Albany, NY -- (SBWIRE) -- 10/12/2017 -- 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.
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TDK Corp., General Electric, KEMET Corp., and Moda-Innochips Co. Ltd. are some of the leading participants in this market mentioned in this 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.
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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
"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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The growing awareness among consumers regarding safety devices, such as SPDs, is also projected to drive the demand for varistor in the years to come. However, the dynamic nature of the semiconductor and electronics industry may create challenges for the future growth of this market, reports the research study.
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