Load Bank is a device to deliver electrical loads for testing power sources such as UPS and generators. Usually load Banks are used in factory testing of generator set, testing of battery system, ground power testing, and factory testing of turbines. Large amount of investment in industries, real estates, IT & telecom, and power generation plants will drive the market for generators and thus for load Banks market.
The global load bank market is estimated to be US$ 225.7 million by 2029 and is anticipated to register a CAGR of 3.10%.
The report "Global Load Bank Market, By Type (Resistive, Reactive, and Combined), By Application (Power Generation, Government/Military, Maritime/Shipyards, Oil, Gas, & Nuclear, Data Centers, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- In April 2016, ASCO Power Technologies, a subsidiary of Schneider Electric announced the availability of its Sigma LT Control Systems for its trailer-mounted 5000 Series Load Banks.
- In November 2018, Crestchic has recently completed its fifth cruise liner engine test at the Mayers shipyard in Turku Finland.
Analyst View:
Increase in Demand for Hand Portable Load Banks
Increase demand for load test activities for generator sets are attracting end-users, owing to a surge in demand for load bank resistors globally. Due to rising investments, several load bank manufacturers have designed and introduced hand portable load banks, which have attracted a significant number of end-users. A fair percentage of end-users prefer renting these load banks; the demand for hand-portable load banks is mounting. Several other wheeled load banks are also available in the load bank resistor market, which are also gaining prominence, thereby, augmenting the growth of load banks. Oil & gas is a prominent industry in the load bank resistor market. Oil & gas companies deploy generator sets to ensure continuous supply of electrical power to their offshore and onshore facilities. The rise in adoption of load banks is directly proportional to the procurement of load bank resistors from manufacturing point of view, and this factor is a crucial driver for the global load bank resistor market.
Growing load bank industry
The market is driven by factors such as refurbishment of aging electrical infrastructure and increasing investment in power distribution sector. The growing renewable-based power generation is expected to boost the demand for load break switches.
Key Market Insights from the report:
The global load bank market is estimated to be US$ 225.7 million by 2029 and is anticipated to register a CAGR of 3.10%. The market report has been segmented on the basis of type, application, and region.
- Depending upontype, the resistive segment is projected to grow at highest CAGR over the forecast period. All the electrical infrastructure and grid require the use of load bank for safe and reliable operation; hence resistive segment share the highest rate in this market.
- Based on application the load bank market is segmented into Power Generation, Government/Military, Maritime/Shipyards, Oil, Gas & Nuclear, Data Centers, Industrial, and others. Industrial segment shows the highest market due to large amount of investment in industries, real estate, IT & telecom, and power generation plants.
- By region, Load Banks market will be dominated by the Asia Pacific region. Rapid growth of industrialization in China and India and other countries and need for continuous power source & backup power are expected to drive the market for generators and Bank load in the region.
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Competitive Landscape:
The prominent player operating in the global pharmaceutical membrane filtration technologies market includes Northbridge, Coudoint S.A.S., Jovyatlas, MS Resistances, Metal Deploye Resistor, Hillstone, Astro Geo Marine Inc., ESSEX ELECTRO, MCM Engineering, Inc., Aurora Generators, and CHROMALOX.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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