Harmonic Filters Market in India impelled by the Country’s Intensifying Focus on Energy Sector Investments
In November 2014, India’s power minister, Piyush Goyal, said that if India is to meet her energy needs, investments to the tune of US$250 bn would be needed over the next five years. As the current energy infrastructure in India stretches beyond its limits to meet the galloping power consumption of a rapidly-industrializing nation, the need for clean, high-quality power has never been higher. This also explains India’s intention of inviting more investments in the energy sector. Besides generating more power, the country’s focus will also increasingly shift toward conserving energy and judiciously utilizing the available pool of energy.
Browse Research Report:http://www.transparencymarketresearch.com/india-harmonic-filters-market.html
This creates the perfect setting for the growth of the harmonic filters market in India. With appreciable amounts of energy being lost to harmonic distortion every year, the deployment of harmonic filters is expected to see a surge in India over the next few years. This trend is corroborated by the findings of Transparency Market Research’s report on the India harmonic filters market. The report states that the India harmonic filters market is expected to report a CAGR of 12.8% in revenue terms between 2013 and 2019. The harmonic filters market in India stood at US$81.1 mn, and will grow robustly to touch US$188.5 mn by the end of 2019.
Indian Policymakers Going Aggressive on Power Generation – What Does this Mean for India Harmonic Filters Market?
The government of India hopes to electrify every house in the country by 2019, and if it is to keep this plan on track, the government will likely continue to focus on the use devices and tools that will optimize power generation and consumption. In order to duly back the ambitious power generation plans of the Indian government, Coal India is reportedly trying to double its current coal production capacity. With this, the state-owned mining company is expected to produce about one billion tons of coal by 2019.
Browse Press Release:http://www.transparencymarketresearch.com/pressrelease/india-harmonic-filters-market.htm
Thus, the expanding power sector will itself prove to be the greatest driver for the India harmonic filters market. As per the TMR report, sales of harmonic filters in India will likely witness an upsurge because of the many advantages that these devices carry. These include: the ability to mitigate voltage harmonics, regulate terminal voltage, and, in the case of three-phase systems, improve voltage balance.
Information Technology (IT) and Data Center Applications in India Impel Growth of Harmonic Filters Market
According to the India Brand Equity Foundation, India is the world’s largest IT sourcing destination; moreover, the country’s Internet economy is expected to rise remarkably to account for US$151 bn by 2018. As the IT and data center industries in India strive to maintain optimum power quality in keeping with the latest government mandates, spending on harmonic filters is expected to rise considerably over the remainder of the decade.
Currently, passive harmonic filters account for a dominant share (over 75%) of the Indian harmonic filters market. However, in the coming years, the demand for active harmonic filters is expected to rise substantially. Despite facing promising growth prospects, the India harmonic filters market will be restrained by a low degree of product differentiation and the high cost of harmonic filters.