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.
Load Bank Market Segmentation
The Market Research Future report offers a wide
segmental analysis of the load
bank market analysis by 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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