Million Insights refers to a study statement by Grand View Research to report that the global permanent magnet market is estimated to reach $38.53 billion by 2024. With reference to the study statement by Grand View Research, the global permanent magnet market is estimated to develop at a higher CAGR by the completion of the prediction period. The market of permanent magnet is mostly motivated by the growing demand for effectiveness and miniature size in, for example, sensors, switches, lifts, and the increasing automobile manufacturing in the area of Asia-Pacific. The permanent magnet is mostly utilized in switches, sensors, motors, actuators and others.
The division of the global Permanent Magnet market on the source of Type of Application could span Industrialized, Automotive, Electronics. The increasing demand for electronics is estimated to increase the demand for permanent magnets above the period of prediction. But, the arrival of cloud computing, combined with its greater proportion of acceptance is estimated to undesirably influence the market of electronic storage device like DVDs, VCDs, and CDs which is expected to impede the development of industry.
Rare earth is broadly utilized in the machineries made for military & defense purposes, Aerospace missions and the aeronautics manufacturing. Furthermore, promethium discovers its usage in the batteries made for atomic equipment, spaceships and the arrangements of guided projectile. It is expected to increase the demand above the period of prediction.
For greater insights, browse the 154-page "Global Permanent Magnet Market" research report.