Global Metal Oxide Varistor Market Size By Type (SMD Type, Leaded Type), By Application (Consumer Electronics, Telecommunication, Home Appliance), By Geographic Scope And Forecast

Metal Oxide Varistor Market Size And Forecast

Metal Oxide Varistor Market size was valued at USD 11,160.62 Million in 2022 and is projected to reach USD 26,365.81 Million by 2030, growing at a CAGR of 11.94% from 2024 to 2030.

Increasing demand for the semiconductor and electronics industry are factors driving the market. The Global Metal Oxide Varistor Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Metal Oxide Varistor Market Definition

A Metal Oxide Varistor (MOV) is a type of voltage-dependent resistor commonly used in electronic devices and power systems to protect against transient overvoltage conditions. It belongs to the family of nonlinear resistors and is designed to provide a variable resistance with voltage. A MOV is typically made of a ceramic material, primarily zinc oxide, which is combined with other metal oxides. The ceramic is then formed into a disc shape and coated with electrodes on both sides. The resulting structure provides a semi-conductive path between the electrodes. Under normal operating conditions, MOVs have a high resistance. However, when a voltage surge occurs and exceeds a certain threshold (breakdown voltage), the MOV becomes highly conductive, shunting the excess voltage to protect connected devices.

MOVs are widely used in surge protectors for electronic equipment, power distribution systems, and appliances to safeguard against voltage spikes caused by lightning, switching operations, or other disturbances. MOVs are integrated into power supplies, electronic devices, and circuitry to protect sensitive components from voltage transients and spikes. MOVs find applications in telecommunications equipment and networks to prevent damage from lightning-induced surges and other transient events. In industrial settings, MOVs are employed to protect machinery, control systems, and sensitive electronics from voltage fluctuations and transient disturbances.

Metal Oxide Varistors are essential components in the realm of electrical protection, offering a reliable and efficient solution for mitigating the impact of transient voltage events in a wide range of applications. Their construction, operation, and applications make them indispensable for ensuring the resilience of electronic systems and equipment against voltage fluctuations and surges.

Global Metal Oxide Varistor Market Overview

The Metal Oxide Varistor Market is witnessing significant growth owing to various driving factors such as increasing demand for the semiconductor and electronics industry, increasing use of Metal Oxide Varistors (MOVs) in LED lighting solutions, rise of electric vehicles (EVs) is a transformative trend in the automotive industry, and others. The increasing demand for the semiconductor and electronics industry serves as a driving force behind the widespread application of Metal Oxide Varistors (MOVs) globally. As electronic devices become more pervasive, industrial processes more automated, and communication networks more advanced, the need for effective surge protection solutions becomes critical. MOVs play a pivotal role in ensuring the reliability, longevity, and safety of electronic systems across various applications within the semiconductor and electronics sector. As technology continues to advance, the importance of MOVs in providing robust surge protection is expected to grow, solidifying their position as a foundational component in the ever-expanding world of electronics.

However, the growing demand for primary protection of equipment from bursts represents a pivotal opportunity for the MOV market. As electronic devices become integral to various industries, the need for effective surge protection solutions, with MOVs at the forefront, continues to expand. MOVs offer a robust and reliable means of preventing burst situations, ensuring the longevity and reliability of electronic equipment in applications ranging from consumer electronics to industrial automation and renewable energy systems.

The expanding application of MOVs in the aerospace and healthcare sectors reflects a strategic response to the unique challenges posed by these industries. The correlation between surge protection needs and the critical electronic systems in aerospace and healthcare settings positions MOVs as key components in ensuring the safety, reliability, and precision of electronic equipment in these dynamic and technologically advanced fields. As these industries evolve, MOVs are set to play an increasingly integral role in supporting their technological progress and enhancing the resilience of electronic systems critical to human health and safety.

Global Metal Oxide Varistor Market Segmentation Analysis

The Global Metal Oxide Varistor Market is segmented based on Type, Application and Geography.

Metal Oxide Varistor Market, By Type

• SMD Type
• Leaded Type

The Global Metal Oxide Varistor Market is experiencing a scaled level of attractiveness in the “Type” segment. SMD Type accounted for the largest market share of 85.58% in 2022, with a market value of USD 9,551.80 Million and is projected to grow at the highest CAGR of 12.48% during the forecast period. Leaded Type was the second-largest market in 2022, valued at USD 1,608.81 Million in 2022; it is projected to grow at a CAGR of 8.25%.

SMD MOVs are compatible with automated manufacturing processes, including pick-and-place machines commonly used in surface mount technology (SMT) assembly. This allows for efficient and cost-effective mass production of electronic devices, making SMD MOVs suitable for applications where high-volume production is a requirement. The elimination of leads in SMD MOVs results in lower parasitic inductance and capacitance. This is crucial in high-frequency applications where minimizing these parasitic elements is essential for maintaining signal integrity and preventing interference. SMD MOVs are often preferred in applications such as telecommunications and high-speed data transmission.

Metal Oxide Varistor Market, By Application

• Consumer Electronics
• Telecommunication
• Home Appliance
• Automotive
• Industrial Equipment
• Others

The Global Metal Oxide Vartistor Market is experiencing a scaled level of attractiveness in the “Application” segment. Consumer Electronics accounted for the largest market share of 31.47% in 2022, with a market value of USD 3,512.62 Million and is projected to grow at the highest CAGR of 14.88% during the forecast period. Home Appliance was the second-largest market in 2022, valued at USD 2,725.14 Million in 2022; it is projected to grow at a CAGR of 11.08%.

Metal Oxide Varistors (MOVs) play a critical role in the consumer electronics industry, providing essential surge protection for a wide range of electronic devices that are integral to our daily lives. As the demand for advanced and interconnected consumer electronics continues to grow, the importance of MOVs in safeguarding these devices from voltage transients, surges, and lightning strikes becomes increasingly prominent. Consumer electronics encompass a vast array of devices, ranging from smartphones and laptops to smart TVs, gaming consoles, home appliances, and more. These devices are susceptible to voltage spikes and transient events that can occur due to factors like lightning strikes, power grid fluctuations, or internal switching operations. MOVs act as protective components, absorbing excessive voltage and diverting it away from sensitive electronic components, ensuring the longevity and reliability of consumer electronics

Metal Oxide Varistor Market, By Geography

• Asia-Pacific
• North America
• Europe
• Latin America
• Middle East & Africa

The Global Metal Oxide Varistor Market is experiencing a scaled level of attractiveness in the Asia-Pacific region. Asia-Pacific accounted for the largest market share of 53.95% in 2022, with a market value of USD 6,021.30 Million and is projected to grow at the highest CAGR of 14.86% during the forecast period. North America was the second-largest market in 2022, valued at USD 2,603.37 Million in 2022; it is projected to grow at a CAGR of 6.83%.

The Metal Oxide Varistors (MOVs) industry in the Asia-Pacific (APAC) region represents a dynamic and rapidly evolving landscape. As one of the fastest-growing markets for electronic components, APAC is a significant contributor to the global surge protection sector. The region’s robust industrial growth, technological advancements, and increasing reliance on electronic systems contribute to the expanding applications of MOVs. The MOVs industry in APAC showcases a blend of maturity and innovation, driven by the diverse surge protection needs across sectors. The MOVs industry in APAC exhibits a mix of maturity and growth, reflecting the diverse economic landscapes and industrial development across the region. While certain segments have matured, particularly in established markets like Japan and South Korea, other rapidly growing economies, such as China and India, contribute to the industry’s ongoing expansion. The maturity is evident in the widespread adoption of MOVs across various applications, the presence of established manufacturers, and the development of advanced surge protection technologies.

Key Players

The major players in the market include Panasonic Corporation of North America, Littlefuse, Inc., Bourns, Inc., TDK Electronics, Nippon Chemi-Con Corporation, KOA Corporation, Thinking Electronic Industrial Co., Ltd., Elpro International Ltd., Raycap Inc., JOYIN CO., LTD., AEM Components, Inc., Nanjing Shiheng Electronic Technology Co., Ltd, Kestar Electronic, Fatech Electronic Co., Ltd., Fenghua and others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with Coating Type benchmarking and SWOT analysis.

Key Developments

• In April 2023, Thinking Electronic launches its plastic encapsulated type varistor, TVB-T series for the protection of network port. It has an EIA4941 product size and a maximum continuous voltage (Vac) of 230V.
• In June 2023, KOA Corporation expanded its manufacturing facility in Malacca, Malaysia, to cater to the growing demand for chip resistors. The manufacturing facility will feature an area of more than 83,000 m2.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness