The leading companies are focusing aggressively on research and innovation for the development of new products. As, the companies are concentrating more on utilizing automation for the production of varistor, the competition within this market is expected to increase extensively in the near future.
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The global market for metal oxide varistor (MOV) has been deriving much growth from the rising popularity of Internet of Things (IoT) across the world. The extensive increase in the demand for consumer electronic goods and the upsurge in the adoption of metal oxide varistor in automobile applications are also boosting the market’s progress remarkably.
Over the forthcoming years, the global market for MOV is likely to witness substantial growth at a healthy CAGR of 11.7% from 2017 to 2025. The opportunity in this market is expected to increase from a value of US$7.73 bn in 2016 to US$20.79 bn by the end of 2025.
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Based on the type of MOV, the global MOV market has been classified into disc MOV, strap MOV, block MOV, ring MOV, and various other types, such as chip varistor and multilayered chip varistor. The ring MOV segment held the leading position in the global market in 2016 with a share of more than 44%.
Analysts expect the segment to remain dominant over the next few years.
Disc MOV, however, is anticipated to witness a high-paced rise in the near future on the ground of its increasing demand in industrial power electronics devices across a number of countries, such as China, India, Japan, the U.K., the U.S., Germany, and Singapore.
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In terms of the geography, Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America have been considered as the prominent segments of the worldwide MOV market. Driven by the increasing demand for smart devices, Asia Pacific led this market in 2016 with a share of more than 54%.
The market for MOV in the Middle East and Africa, which stood second in 2016, is also projected to retain its place in the near future, thanks to the increasing demand for consumer electronics, smart automobile applications, technologically advanced healthcare devices, and process automation systems in the power, and the oil and gas industries. Among others, the Europe MOV market is anticipated to witness healthy growth in the years to come on account of the rising number of smart phone users.
Germany and the U.K. are likely to surface as the leading domestic markets for MOV in Europe over the forthcoming years.
TDK Corp., General Electric, KEMET Corp., Moda-Innochips Co. Ltd., MDE Semiconductor Inc., Dean Technology Inc., Centra Science Corp., Amotech Corp., Vishay Intertechnology Inc., and Murata Manufacturing Co. Ltd. are some of the prominent players operating in the global MOV market.
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