The inductor market is projected to grow from USD 5.1 billion in 2022 and is projected to reach USD 7.0 billion by 2027; it is expected to grow at a CAGR of 6.6 % from 2022 to 2027.
Growth in the trend of smart cities and smart homes wherein energy-efficient electronic and electrical systems are required along with increase in innovations and developments in consumer electronic products is expected to propel the growth of the inductor market.
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Miniaturization is a new technology that is revolutionizing the manufacturing of inductors. With reduction in the size and thickness of wearables such as smartphones, there is an increasing adoption of higher-speed processors for optimal performance and multi-core processors for higher efficiency. This has culminated in the requirements for the miniaturization of all components used, including inductors. In the automotive sector, it has long been standard practice to define the available development space for modules before the development using actual components even begins. In industrial applications, there are also rising size restrictions for saving space, weight, and cost. Thus, downsizing of inductors has been on the rise.
The market for film type inductors segment is expected to exhibit higher growth during the forecast period. With the introduction of new electronic devices and the increased launch of new smartphone models, the demand for consumer electronics has increased, which, in turn, has increased the demand for film-type inductors as they are widely used in consumer electronics. Also, film type inductors are mounted by the surface mounting technique, as they require less space, which makes them suitable for compact devices such as smartphones and tablets. Thin-film type inductors act as common mode filters for telecommunication networks, thus, fueling the market for these inductors.
The market for surface-mount inductors segment is expected to grow at a higher CAGR during the forecast period.
Surface-mount inductors are usually wound on surface-mount bobbins but are also available as toroidal coils. These types of inductors are available only in smaller sizes and in a variety of shapes such as pot cores (round), RM (square pot cores), and a few others including custom shapes. Their applications include fluctuating power circuits to filter EMI currents at low inductance loss, DC-to-DC and AC-DC converters, storing energy, and switching regulated power supplies.
In terms of geographic coverage, the inductor market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period, primarily due to countries such as China, Japan and India contributing to the overall market share significantly. Asia Pacific is witnessing dynamic changes in terms of the adoption of new technologies across various industries. As Asia Pacific has low labor costs, most of the inductors are manufactured in Asia Pacific and are exported to various regions. There is an extensive rise in the demand for power, which is increasing the need for power management and thereby, accelerating the demand for inductors.
