PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371896
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371896
According to Stratistics MRC, the Global Advanced Harmonic Filters Market is expected to grow at a CAGR of 8.9% during the forecast period. The term "Advanced Harmonic Filters Market" designates an area of the electrical equipment and power quality market that deals with the production, exploitation, and use of advanced harmonic filters. The purpose of these filters is to reduce and manage harmonic distortion in electrical circuits. In order to reduce or completely eliminate harmonic distortion, advanced harmonic filters are specialized equipment or systems that are connected into electrical networks. To ensure that the power provided to connected devices is of higher quality and complies with set standards, they operate by selectively filtering out the undesired harmonic frequencies.
According to the world bank, the global electric power transmission and distribution losses since the 1990s have gyrated between 8-9%, lower for developed countries and much higher for developing countries, like India where losses are around 19%.
Harmonic distortion has increased as a result of the expanding usage of non-linear loads in companies, office buildings, and data centers, such as variable-frequency drives (VFDs), LED lights, and power electronics. To preserve power quality, this increases the necessity for improved harmonic filters. Additionally, strict power quality requirements have been established by regulatory agencies and industry standards bodies. The adoption of sophisticated harmonic filters is largely motivated by compliance with these requirements, which guarantees that electrical systems satisfy the necessary quality standards.
The cost of installing and purchasing advanced harmonic filters might be high. Some businesses could decide against using these solutions because of the high upfront costs, especially for smaller applications. However, power system analysis and technical knowledge are often required for the difficult integration of modern harmonic filters into existing electrical systems. Adoption may be hampered by its complexity.
Electronic devices that can be sensitive to harmonic distortions are used in industrial automation. Investments in harmonic mitigation technologies are being made by sectors looking to increase production and efficiency. In electrical systems, harmonic distortions can result in energy losses. Additionally, advanced harmonic filters are employed to minimize these losses and maximize energy use as energy efficiency becomes a priority for companies and utilities.
Some equipment end-users might not completely understand the advantages of harmonic filters or may disregard the negative effects of harmonic distortion. This lack of knowledge may make adoption more difficult. However, alternative approaches, such as active harmonic filters and passive filters, are available for dealing with power quality problems. The market for advanced harmonic filters may be impacted by the availability of rival technology.
Advanced harmonic filters and their component manufacture and delivery were delayed as a result of the pandemic's disruption of worldwide supply chains. Due to this, initiatives were delayed, and it was difficult to meet client demand. Due to the uncertain economic outlook, several sectors reduced capital investments, especially in the early stages of the epidemic. Advanced harmonic filter installation, among other power quality improvement projects, was impacted by this.
Active filters segment is expected to be the largest during the forecast period. Electronic filters, known as "active filters," are used to actively eliminate or reduce harmonic distortion and other problems with power quality in electrical systems. Additionally, active components used in active filters include transistors and operational amplifiers. Active filters, in contrast to passive filters, can actively produce compensating harmonic currents to balance out the undesirable harmonics.
Transmission segment is expected to have the highest CAGR during the forecast period. Many cutting-edge harmonic filters that are utilized in transmission systems have remote monitoring and control functions. This enables grid operators to keep an eye on their performance, make changes in real time, and proactively deal with power quality problems. Additionally, transmission systems use sophisticated harmonic filters to reduce harmonic distortion and preserve power quality. They are usually deployed at substations or other crucial locations in the transmission network where harmonics have significant consequences.
Over the course of the projected period, the Asia Pacific region held the majority of market share as a result of the necessity to address power quality concerns, such as harmonic distortion in electrical systems, as companies grew and updated their operations. Additionally, power quality laws and guidelines were created in several nations in the area, which prompted the use of cutting-edge harmonic filters in order to meet requirements.
The Asia Pacific region hold the lucrative growth. In the Asia-Pacific area, a number of nations have made large investments in renewable energy sources, including solar and wind. Advanced harmonic filters were needed to control harmonics and ensure grid stability when these intermittent energy sources were integrated into the grid. Significant expansion in the manufacturing sector in nations like China and India has expanded the use of industrial machinery. Advanced harmonic filters contributed to the upkeep of these machines' performance and decreased downtime.
Some of the key players in Advanced Harmonic Filters Market include: ABB, Arteche, Eaton, LandT, MTE Corporation, NHP, Schaffner and Schneider Electric.
In October 2023, ABB has announced a partnership with ODS Metering Systems, an independent manufacturer of custody transfer flow measurement solutions, that will see ABB's Flow-X computers support an increasing number of oil and gas customers with an accurate and reliable automation platform for custody transfer.
In October 2023, ABB and Export Development Canada (EDC), Canada's export credit agency, have signed a global partnership to promote investments in sustainable technologies and projects in Canada and around the world. The support provided by EDC, with a total limit of up to US$ 2.9 billion, will provide ABB's customers with financing and insurance solutions to strategic electrification and automation projects in the sectors of clean technologies, advanced manufacturing, digital technologies, and resources of the future.