of around 5% during the forecast period, backed by the increase in the region's industrial and commercial activities.
Some of the affluent industry leaders in the global metal enclosed harmonic filter market are ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Limited, Eaton Corporation plc, Baron Power Limited, Northeast Power Systems, Inc., Arteche Group, Controllix Corporation, and AZZ Inc.
ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Limited, Eaton Corporation plc, Baron Power Limited, Northeast Power Systems, Inc., Arteche Group, Controllix Corporation, and AZZ Inc.
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