Rising demand for connected devices and electric vehicles is driving the growth of Global Metal Oxide Varistor Market in the forecast period, 2023-2027.
According to TechSci Research report, “Metal Oxide Varistor Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the global metal oxide varistor market stood at USD8,693.25 million in 2021 and is projected to grow at a CAGR of 4.17% in the forecast period, 2023-2027. The surge in the adoption of electric vehicles and the growing popularity of smart building concepts are the key factors driving the demand for global metal oxide varistor in the next five years. An increase in the environmental concerns and stringent emission norms implemented by the government of various countries are accelerating the demand for alternate fuel automobiles. The fluctuations in crude oil prices and limited availability on earth are fueling the adoption of electric vehicles across the globe. Electric vehicle manufacturers integrate passive components like metal oxide varistors to prevent damage and efficiently handle the power voltage situation. The rise in the sales and production of electric vehicles across the globe is expected to accelerate the global metal oxide varistor market growth in the forecast period.
The government is encouraging a sustainable environment and energy-efficient lighting to save energy which is expected to spur the demand for LED lighting as they consume less energy. The LED lights are equipped with a metal oxide varistor to protect the lights from getting damaged by voltage transients. The rise in the demand for LED lighting is expected to boost the demand for metal oxide varistors across the globe.
However, the availability of substitutes of metal oxide varistor may restrain the market growth in the forecast period.
Browse over 186 market data Figures spread through 256 Pages and an in-depth TOC on “Global Metal Oxide Varistor Market”
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The global metal oxide varistor market is segmented into type, end user, construction, sales channel, region, and competitive landscape.
Based on end user, the market is divided into consumer electronics, telecom equipment, automotive electronics, industrial power electronics, lighting ballasts, and others. The consumer electronics industry led the market with a market share of 26.97% in 2021. The rise in the disposable income of the consumers and ongoing technological innovations in the electronic industry bolster the demand for electronic devices across the globe. The entry of new market players and huge untapped potential in developing countries is expected to create lucrative growth opportunities for the consumer electronics industry in the forecast period, hence contributing to the segmental growth.
On the basis of regional analysis, the Asia-pacific region dominated the market and held a market share of 41.72% in 2021 and is expected to maintain its dominance through the next five years. Countries like China and India are undergoing massive digital transformations and are the fastest developing countries. Rapid industrialization and urbanization and the construction of smart cities in different countries of Asia-pacific are expected to boost the demand for connected devices. Also, the Asia-pacific region is the manufacturing hub for electronic components and devices, which is expected to fuel the demand for metal oxide varistor to protect the devices from getting damaged.
Major market players operating in the global metal oxide varistor market are :
- TDK Corporation
- Kemet Corporation
- Vishay Intertechnology, Inc.
- Murata Manufacturing Co., Ltd.
- Littelfuse, Inc.
- Panasonic Corporation
- Elpro International Limited
- Dean Technology, Inc.
- MDE Semiconductor, Inc.
- Amotech Co., Ltd.
- Kyocera AVX Components Corporation
- General Electric Company
- Moda-InnoChips Co., Ltd.
- Centra Science Corp.
- Chenshuo Electronics (Jiujiang) Co., Ltd.
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“The growing demand for advanced technologies like automation technology, artificial intelligence, and robotics in industries to improve efficiency and performance drives the industrial digital transformation across the globe. The governments across the globe are laying the framework and promoting the implementation of industry 4.0 to drive the sustainable growth of the industries, thereby fueling the demand for connected machines and devices. To ensure the smooth functioning of organizations and avoid downtime during the production process, enterprises actively adopt passive components, including metal oxide varistor. The rise in the number of industries and the growing adoption of novel technologies during industrial processes is expected to propel the global metal oxide varistor market growth till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Metal Oxide Varistor Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Disc Metal Oxide Varistor, Strap Metal Oxide Varistor, Block Metal Oxide Varistor, Ring Metal Oxide Varistor, Others), By End User (Consumer Electronics, Telecom Equipment, Automotive Electronics, Industrial Power Electronics, Lighting Ballasts, Others), By Construction (Through Hole, Surface Mounted), By Sales Channel (Manufacturer/Distributor/Service Provider, Aftermarket), By Region”, has evaluated the future growth potential of global metal oxide varistor market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global metal oxide varistor market.
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