ReportLinker announces the release of the report "Global Metal Oxide Varistors (MOV) Industry". The research report concludes that Global Metal Oxide Varistors (MOV) Market would reach US$17.8 Billion by the Year 2026.
An MOV is a non-linear and voltage-dependent component providing exceptional transient voltage suppression. The main purpose of metal oxide varistors in circuits is to protect them from surges in high voltage, particularly when the surge in voltage exceeds a specific voltage. The market for MOVs had been witnessing strong demand growth from the rapidly rising consumer electronics and telecommunications end-use sectors. Increasing demand for smart electronics is anticipated to bode well for the market. The demand for MOVs is expected to continue to grow, backed by increasing sales of electronic devices and demand for semiconductors, and the growing demand for advanced consumer electronic products that are high on sophisticated features, connectivity, and comfort. In addition to these product markets, MOVs also hold potential for penetration in the industrial, automotive, and telecommunication sectors. The MOVs are extremely useful in protecting both the circuit and its components by absorbing the potentially harmful energy, thus preventing any damage to the circuit. This makes their use widespread in industries using circuits in their products, devices, or electronic components.
Amid the COVID-19 crisis, the global market for Metal Oxide Varistors (MOV) estimated at US$11.3 Billion in the year 2022, is projected to reach a revised size of US$17.8 Billion by 2026, growing at a CAGR of 11% over the analysis period. Ring MOV, one of the segments analyzed in the report, is projected to grow at an 11.6% CAGR to reach US$9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Block Mov segment is readjusted to a revised 10.9% CAGR for the next 7-year period. This segment currently accounts for a 19.8% share of the global Metal Oxide Varistors (MOV) market. Ring MOVs are the predominant type currently utilized owing to their increased efficiency in protecting electronic devices from voltage surges. Ring MOV is considered critical for over-voltage protection, arching protecting, voltage spike protection, and line-to-line protection. The U.S. market is estimated at $1.3 Billion in 2022, While China is Forecast to Reach $5.1 Billion by 2026.
The Metal Oxide Varistors (MOV) market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for an 11.45% share of the global market. China, the world`s second-largest economy, is forecast to reach an estimated market size of US$5.1 Billion in the year 2026 trailing a CAGR of 12.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while the Rest of the European market (as defined in the study) will reach US$667.5 Million by the close of the analysis period. North America is also home to several major ring MOV suppliers. Asia-Pacific constitutes another prominent market, where rapid growth of the communication and electronics industries has been driving growth. South Asia and East Asia in particular are witnessing robust growth in IT hardware demand, boosting the market for ring MOVs.
Strap MOV Segment to Reach $2.4 Billion by 2026
Strap metal oxide varistors are used to protect against surges to ensure that electrical networks remain protected against surges in buildings and systems like photovoltaic systems and wind turbines. Strap varistors are available in square and round disks and feature silicate or epoxy coating. In the global Strap MOV segment, the USA, Canada, Japan, China, and Europe will drive the 8.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$816 Million will reach a projected size of US$1.6 Billion by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$540.7 Million by the year 2026.
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