A new study by Transparency Market Research (TMR) states that the
global metal oxide varistor (MOV) market is highly competitive. 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.
TDK Corp., General Electric, KEMET Corp., and Moda-Innochips Co. Ltd.
are some of the leading participants in this market mentioned in this
report.
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Research Report @
As per the report, the global market for MOV offered an opportunity
of US$7.73 bn in 2016. Researchers project it to rise at a CAGR of
11.7% from 2017 to 2025 and touch a value of US$20.79 bn by the end
of the forecast period. The demand for ring MOV has been greater than
other type of MOV across the world and is expected to remain so over
the forthcoming years.
Wireless Handset Telecommunication Sector to Surface as Leading
End User of MOV
The report further presents an exhaustive analysis of the global MOV
market on the basis of the end users. The automotive electronics,
consumer electronics, wireless handset telecommunication, line
voltage equipment, industrial power electronics, lighting ballasts,
defense, aerospace, and the medical and healthcare sectors have been
considered as the key end users of MOV across the world. The demand
for MOV has been greater in the wireless handset telecommunication
sector, which held nearly 22% of the overall demand in 2016. Analysts
predict that this segment will retain its position over the period of
the forecast. Apart from this, the industrial power electronics
segment is also anticipated to witness high growth in the years to
come, notes the research study.
Geographically, the research report has classified the worldwide MOV
market into Asia Pacific, the Middle East and Africa, Europe, North
America, and Latin America. Asia Pacific led the global market in
2016 with a share of more than 54% and is expected to remain the
leading regional market for MOV throughout the forecast period. The
increasing demand for smart devices has been key factor behind the
growth of this regional market. Over the next few years, the
infrastructural development in the industries that support the
integration of process automation, and the surging investments in
communication technologies are likely to propel the Asia Pacific MOV
market in the near future.
Increasing Focus of Companies on Developing Eco-friendly Sensors
to Reflect Positively on Market’s Growth
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“The increasing concern for the environment and the upswing in the
implementation of various measures to prevent environmental pollution
by various governments across the world have led to the growth in
demand for MOV significantly,” states an analyst at TMR. The
leading companies are focusing more on the manufacturing of
eco-friendly yet efficient sensors to reduce pollution, which is
likely to aid substantially to the rise of this market in the near
future.
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