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Load Bank Market Analysis
The global load bank market is predicted to have a moderate growth at a favorable CAGR over the forecast period (2018-2022), reveals the new Market Research Future (MRFR) report.
Load banks are a vital tool that contractors use for preparing large electrical power systems for incorporating into the main power grid. They are essential for various applications in different industries, mainly to test power sources. It is a load bank that offers a fully controllable and contained load for measurable and predictable use. Load banks mimic peak and average loads that allow for measurement and testing of how power sources will perform in operation. Today load banks are available in different types with specific purposes. Matching the load bank with the application is vital to get accurate results. Electronic, capacitive, inductive, and resistive are the four common types of load banks.
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Load banks play an essential role in the majority of the industries, but are essentially vital in applications that use batteries, generators, or other power sources. It has a huge range of applications including wind turbines, removal of carbon build-up, load optimization, load rejection test, ground power testing, exercising engine generators, reducing wet stacking issues, and testing. The specialty of load banks is they help in stimulating variable electrical load conditions which can be measured, recorded, and controlled accurately. Not only this, load banks are often used for reducing problems associated with wet stacking, especially in backup generating systems that have diesel engines.
Various factors are driving the growth of the load bank market. These factors, in accordance with the Market Research Future (MRFR) report, include the need for testing power critical technology, especially in defense, marine, medical, and banking industries, expansion of renewable energy generation, increase in safety regulations and test for nuclear energy, and complexities associated with the integration as well as generation of distributed energy. Additional factors pushing market growth include big investments made in real estates, industries, IT and telecom, and power generation plants, growing demand for a reliable source of power, and burgeoning demand from numerous renewable energy systems. The rise in construction of various sources of renewable energy has propelled the need for power system testing equipment mainly load banks that are used to test the wind turbine generator, approving the protocol preceding to the connection and inspecting a new wind turbine model in factories.
Competitive Landscape
Key players profiled in the load bank market report include Coudoint S.A.S, CHROMALOX, Metal Deploye Resistor, ESSEX ELECTRO, MS Resistances, Aurora Generators, Northbridge (Crestchic), Astro Geo Marine, Inc, Jovyatlas, MCM Engineering, Inc, Hillstone, among others.
Global Load Bank Market Segmentation
The Market Research Future report offers a wide segmental analysis of the load bank market based on application and type.
By application, the load bank market is segmented into oil, gas and nuclear, power generation, data centers, industrial, government/military, maritime/shipyards, and others. Of these, the power generation segment will dominate the market during the forecast period.
Based on type, the load bank market is segmented into resistive and reactive and reactive/resistive.
Regional Analysis
Based on the region, the load bank market report covers growth opportunities as well as the latest trends across North and South America, Europe, the Middle East and Africa, and the Asia Pacific. Of these, the Asia Pacific region will have the lion's share in the market during the forecast period. India as well as China are the key contributors here. This is owing to rapid industrialization and also the need for constant power source and power backup.
The load bank market in North America and Europe is predicted to move gradually to a mature phase over the forecast period.
Industry Related News
May 2019: ASCO Power Technologies announced the availability of their Sigma LT Control System exclusively for the 5000 Series load banks. It will offer advanced functions, best-in-class application flexibility, and user-friendly features. Henceforth ASCO customers can enjoy networking abilities, intelligent load profiling, and industry-leading flexibility for which the Sigma Control Solutions are popular for.
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