Energy consumption has observed a rapid rise over the years due to the constant increase in the global population. Swift industrialization and urbanization are also responsible for expansive energy consumption. Hence, the alarming need to find alternative sources of energy is increasing as the days pass.
Wind energy is a prominent source of clean and green energy. Wind turbines require permanent magnet generators for a smooth mechanism of energy production. Thus, the permanent magnet generators market may gain considerable growth during the forecast period of 2024-2030. Permanent magnet generators are utilized on a large scale in wind turbine systems and hydro turbine systems.
This report displays extensive growth factors to the stakeholders and CXOs that help them achieve substantial growth in the permanent magnet generators market. The exhaustive analysis of each aspect related to the permanent magnet generators market’s growth will be presented in this report. A detailed analysis of TMRs (Trends, Manufacturers, and Regions) associated with the permanent magnet generators market is included in the report.
It also includes points about the COVID-19 impact on the permanent magnet generators market and the vital threats that the permanent magnet generators market may face between 2024 and 2030.
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Permanent Magnet Generators Market: Competitive Analysis
The permanent magnet generators market is a vast arena with substantial players in the ring for achieving a prominent position among the end-user base. The players consider diverse factors during the production of permanent magnet generators to make their products stand out from others. Research and development activities form an important factor in developing these generators.
Mergers and acquisitions also play a crucial role in inviting growth. For instance, USA Rare Earth, LLC, recently acquired permanent magnet manufacturing equipment from Hitachi Metal America, Ltd. Some well-established players in the permanent magnet generators market are Windstream Power LLC, Hyosung Power & Industrial Systems PG, THE SWITCH, RAMME Electric Machines GmbH, and PM-Generator, Germany.
Permanent Magnet Generators Market: Recent Developments
A range of developments have taken place across the permanent magnet generators market in recent times. These developments have the potential to add extra stars of growth to the permanent magnet generators market. Some of the major developments are as follows:
- China recently developed a 10MW permanent magnet generator for offshore wind turbine
- Enercon announces supply of E-160 EP5 E2 wind turbines powered with a 5.5 MW permanent magnet generator to Vietnam’s largest wind power plant
- A permanent magnet generator concept by Greenspur Renewables could assist the developers in designing massive 25 MW offshore wind turbines
- Germany plans to test 20 MW wind turbines soon, for which the German energy ministry has funded $13.7 mn
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Permanent Magnet Generators Market: Geographical Insights
The permanent magnet generators market in Asia Pacific may generate promising growth across the forecast period of 2024-2030. China and India are scaling up their renewable energy mechanisms. Huge investments and supportive government policies in terms of renewable energy may increase the demand for permanent magnet generators in the region.
Furthermore, India aims to achieve a target of 175 GW of renewable energy installations by 2024. This aspect highlights the bright future of the permanent magnet generators market in Asia Pacific. North America and Europe may also record substantial growth due to large-scale renewable energy projects across numerous countries.
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