Permanent magnets are also being used to increase performance for marine technology, according to U.K.-based automation and motion engineering magazine Drives & Controls. Finland-based manufacturer The Switch introduced motor and generator systems made with permanent magnets, saying it will generate power more effectively and save shipowners money on fuel.

"Soaring fuel prices, global overcapacity and lower profit margins are forcing shipbuilders to rethink conventional power configurations," said The Switch's president and CEO, Jukka-Pekka Makinen. "This has opened the way for advanced technologies that are revolutionizing the way ships generate and use energy for the good of the environment."

Makinen said the permanent magnet (PM) motor and generator technology changes the large merchant shipping sector. Like the ITRI's FluxMerge technology, the PM machines are also lighter and smaller than their typical counterparts. The magnets allow the generators to run at various speeds and give way toward more design flexibility. He said shipowners could cut fuel costs by about $67,000 per year and result in up to 7 percent more revenue annually.