REPORT HIGHLIGHT
Chip metal oxide varistor (MOV) market size was valued at USD 98.4 Million in 2022, expanding at a CAGR of 6.9% from 2023 to 2030.
Chip metal oxide varistor (MOV) is known as the electronic component that offers surge protection by diverting and surpassing excessive voltage transient. Chip MOVs are commonly made of metal oxide materials including zinc oxide, along with other metal oxide addictive. Moreover, these chips are made to have a small form factor, making them compatible with Sizes employing surface mount technology (SMT). This compact size can be easily integrated into heavily populated PCBs due to their small size, which is contributing to space-efficient designs.
Chip Metal Oxide Varistor (MOV) Market- Market Dynamics:
- Increasing renewable energy and infrastructure development & rapid urbanization will fuel the market demand.
- The renewable energy sector includes wind and solar power installations, which can be susceptible to transient voltages and voltage fluctuations. In addition, in these installations MOVs are used to ensure stable operation and protect sensitive equipment. Moreover, the demand for surge protection components like MOVs increases as the electronics industry continues to rise. Several electronic devices such as from industrial machinery to household appliances are dependent on voltage surges and require protection to maintain their reliability. Thus, such factors may propel the chip MOVs market growth. However, MOV chips have a finite lifespan and repeated exposure to voltage surges could trigger the effectiveness of these gadgets to degrade over time which may hamper the market demand. Furthermore, rising infrastructure development and rapid urbanization offer opportunities for the implementation of electronic systems in transportation networks and smart cities. Thus, chip metal oxide varistor plays a crucial role in safeguarding these systems from power surges, which will project to drive the market growth.
Chip Metal Oxide Varistor (MOV) Market- Key Insights:
- As per the analysis shared by our research analyst, the chip metal oxide varistor (MOV) market is estimated to grow annually at a CAGR of around 6.9% over the forecast period (2023-2030)
- The chip metal oxide varistor (MOV) industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
- Based on type segmentation, array was predicted to show maximum market share in the year 2022
- Based on single chip segmentation, medium voltage was the leading type in 2022
- On the basis of region, Asia Pacific was the leading revenue generator in 2022
Chip Metal Oxide Varistor (MOV) Market- Segmentation Analysis:
- The global chip metal oxide varistor (MOV) market is segmented on the basis of type, size, end-use, and region.
- The market is divided into three categories based on type: array and single chip. The array segment is likely to possess the largest revenue share. It refers to the market that includes arrays of MOVs used in specific applications. In industrial equipment or critical infrastructure arrays of chip MOVs may be used in more demanding applications where higher levels of surge protection are needed.
- The market is divided into two categories based on Size: low voltage, medium voltage, and high voltage. The medium voltage segment is accounted to witness speedy growth. This is attributed to the voltage levels between 1 kV (kilovolt) and 36 kV. They are commonly employed for distributing electricity within commercial buildings, neighborhoods, and industrial facilities where higher power demands are present. Chip MOVs are used in medium voltage systems to ensure reliability and offer surge protection.
- The market is divided into four categories based on end-use: automotive, energy & utility, consumer electronics, it & telecom, and others. The automotive segment is attributed to maintaining its dominance over the forecast period. To handle the voltage spikes automotive chip MOVs are designed that can result from activities such as connecting or disconnecting electrical devices, starting the engine, and operating various systems within the vehicle. Moreover, the segment is anticipated to adopt electric vehicle (EV) technologies and advanced electronics thereby increasing the importance of protection against voltage fluctuations. As a result, it makes chip MOVs a crucial component in safeguarding the longevity and functionality of electronic systems within vehicles.
Chip Metal Oxide Varistor (MOV) Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Chip Metal Oxide Varistor (MOV) Market- Competitive Landscape:
The chip MOVs market has both new entrants and established players competing to provide cost-effective and innovative solutions. Moreover, the market is highly characterized by key players who supply and manufacture these components for various industries. The factors making MOVs a more attractive option for surge protection such as the development of advanced MOV materials and designs have contributed to improved reliability and performance. For instance, in March 2022, Panasonic commercialized and developed the world's first ZnO varistor (zinc oxide varistor) in 1968. By utilizing the varistor technology it developed over the years, the company has commercialized ZNR high-energy varistors suitable for various ranges of automotive applications, as part of its efforts to improve the heat resistance of varistors for load dump increase protection.
Recent Developments:
For instance, in September 2021, TDK Corporation introduced the mass production and development of the MMZ1608-HE series of high-reliability chip beads for automotive use, compatible with high-durability solder in 150 ℃ environments. In Addition, this series marks the industry's first* high-reliability chip bead selectively designed for automotive applications associated with electric power steering (EPS), engine control modules (ECM), electric & hybrid electric vehicles (EV/EHV), inverters & LED headlights, and anti-lock brake systems (ABS).
Key features of the study:
- This proposed research study on chip metal oxide varistor (MOV) market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the chip metal oxide varistor (MOV) market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for chip metal oxide varistor (MOV) market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the chip metal oxide varistor (MOV) market.
- Impact of COVID-19 on chip metal oxide varistor (MOV) market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on chip metal oxide varistor (MOV) market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the chip metal oxide varistor (MOV) market, we have also included competitive landscape and key innovator analysis for the chip metal oxide varistor (MOV) market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the chip metal oxide varistor (MOV) market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global chip metal oxide varistor (MOV) market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CHIP METAL OXIDE VARISTOR (MOV) MARKET KEY PLAYERS
- Panasonic Corporation
- Bourns, Inc.
- Centra Science Corp
- KEMET Corporation
- Dean Technology, Inc.
- Fenghua (HK) Electronics Ltd.
- Songtian Electronics Co., LTD (STE)
- JOYIN CO., LTD.
- Murata Manufacturing Co., Ltd.
- KOA Corporation
- Littelfuse, Inc.
- SEMITEC Corporation
- MDE Semiconductor, Inc.
- Nippon Chemi-Con Corporation
- Elpro International Ltd.
GLOBAL CHIP METAL OXIDE VARISTOR (MOV) MARKET, BY TYPE
GLOBAL CHIP METAL OXIDE VARISTOR (MOV) MARKET, BY SIZE
- Low Voltage
- Medium Voltage
- High Voltage
GLOBAL CHIP METAL OXIDE VARISTOR (MOV) MARKET, BY END-USE
- Automotive
- Energy & Utility
- Consumer Electronics
- IT & Telecom
- Others
GLOBAL CHIP METAL OXIDE VARISTOR (MOV) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA