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 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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