Permanent Magnets Market Is Estimated To Expand Further At A CAGR Of 8.7% From 2024 To 2030
Permanent Magnets Industry Overview The global permanent magnets market size was valued at USD 22.18 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2030. The rising prominence of renewable energy sources, such as wind and solar, is anticipated to positively aid the market growth over the forecast period. At present, permanent magnets are used in wind turbine generators for increasing their efficiency. Rare earth magnets, such as Neodymium Ferrite Boron (NdFeB), are being predominantly used in wind turbines owing to benefits, such as increased reliability and reduction in maintenance costs. Gather more insights about the market drivers, restrains and growth of the Permanent Magnets Market The permanent magnet market in U.S. is expected to grow at a higher rate than its ferrite counterpart over the forecast period owing to its wide usage in high-end applications like robotics, wearable devices,...