Wind has become one of the fastest growing forms of renewable energy technology, even beating solar and biomass in certain parts of the world. In some U.S. states like Iowa, wind is the cheapest energy source, which is a boon to the wind power industry as it aims to expand both grounded and offshore wind farms. The wind power generation industry is expected to generate prodigious growth in the market for permanent magnets, according to a report by Research and Markets.
"Significant growth of the wind energy generation industry owing to rapid industrialization, rising population and increase in demand for electricity is also expected to boost the permanent magnet industry," the report by the research firm said.
Major companies like Google are also supporting the renewable energy sector by investing in sustainable energy sources to power its data centers and other tech support facilities, CNBC reported. Rick Needham, Google's director of energy and sustainability, said the company has spent more than $1 billion in 15 wind and solar projects that have a power generation capacity of 2 gigawatts.
