Resistive
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.
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.
Market
Segmentation
The Market Research Future report
offers a wide segmental analysis of the Resistive
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.
Key
Players
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.
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