Metal oxide varistors (MOV) is a frontline solution for different semiconductor and electronics devices. In addition, metal oxide varistors are used to protect a circuit from high voltage surge. When a voltage surge exceeds a specified voltage, the varistors suppresses the voltage to protect the circuit. Increasing demand for metal oxide varistor applications across consumer electronics, telecommunication equipment, automotive electronics, and industrial equipment has led to the adoption of metal oxide varistors worldwide. On the parameters of safety, efficiency and cost, metal oxide varistors have cost advantage as they are the cheapest among passive components. The global market for metal oxide varistors is forecast to quickly grow to US$ 16,769.2Mnby 2026 from US$ 6,220.0Mn in 2017, recording a CAGR of 11.9%.
The metal oxide varistors market has seen demand traction due to rising demand for consumer electronics as well as in telecommunication applications. Metal oxide varistors have proven to be excellent protective devices because of their high reliability and application flexibility. P-N junctions make MOVs voltage dependent devices. Additionally, MOVs are bidirectional devices showing electrical behavior similar to back-to-back zener diodes. Increasing demand for metal oxide varistor based devices across various end-use application sectors such as industrial equipment and measuring and controlling systems is projected to bolster the demand for metal oxide varistors. Consumer awareness about safety and efficiency has the potential to boost the demand for metal oxide varistors. These factors will offer ample opportunities for the growth of the metal oxide varistors market in the near future. 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 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 surges is driving the market for metal oxide varistors and is expected to create better opportunity for MOV manufacturers in the near future. With the increasing use of electronic equipment, the need for frontline surge protection systems for such critical equipment has been increasing at a rapid pace. This factor is augmenting the market for metal oxide varistors in different end-use industry segments, which is expected to create new revenue pockets for the metal oxide varistor market during the forecast period. The essential properties of metal oxide varistor make it the most suitable choice for consumer electronics and automotive electronics manufacturers. Increasing application areas of various smart electronics devices/gadgets worldwide is one of the major motivating factors which is anticipated to drive the demand for metal oxide varistors. On the flip side, fluctuation of raw material cost and rising price based competition are the major factors expected to hinder the growth of the market during the forecast period.
The global metal oxide varistors market is highly fragmented in nature with large number of companies operating in the market. Leading players are currently focusing on providing technologically enhanced products to customers. Increasing demand for metal oxide varistor based devices coupled with decreasing cost in the long run is expected to encourage various investors to invest in this new technology. Moreover, as part of this strategy, companies are engaging in various strategic partnerships, acquisitions, and focusing on expanding their business through new service additions and geographical presence.
Some of the major players operating in the global metal oxide varistors market and profiled in the study include TDK Corporation, KEMET Electronics Corporation, Dean Technology, Inc., MDE Semiconductor Inc., CeNtRa Science Corporation, Amotech Corporation, Vishay Intertechnology Inc., Murata Manufacturing Co. Ltd., Littelfuse, Inc., AVX Corporation, Bourns, Inc., and Panasonic Corporation.
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Thriving Electronics and Telecommunication Industry to Invite Extensive Growth Opportunities for the Metal Oxide Varistors Market
The growing influence of technological advancements across the electronics and communication industry has increased substantially over the years. The influence of these industries is expanding at a rapid rate across a large number of regions around the world. Based on these factors, the global metal oxide varistors market expects to bring extensive growth opportunities during the assessment period of 2018-2026.
- Metal oxide varistors are non-linear devices that offer great transient voltage suppression. These devices are voltage-dependent and are the most commonly used technologies in electrical transient protection products. These devices are used extensively for line to line protection, switching protection, over-voltage protection, arching protection, and voltage spike protection. The functionalities and benefits attached to these devices will bring extensive growth opportunities for the metal oxide varistors market across the forecast period of 2018-2026.
- The growing use of metal oxide varistors in LED lighting will bring tremendous growth opportunities during the assessment period. The use of LED lights has increased substantially over the years. The growing influence of these lights among a considerable chunk of the global populace due to their energy-saving properties will eventually increase the growth rate of the metal oxide varistors market. These varistors are used in LED lights for restraining surge energy. All these aspects join the dots of growth.
- Research and development activities play a crucial role in the growth of the metal oxide varistors market. Furthermore, strategic collaborations add extra stars of growth. Expansion activities are also a priority on the list of the players in the metal oxide varistors market. All these activities help in sowing the seeds of growth.
- The COVID-19 pandemic has led to tremendous losses across a massive number of industries and sectors. The metal oxide varistors market is no exception. The stringent lockdown restrictions imposed by numerous countries ruined the overall growth fabric of the metal oxide varistors market. However, easing of restrictions is helping the players to bounce back.
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