Low Harmonic Drives Market

1. Low Harmonic Drives Market to Grow With Increasing Adoption of Variable Frequency Drives Global Low Harmonic Drives Market, by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026 The global low harmonic drives market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: A harmonic drive system is composed of three key components: a wave generator, a flexspline with outer teeth, and a circular spline with inner teeth. Harmonic drives are light in weight and are extremely compact. One of the many advantages of a harmonic drive is the lack of backlash due to the unique design. Harmonic drives are a type of gear arrangement often referred to as strain wave gears because of the way they work. The components of the harmonic drive interact in a way that allows for very high precision reduction ratios that would otherwise require more complex and massive mechanism. Compared to classical toothed gears, harmonic drives have numerous advantages, such as high torsion stiffness, zero backlash, compact design, high torque capacity, excellent positioning accuracy and repeatability, and high single-stage reduction ratios, among others. Competitive Landscape: Key players operating in the global low harmonic drives market are Rockwell, Eaton, Danfoss, ABB, and Schneider Electric, among others. Key Market Drivers: High demand for low harmonic drives and increasing adoption of variable frequency drives is expected to augment the growth of the low harmonic drives market during the forecast period. For instance, in September 2018, Danfoss India launched an Enclosed Low Harmonic drive with passive filters, at the Energy Efficiency Summit at Hyderabad. The Low Harmonic Drive, which is IEEE 519-2014 grid compliant, is set to disrupt the power industry with its distinct feature to mitigate harmonic worries and achieve a total harmonic distortion of 5 per cent. Moreover, rising need for high power quality and reliability and increasing demand for efficient power utilization is expected to augment the growth of the low harmonic drives market. For instance, ABB Ltd. announced the launch of the PQactiF, a multi-functional power quality and energy storage solution, with energy storage solutions and active harmonic filters. COVID-19 Impact Analysis: Due to the outbreak of COVID-19, operations of many industries have either been temporarily halted or are operating with minimum workforce due to safety measures enforced by respective governing bodies to curb the spread of the virus. This in turn has had a negative impact on the

2. growth of the low harmonic drives market. Moreover, high costs of installation/maintenance of these machines is also expected to hinder growth of the market. Key Takeaways: •The low harmonic drives market is expected to exhibit a CAGR of XX % during the forecast period due to the increasing oil exploration activities or increasing demand form the oil and gas industry. For instance, according to OPEC (Organization of the Petroleum Exporting Countries), worldwide, the oil consumption is expected to increase by 49% from 268 million barrels per day in 2013 to 399 million barrels per day by 2040, •Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the low harmonic drives market due to the increasing adopting of low harmonic drives, increasing use of renewable sources to generate energy, increasing manufacturing activities, and increasing awareness of negative effects of harmonic disturbances in these regions. For instance, in November 2018, Eaton announced it has signed an agreement with Havtech to provide distribution for Eaton’s variable frequency drives (VFDs) designed for HVAC applications. The collaboration will enable both Eaton and Havtech to better support its customers’ energy efficiency requirements through Eaton’s VFD solutions.