Metal Oxide Varistor Market to Grow with a CAGR of 4.17% through 2027
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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