Albany, NY -- (SBWIRE) -- 07/16/2018 -- The analyst of a fresh business intelligence study by Transparency Market Research (TMR) has detected that the opportunities in the market for metal oxide varistor (MOV) are expanding prodigiously, and consequently, the competition among the leading vendors is intensifying, particularly with the inflow of numerous local players. The report has projected the demand in the global metal oxide varistor market to increment at an impressive CAGR of 11.7% during the forecast period of 2017 to 2025. It has been estimated that the global MOV market will reflect a revenue of US$20.79 bn by the end of 2025, substantially swelling up from its evaluated worth of merely US$7.73 bn in 2016.
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Product Portfolio to Define Market Leader
As far as the competitive landscape is concerned, the analyst has identified General Electric, TDK Corp., Moda-Innochips Co. Ltd., and KEMET Corp. as some of the key players, who are ahead of the curve in the global metal oxide varistor market as a result of their resilient efforts for research and development of new products that meet diverse demands. For instance, KEMET Corporation introduced seven new series of metal-oxide varistors in late 2016 in addition to its already impressive product portfolio. Going forward, the leading vendors of this market are expected to concentrate on automating their product structure in order to achieve greater productions and cater to growing demands.
Based on type, the TMR report has segmented the metal oxide varistor market into strap, disc, ring, and block, with the ring MOV segment providing for the maximum demand at over 44% in 2016. However, the disc segment is projected for a stronger growth rate, gaining traction from growing demand for industrial power electronics devices in several countries such as China, the U.S., and Singapore. End-user bifurcation of the market has been done into line voltage equipment, automotive electronics, wireless handset telecommunication, consumer electronics, industrial power electronics, and lighting ballasts. Based on construction, the market has been categorized into surface mount and through hole. Geographically, the analyst of this report on the metal oxide varistor market has highlighted Asia Pacific as the most profitable region, providing for 54% of the total global demand in 2016, driven primarily by the emerging economy of China.
Escalated Manufacturing of Electronic Devices Driving Demand
Also sometimes referred to as surge-suppressor, metal oxide varistors are essentially electronic component that shields electronic products from high voltage and are gaining adoption over other alternatives such as laser diodes. In comparison to the latter, the former has the ability to transmit elevated connected energies at lower cost, and this is the most prominent driver of the global metal oxide varistor market. In addition to that, growing popularity and application of the Internet of Things (IoT) by several industry players to upscale production, radical escalating in the manufacturing of electronic devices, increased defense budget of a number of emerging economies, prosperity of the aerospace industry, and growing ubiquity of wireless communication devices are some of the other factors reflecting positively on the global metal oxide varistor market.
Volatility in Prices of Raw Materials Hindering Growth Rate
On the other hand, volatility of the cost of palladium, which is the primary raw material for the manufacturing of MOVs, is the most prominent restraint over the market for the same. The analyst has noted that a number of manufacturers are facing difficulty in the completion of their targets due to this volatility of prices of raw materials. In addition to that, the inability of MOV to tap into the market for products pertaining to low voltages is also challenging the market from attaining its true potential. Nevertheless, the vendors of this market stand to gain new opportunities from mounting application of medical electronics for scanning and diagnostics.
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The information presented in this review is based on a Transparency Market Research report, titled, "Metal Oxide Varistor (MOV) Market (Type – Disc, Strap, Block, and Ring; End User – Automotive Electronics, Line Voltage Equipment, Wireless Handset Telecommunication, Industrial Power Electronics, Consumer Electronics, and Lighting Ballasts; Construction – Surface Mount and Through Hole; Composition – Zinc Oxide) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."