Global Metal Oxide Varistor (VOM) Market: Snapshot
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. The market, although looks thriving at present, it may face challenges from the dynamic nature of the semiconductor and electronics industry in the coming years.
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Demand for Ring MOV to Remain Strong
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.
On the basis of construction, the global market has been segmented into surface mount MOV and through-hole MOV. Although marginally, the through-hole MOV segment has been leading the overall market and is intended to remain doing so throughout the next few years.
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Asia Pacific to Continue as Global Leader
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%. Analysts expect this regional market to gain substantially from the swift development in the industrial infrastructure that supports integration of process automation, and the large scale investments in communication technologies in this region, and remain on the top over the forthcoming years.
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.
Rising Demand for Consumer Electronics to Benefit Global Metal Oxide Varistor (MOV) Market
The increasing prominence of the Internet of Things (IoT) across the globe is likely to boost growth of the global metal oxide varistor (MOV) market in the years to come. The rapid rise in the demand for consumer electronic product lines as well as the increased use of metal oxide varistor in automotive applications, are propelling the market forward.
The presence of multiple international corporations as well as regional competitors has significantly increased the level of competition. These businesses are concentrating on providing sophisticated items in order to obtain a significant share of the global metal oxide varistor (MOV) market. Large investments and these new product releases are expected to provide immense opportunities for new entrants and existing players in the industry, which is expected to continue to be beneficial over the forecast period.
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Expanding Application in Aerospace and Healthcare Sectors to Open New Revenue Streams
The widespread use of MOV in the electronic and communication industries is a major factor driving up demand for MOVs. In addition to that, expanding its applications in healthcare, defense, and aerospace is likely to boost growth of the global metal oxide varistor (MOV) market in the years to come. Huge funding in research and development activities provide immense opportunities for the market participants to expand. However, the global metal oxide varistor (MOV) market is being stifled by high clamping voltage and unpredictable pricing of raw materials.
Over the forecast timeline, Asia Pacific is likely to dominate the market, and due to continued uptake of automation technology in industries and improvements in industrial infrastructure, the region is anticipated to continue do so in the years to come. The global metal oxide varistor (MOV) market is anticipated to expand due to the region’s high investment and growth in communication technologies. Due to its efficiency in protecting electronic products from high voltage, the ring metal oxide varistor continues to be one of the prominent products in the market and is expected to remain so in the years to come.
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