Low Harmonic Drives Market Analysis
Low Harmonic Drives Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
The current in an ideal AC power grid is pure sinusoidal wave. However, in reality, the current contains harmonics of multiple orders that reduce the efficiency and usability of the electric energy. Low harmonic drives are the systems that are used to reduce the harmonic distortions introduced in the supply lines and provide power outputs that are relatively safer for general and critical applications.
Market players provide factory tested low harmonic drives that do not require additional hardware or costs, which enhances the simplicity of installations. Moreover, these drives are compact and do not require additional power wiring and can save significant space. These systems do not require additional dedicated transformers and are featured with low losses, unity power factor, robust performance, high overall efficiency. These factors are expected to boost demand for low harmonic drives over the forecast period.
Low Harmonic Drives Market Taxonomy
On the basis of product type, the global low harmonic drives market is classified into:
On the basis of components, the global low harmonic drives market is classified into:
On the basis of end use industries, the global low harmonic drives market is classified into:
On the basis of region, the global low harmonic drives market is classified into:
Increasing demand for efficient power utilization and need to reduce energy losses is expected to boost growth of the market
To reduce the cost of electricity consumption, various organizations and industry participants are focused on investing in efficient industrial products and equipment. The need to limit the consumption of electricity without compromising the energy efficiency is expected to present considerable growth prospects for the low harmonic drives market players. Furthermore, the need to meet distinct and stringent regional regulatory compliances relating to efficient power consumptions is also expected to offer significant market growth. For instance, China’s 12-5 Plan, EPA Power Sector Regulations in the U.S., and Electricity Industry Act 2010 in New Zealand are among the few directives that are in place to regulate the electricity consumption. However, high switching costs for end users is expected to be the only challenge that will negatively impact the market growth over the forecast period.
Oil & Gas end-use industry segment held dominant position in the market in 2016
Increasing oil exploration activities such as shale related and offshore explorations are expected to boost demand for low harmonic drives, thereby adding in growth of the oil & gas end-use industry segment. Moreover, increasing focus on generation of renewable energy will present considerable growth prospects for the industry participants over the long run.
High utilization of gasoline in conjunction with low prices of pumps and relaxation in diesel and gasoline taxes in the Europe is expected to present considerable growth opportunities for the industry participants in the region. Moreover, increasing manufacturing activities in Asia Pacific is expected to boost growth of the market.
Global Low Harmonic Drives Market: Key Players
Major players operating in the global low harmonic drive market include, ABB, Danfoss, Eaton, Rockwell, and Schneider Electric. The market is moderately consolidated with several regional players competing with the multinational players. Participants are expected to adopt M&A and product launch strategies to enhance their market share. For instance, in July 2017, Schneider Electric introduced Altivar ATV980 and ATV680 Drives, which was featured as the world’s first three level low harmonic drive.
Global Low Harmonic Drives Market: Key Developments