Kuwait’s permanent magnet market is witnessing steady growth, driven by the country's economic diversification efforts, expanding industrial and technology sectors, and growing emphasis on renewable energy. Under Kuwait Vision 2035, the nation is working to reduce its dependence on oil exports by investing in key areas such as manufacturing, energy, and transportation-all of which contribute to increased demand for permanent magnets.
The country is placing greater focus on renewable energy development, with solar power leading the way and wind energy initiatives gradually gaining momentum. Permanent magnets are essential components in wind turbine generators, which are expected to see increased deployment as Kuwait pursues its clean energy objectives. As part of its long-term sustainability strategy, the demand for permanent magnets in renewable energy applications is projected to grow throughout the forecast period.
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