The global metal oxide varistor (MOV) market has fragmented landscape due to presence of numerous players a report of Transparency Market Research prophesized. Presence of numerous international companies and local players has increased competition level substantially. These companies are focusing to offer advanced products to gain substantial share in the revenue. These new product launches and high investments are expected to create opportunities for players and new entrants in the market and continue to be beneficial for forecaste period of 2017 to 2025. Some of the key players in the market are General Electric, KEMET Corp., TDK Corp., MDE Semiconductor Inc., Dean Technology Inc., Moda-Innochips Co. Ltd., Amotech Corp., Vishay Intertechnology Inc., Murata Manufacturing Co. Ltd., and Centra Science Corp.
TMR prophesies, the global MOV market is expected to attain value of US$20.79 bn by the end of 2025 with a CAGR of 11.7%. In 2016, the revenue of market was registered as US$7.73 bn. On the basis of type, in 2016, ring MOV segment is dominated the market with more than 44% of share. On the basis of geography, Asia Pacific dominated in 2016 with 54% of shares.
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Automation and Industrial Infrastructural Developments in Asia Pacific to Uptake as Global Leader
The global MOV market is mainly segmented on the basis of type, construction, composition, end-use, and geography. On the basis of type, the market is segmented into strap metal oxide varistor, block metal oxide varistor, and ring metal oxide varistor. Of these, ring metal oxide varistor is currently dominating the market and expected to continue its dominance for upcoming years owing to its efficiency to protect electronic devices from high voltage.
By end-use industry, the market is segmented into automotive electronics, industrial power electronics, line voltage equipment, consumer electronics, wireless handset telecommunication, and lighting ballasts. Of these, consumer electronics is expected to dominate the market for forecast years.
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, Asia Pacific dominated the market in 2016 and thanks to continues adoption of automation in industries and industrial infrastructural developments, it is expected to continue its dominance for upcoming years. High development and investments in communication technologies in the region is expected to uptake the growth of the market.
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Widening Usage in Multiple Sectors to Uptake Demand for MOV
Metal oxide varistor are extensively used in electronic and communication industry is a major factor boosting demand for the MOVs. Additionally, widening its applications in aerospace, defense, and healthcare is positively influencing growth of the market. High investments in research and development activities is offering many growth prospects to the players in the market. However, volatile prices of raw material and high clamping voltage are restraining growth of the global MOV market.