The market for chokes is anticipated to expand over the upcoming years due to a rise in demand for renewable energy such as solar and wind for power generation. In addition, the surge in portable consumer electronics production across the globe and their rapid utilization through IoT has had a significant impact on the telecommunication industry. Hence, the growth of the consumer electronics and telecommunication industry is projected to boost the demand for the chokes market in the forecast period. The chokes market size was valued at $1.5 billion in 2021, and the chokes industry is estimated to reach $2.6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
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Chokes are passive electronic components that are used to
regulate the flow of current in electrical circuits. They are also known as
inductors or reactors. A choke is essentially a coil of wire that is wound
around a magnetic core. When current flows through the coil, it creates a
magnetic field that opposes changes in the current. This effect is known as
inductance.
Chokes are used in a variety of electrical circuits to
smooth out variations in the current and filter out unwanted frequencies. They
are often used in power supplies, where they can help to reduce noise and
interference in the electrical output. They are also used in a variety of other
applications, including telecommunications, consumer electronics, and
automotive systems.
Many different types of chokes are available, such as
common-mode chokes, differential-mode chokes, and high-frequency chokes. The
choice of choke depends on the specific application and the electrical
characteristics of the circuit in which it will be utilized.
The chokes market is expected to grow in the coming years,
driven by several key factors. One of the main drivers of the market is the
surge in demand for advanced electronic systems and technologies in a range of
industries, including automotive, telecommunications, consumer electronics, and
industrial automation. As these industries continue to grow and evolve, the
demand for chokes to regulate the flow of power and protect sensitive equipment
from electrical noise and interference is expected to increase.
Another factor that fosters the chokes market growth is a
rise in demand for renewable energy systems, such as wind turbines and solar
panels. Chokes are a critical component of the electrical systems used in these
systems, and as the demand for renewable energy continues to grow, the demand
for chokes to regulate the flow of power is also expected to increase.
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In addition, the growing demand for medical devices, such as
MRI machines and X-ray systems, is also expected to drive growth in the chokes
market trends. Chokes are used in the electrical systems of these devices to
regulate the flow of current and reduce electrical noise, and as the demand for
medical devices continues to grow, the demand for chokes is also expected to
increase. The abovementioned factors will provide ample chokes market
opportunities during the forecast period.
While the choke market offers significant growth
opportunities, there are also several factors that could restrain its growth.
One of the main restraining factors is the increase in popularity of
alternative technologies, such as capacitors, which can provide similar
functionality as chokes in some applications. This could lead to decreased
demand for chokes in certain markets.
In addition, the high cost of materials used in chokes, such
as copper wire and magnetic cores, can make them relatively expensive compared
to other electronic components. This could limit the adoption of chokes in
cost-sensitive markets, such as consumer electronics. Finally, the complexity
of designing and integrating chokes into electronic systems can be a challenge
for some manufacturers, which could limit their ability to take advantage of
the benefits that chokes can offer.
The chokes market forecast is segmented into type, end-use,
and region. By type, the market is divided into power inductors, RF chokes,
common-mode chokes, and others. By end-use, it is classified into automotive,
consumer electronics, aerospace & defense, telecommunication, industrial
automation, and others. By region, the market is analyzed across North America,
Europe, Asia-Pacific, and LAMEA.
By type, it is divided into power inductors, RF chokes,
common-mode chokes, and others. The common-mode choke segment accounted for the
largest revenue share in the global chokes market in 2021.
By end-use, it is divided into automotive, consumer
electronics, aerospace & defense, telecommunications, industrial
automation, and others. The consumer electronics segment accounted for the
largest revenue share in the global chokes market in 2021.
By region, Asia-Pacific is one of the fastest-growing
markets for chokes, with significant demand from industries such as
telecommunications, consumer electronics, and automotive. The market share for
chokes in Asia-Pacific is expected to continue to grow due to the increasing
adoption of electronic systems and the growth of manufacturing industries in
the region. Asia-Pacific is home to some of the largest manufacturing
industries in the world, including electronics, semiconductors, and industrial
automation.
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Chokes are used in various applications within these
industries, including power supplies, motor control, and signal conditioning.
The demand for chokes in manufacturing industries is expected to continue to
grow as these industries become more advanced and automation becomes more
widespread. This is expected to provide lucrative opportunities for the growth
of the chokes market.
Key Findings of the Study
- As per
the chokes market analysis, on the basis of type, the common mode choke
segment emerged as the global leader by acquiring more than two-fifths of
the chokes market share in 2021 and is anticipated to continue this trend
during the forecast period.
- On the
basis of end-use, the consumer electronics segment emerged as the global
leader by acquiring more than one-third of the chokes market share in 2021
and is anticipated to continue this trend during the forecast period.
- On the
basis of region, Asia-Pacific is the major consumer of chokes among other
regions. It accounted for more than one-third of the global market share
in 2021.
IMPACT OF COVID-19 ON THE GLOBAL CHOKES MARKET
The pandemic also drove demand for electronic devices and
infrastructure, as more people have been working and studying from home. This
increased the demand for chokes and other electronic components used in these
devices, as well as in the data centers and communication networks that support
them.
In the post-pandemic era, there is an increase in demand for
renewable energy solutions and sustainable infrastructure, which is expected to
drive demand for chokes in the power generation industry. The growth in the
need for reliable data communication and connectivity is anticipated to drive
demand for chokes in the telecommunications and data center industries.
In addition, the adoption of advanced technologies such as
5G networks, the Internet of Things (IoT), and artificial intelligence (AI) is
expected to drive demand for high-performance electronic components such as
chokes. As businesses and industries continue to adapt to the changing
landscape, the chokes market is expected to continue growing and evolving in
the post-pandemic era.
Competitive Landscape
Key players in the chokes industry are Eaton Corporation,
Murata Manufacturing Co., Ltd., Sumida Corporation, Delta Electronics, Inc.,
Panasonic Corporation, Rohm Semiconductor, Pulse Electronics, AVX Corporation,
Vishay Intertechnology, and TDK Corporation. These players have adopted various
strategies to gain a higher share or retain leading positions in the market.
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