The market for motors that create the magnetic field necessary for their operation using permanent magnets is known as the permanent magnet synchronous motors (PMSM) market. These motors are used in many different applications, including as electric cars, industrial automation, and renewable energy systems. They are noted for their excellent efficiency and high power density.
The market is being pushed by the rising use of renewable energy sources and the rising demand for machinery and systems that use less energy. The need for PMSM is also being fueled by the rising popularity of electric vehicles and industrial automation.
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