Emerging regions, renewable energy sector represent key future growth opportunities, finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 8, 2019 /PRNewswire/ — Technological advancements have altered the dynamics in the harmonic filters market, with active filters overtaking the passive filter segment. The surge in the uptake of variable frequency drives (VFDs) in North America and Latin America has translated to higher demand for active filters, as they are required to rectify the harmonics produced by the non-linear loads of VFDs. The 5.9 percent annual growth forecast for the VFD market is expected to ripple into the harmonic filter market from 2018 to 2024.
Frost & Sullivan's recent analysis, Global Harmonic Filters Market, Forecast to 2024, analyzes the drivers, restraints, market structure, and opportunities in the harmonic filters market. The study covers active and passive filters in the application segments of commercial and industrial sectors.
For further information on this analysis, please visit: http://frost.ly/32i
"In addition to the greater demand for better quality power from the industrial and commercial sectors, infrastructural reforms along with mergers and acquisitions are creating opportunities for participants in emerging economies," said Shubhuti Kiran Ghimire Research Analyst Energy & Environment. "Asia-Pacific will be a particularly significant market due to its proximity to the Middle East, which has a thriving oil & gas industry."
Market majors in Asia-Pacific, Latin America, and Rest-of-the-World will be looking to make the most of the rising entry of local participants in these markets by forging alliances with them. However, importance of better power quality and procurement of related power equipment fosters the demand for harmonic filters in North America.
"Companies are building localized strategies to improve their products and focus on key services for enhanced customer satisfaction in the lucrative emerging markets," noted Ghimire. "Besides, collaborations with local companies will help vendors develop products that are based on the regulatory standards of specific regions."
Apart from region-focused business strategies, growth opportunities include:
- Targeting the renewable energy sector due to the rising relevance of solar and wind energy generation.
- The total global harmonic filters market was estimated at $784.2 million in 2017, this market is expected to grow at a CAGR of 7.2 percent from 2017 to 2024.
- Developing products aimed at the oil & gas industry, as the equipment used in drilling activities can cause harmonic distortions in the system.
- Rising demand for high-quality power in the telecommunications, datacenter, and hospital sectors.
- Complying with regulations and the implementation of standard policies.
Global Harmonic Filters Market, Forecast to 2024 is part of Frost & Sullivan's global Energy Storage Growth Partnership Service program.
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Global Harmonic Filters Market, Forecast to 2024
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SOURCE Frost & Sullivan