Load Bank Market Outlook
According to a new report by Expert Market Research titled, “Global Load Bank Market Trends, Size, Share, Analysis, Report and Forecast 2023-2028″, the global load bank market is projected to grow at a CAGR of 1.90% between 2023 and 2028. Aided by the growing needs for emergency power source and rapid industrialisation in the developing countries, the market is expected to grow significantly by 2028.
Load banks are devices that develop an electrical load, apply the load to an electrical power source, and convert or dissipate the resultant power output. They play a pivotal role in maintaining and validating the optimal operation of power systems, including generators, UPS (Uninterrupted Power Supply) systems, and battery systems. Apart from their load simulation capabilities, load banks also have excellent cooling, stabilising, and testing properties, making them a valuable asset in various industrial applications such as data centres, power generation stations, and oil and gas plants.
The rising demand for reliable power solutions is driving the global load bank market growth. With the increasing reliance on electricity for virtually every industry, there has been a significant shift towards comprehensive power testing solutions, leading to a surge in demand for load bank-based services. Additionally, the expanding digital economy and the surge in data centre establishments have further boosted the popularity of load banks, as they ensure the smooth operation of these energy-intensive facilities.
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The broadening applications of load banks in a variety of industries also play a significant role in propelling the load bank market development. In the power generation sector, load banks are used for generator testing and commissioning. Data centres utilise load banks for thermal scanning and load rejection tests, which are crucial in maintaining the efficiency and longevity of the equipment. Moreover, load banks’ power regulation abilities make them a vital component in the oil and gas industry, ensuring the stable operation of power systems in harsh and demanding environments, thus increasing the load bank market demand.
Furthermore, the growing demand for renewable energy alternatives has led to an increased focus on load banks. With the rise of clean energy initiatives and the increasing popularity of green technologies, load banks have emerged as a critical element in the testing and maintenance of renewable energy systems. This includes solar panels and wind turbines, where load banks simulate real-world conditions to verify the efficiency and reliability of these systems, thereby stimulating the load bank market expansion.
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Load Bank Market Segmentation
The market can be divided based on current type, type, product type, end use, and region.
Market Breakup by Current Type
- Alternating current (AC)
- Direct Current (DC)
Market Breakup by Type
Market Breakup by Product Type
- Resistive Load Bank
- Radiator Load Bank
- Resistive Reactive Load Bank
Market Breakup by End Use
- Oil and Gas
- Power Generation
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global load bank companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ASCO Power Technologies, L.P.
- Simplex, Inc.
- Dekal Load Banks
- Cressall Resistors Ltd
- Aktif Group
- MegaResistors Corporation
- M.S. Resistances
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