Rise in demand for power electronics component across various industry verticals and surge in need to attain higher energy efficiency propels the growth of the power filter market. By type, the three phase filter segment contributed to the major share in 2021. By region, LAMEA would grow at the fastest CAGR by 2031.
According to the report published by Allied Market Research, the global power filter market was estimated at $268.60 million in 2021 and is expected to hit $387.80 million by 2031, registering a CAGR of 3.8% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Rise in demand for power electronics component across various industry verticals and surge in need to attain higher energy efficiency propels the growth of the power filter market. On the other hand, high prices associated with filters impede the growth to some extent. Nevertheless, technological advancements and the rapidly growing semiconductor industry are expected to create lucrative opportunities in the industry.
Based on application, the industrial machinery segment generated the highest share in 2021, accounting for more than one-fourth of the global market. The communication segment, on the other hand, would cite the fastest CAGR of 4.3% from 2022 to 2031.
Based on region, the market across North America held the major share in 2021, garnering nearly two-fifths of the global market. LAMEA, simultaneously, would manifest the fastest CAGR of 4.6% throughout the forecast period.
The key market players analyzed in the global power filter market report include Astrodyne TDI, Schaffner Holding AG, Curtis Industries, TDK Electronics, TE Connectivity, ETS-Lindgren, COSEL CO., LTD., ALTRAN MAGNETICS, INC., API TECHNOLOGIES CORP., and SCHURTER. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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