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. A detailed analysis report of COVID-19 impact on Global Load Bank Market is provided
with the report.
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 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.
Access Full Report at: https://www.marketresearchfuture.com/reports/load-bank-market-1802
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