The United Arab Emirates (UAE) is seeing strong growth in its permanent magnet market, driven by ongoing efforts to diversify its economy, embrace advanced technologies, and invest heavily in renewable energy and electric vehicles (EVs). Under national initiatives like Vision 2021 and Vision 2030, the UAE is prioritizing sustainability and technological innovation. Data from the Dubai Electricity and Water Authority projects that the number of EVs in Dubai will reach around 7,331 in 2023 and increase to 12,852 by 2025. This aligns with the goals of the Green Mobility Strategy 2030, which aims for electric and hybrid vehicles to make up 30% of public sector fleets and 10% of all vehicle sales by the end of the decade. As a result, the need for permanent magnets-especially in EV motors-is rising steadily.
The UAE has also committed significant resources to the development of renewable energy, particularly solar and wind power. Permanent magnets are crucial components in wind turbines, supporting the country's shift toward a more diverse and sustainable energy mix. Additionally, the UAE is constructing one of the largest solar parks in the world, where permanent magnets are used in various systems, including motors and actuators essential for energy production and storage solutions.
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