Metal Enclosed Harmonic Filter Market Segmentation By Type (Active, Passive and Hybrid Filter); By Phase (Three Phase and Single Phase); By Voltage Level (Low, Medium and High Voltage); By Application (Light Dimmers, Variable Speed Motor Drives, Fluorescent Lamps, Power Converters and Other Applications) and By End User (Industrial, Commercial and Residential) - Global Industry Demand Analysis and Opportunity Assessment 2019-2028
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 2018: ABB Ltd. announced that a 156-MW photovoltaic energy plant will supply the new 230 kV substation and connect bay at Juazeiro II. This venture, fully operational, would generate enough renewable energy to power more than 350 000 homes, reducing by more than 1.5 million tons CO2 emissions from traditional output.
July 2019: Siemens develops Indian Power Grid Safety Automation and Control Laboratory Limited. The first-of-its-kind Safety Automation and Control Laboratory is part of Manesar, Haryana's POWERGRID Advanced Research and Technology Center (PARTeC). The laboratory has a comprehensive test bed to promote thorough research, training and developing skills on emerging transmission technologies.
Ans: Increasing demand for electricity in the industrial sectors of the developing countries is one of the major factors that is driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 5.20% over the forecast period, i.e. 2020-2028.
Ans: The market in North America is anticipated to display significant business opportunities in the future.
Ans: The major players in the 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.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by type, phase, voltage level, application, end user and by region.
Ans: The passive filter segment, which is a sub-segment of the type segment, held the largest market share of 54.16% in the year 2019 and is anticipated to display significant growth opportunity.
Ans: Lack of awareness for metal enclosed harmonic filters among the small and medium enterprises is one of the major factors anticipated to act as a barrier towards the growth of the global metal enclosed harmonic filter market.
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