According to a new market report pertaining to the MOV market, published by Transparency Market Research the global metal oxide varistors market is expected to reach US$ 16,769.2 Mn by 2026, expanding at a CAGR of 11.9% from 2018 to 2026. According to the report, the global metal oxide varistors market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 13.0% through 2026. In Asia Pacific, China, India, Japan, and South Korea are expected to be the major contributors to the growth of the metal oxide varistors market over the forecast period.
Growing demand for consumer electronics driving the global metal oxide varistors market
Increasing demand for technologically advanced consumer electronics and telecommunication equipment is the most significant factor driving the metal oxide varistors market. In order to restrict electrical surge, electrical device manufacturers are continuously focusing and developing new technology and maintaining international quality standards to keep their devices safe. Metal-oxide varistors (MOVs) were originally designed to protect electric motors and circuit boards and operate in the nanosecond range.
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The growing demand for primary protection of equipment from surge is driving the market for metal oxide varistors and is expected to create a better opportunity for MOV manufacturers in the coming years. Moreover, increasing spending of consumers has propelled the sales of electronic devices such as personal laptops, printers, televisions, microwave devices, and washing machines. Additionally, metal oxide varistors are widely used in many AC power electronics circuits to protect against transient voltages. Rising acceptance of different smart IoT based consumer electronics, growing concern about smart home devices due to downtime caused by electrical surge, is anticipated to bolster the demand formetal oxide varistors in the coming years.
Global Metal Oxide Varistors Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global metal oxide varistorsmarket. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players in themetal oxide varistorsmarket are TDK Corporation, KEMET Electronics Corporation, Dean Technology, Inc., MDE Semiconductor Inc., CeNtRa Science Corporation, AmotechCorporation, Vishay Intertechnology Inc., Murata Manufacturing Co. Ltd., Littelfuse, Inc., AVX Corporation, Bourns, Inc., and Panasonic Corporation.
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Various business strategies are being adopted by the market leaders. Companies are focusing on expanding business by developing strategic partnerships and offering innovative solutions in the end-use market.