Metal Enclosed Harmonic Filter Market Share

APAC Market Statistics

Asia Pacific industry is set to account for largest revenue share of 54% by 2037. The growth of the market in the region can be attributed majorly to the increasing rate of industrialization, and the rise in number of commercial establishments in the region. In addition to this, the growing investments in IT sector in the region, and the need amongst these IT companies for optimum power supply as well as power supply correctors to lower their equipment maintenance downtime, is also projected to drive the market growth in the region. For instance, a value of about USD 35 billion is estimated to be spent on developing data centers and related infrastructure during 2022-2027 in the China region. Further, the highest rate of adoption of electronic systems, solutions and products in the Asia Pacific regions such as India, China Taiwan, South Korea, Japan, Indonesia, Malaysia, and Sri Lanka among others are also anticipated to contribute to the market growth in the region. In addition, the region's successful integration of renewable energy sources with global investment of USD 250 Billion is also anticipated to boost the market growth during the forecast period.

Europe Market Forecast

The European metal enclosed harmonic filter market, amongst the market in all the other regions, is projected to hold the second largest share of about 32% during the forecast period. The growth of the market can be attributed majorly to the rising demand for power electronics in the region. Countries such as Germany, UK, and France are in need for better power quality in power systems. With the growing need for renewable energy sources as clean energy, the market is set to grow in the coming years. For instance, it is noted that Europe has set a target of achieving 27% share of total renewable energy mix by 2030. Further, the opportunities of investments in the renewable energy sector along with growth in alternative energy are also anticipated to contribute to the market growth in the region. Spain is expected to be allocating USD 7.8 Billion in renewables, green hydrogen and energy storage in the next two years. In addition, the region's need to create power and electricity with minimum distortions are also anticipated to boost the market growth during the forecast period.

North American Market Forecast

Further, the market in the North America, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing demand for modernized power grids and renewable energy sources. For instance, the United States of America, invested USD 100 Billion to clean energy initiatives. It was also noted that renewable energy production and electric vehicles received the maximum investment share. These factors are also anticipated to contribute to the market growth in the region.