According to a new market report pertaining to the metal oxide varistors (MOVs) 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.
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.
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Metal Oxide Varistors Market: Scope of the Report
The global metal oxide varistors market is broadly segmented by terminal type, application, and geography. Based on terminal type, in terms of revenue, radial segment accounted for major market share of more than 34.0% in 2017 and is anticipated to expand at a CAGR of 13.3% during the forecast period. In order to fulfill the global demand, various metal oxide varistor manufacturers are now focusing on research and development activities on a regular basis in order to find advanced applications of metal oxide varistors.
Demand for frontline surge protection components and increasing need to safeguard expensive electrical equipment from unexpected electrical surges such as lightning strikes, switching operations, and electrostatic discharges is expected to bolster the growth of the market in near future. Furthermore, radial terminal type metal oxide varistors is suitable for different consumer electronics such as laptops, televisions, computers, digital cameras, personal digital assistants (PDA), MP3 players, and refrigerator. Based on application, the metal oxide varistors market has been segregated into consumer electronics, telecommunication equipment, automotive electronics, and industrial equipment.
The consumer electronics segment held the highest market share in 2017 contributing the maximumrevenue. In addition, the consumer electronics segment is expected to expand at the highest CAGR of 12.5% during the forecast period. On the other hand, thetelecommunication equipment segment is expected to grow at the second highest CAGR of 11.8% over the forecast period. The demand for metal oxide varistors as a front end surge projection forcomponents of smart appliances (fridges, washing machines, ovens etc.) as well as small appliances (microwaves, coffee machines, remote sensors etc.), is projected to boost the market during the forecast period. The anticipated deployment of 5G network based smart devices in the near future is expected to impact the growth of the market positively.
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As per TMR analysis, Asia Pacific accounted for maximum market share of more than 30% in terms of revenue. The Asia Pacific metal oxide varistors market is mainly driven by increased investments in modernizing infrastructure and urban population, especially in developing economies such as China and India. The metal oxide varistors market is expected to witness further modifications, innovations, and development in the near future, since a number of leading manufacturing companies are investing in the market.
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