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San Francisco , April 21, 2022 /PRNewswire/ -- The global permanent magnets market size is projected to reach approximately USD 39.70 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.4% over the forecast period. The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth over the forecast period. The demand for the product is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, and other essential & non-essential healthcare devices. The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure.
Key Insights & Findings from the report:
Read 117 page market research report, "Permanent Magnets Market Size, Share & Trends Analysis Report By Material (Ferrite, NdFeB), By Application (Consumer Goods & Electronics, Energy), By Region (Europe , Asia Pacific ), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Permanent Magnets Market Growth & Trends
For instance, the Government of India laid out the plan to upend its healthcare spending by nearly 3% of its total GDP by 2022. Such initiatives are likely to drive the product demand in the healthcare sector over the predicted timeline. The product is also significantly used in wearable electronic devices. The global economy is currently witnessing drastic developments in technology, which has led to the proliferation of smart electronic devices. The market for wearable electronics devices, smartphones, and other smart technologies in advanced as well as emerging economies is likely to witness significant growth. This is likely to indirectly benefit the product demand over the forecast period. The global market is fragmented and is characterized by regional concentration. On account of the presence of large-scale rare earth metal deposits in China , numerous small, medium, and large-scale manufacturers are located in close vicinity.
Permanent Magnets Market Segmentation
Grand View Research has segmented the global permanent magnets market on the basis of material, application, and region:
Permanent Magnets Market - Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Permanent Magnets Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Permanent Magnets Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
List of Key Players of Permanent Magnets Market
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Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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