An axial inductor is also referred to as a color ring inductor.  It is a two-terminal passive electronic component that is used for filtering, tuning, power electronics and spike suppression. Inductors are ideal to use in the previously listed applications because they have an innate ability to store energy in the form of a magnetic field as long as current is flowing through them. When the current ceases to flow, the established magnetic field collapses and re-introduces the current back into the circuit.