New York, US, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Load Bank Market Information by Type, by Application and by Region - Forecast to 2030”, the global load bank market is expected to touch USD 231.08 million by 2030, growing at a 4.7% CAGR during the review period (2022-2030).
Load Bank Market Overview
The load bank market is expected to grow at a moderate rate during the next few years. The rapid adoption of load banks in commercial, industrial, and residential sectors would support the market growth. Frequent power outages are major threats to businesses, causing significant revenue losses. Besides, extreme weather events, such as hurricanes, heat waves, wildfires, and storms, pose severe challenges and power supply disruptions. Therefore, alternate power generation sources, such as diesel generators and uninterruptable power sources (UPS), become crucial for organizations across industries.
Fire prevention regulators and associations mandate monthly testing of emergency power sources complying with their set standards for emergency and standby power systems. As per these regulations, the generators must be tested once a month, at full load, to maintain the minimum exhaust temperature recommended by the manufacturers. All these factors support the load bank market growth.
List of the Key players active in the global load bank market are,
- Coudoint S.A.S.
- Northbridge (Crestchic)
- Jovyatlas
- Metal Deploye Resistor
- MS Resistances
- Hillstone
- Aurora Generators
- Astro Geo Marine Inc.
- MCM Engineering Inc.
- ESSEX ELECTRO
- CHROMALOX and others.
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/1802
A load bank is used to test power sources, such as diesel generators and uninterruptable power sources (UPS), to ensure their proper maintenance and performance. With its various load configurations permitting testing under different conditions, the load bank develops an electrical load to protect, support, or test a power source to ensure that the actual building load uses energy output productively.
In addition to ensuring the quality and reliability of emergency power sources, load banks verify the accuracy and output capacities of the generators by creating a variety of different loads that replicate real-world use. Facilities of all sizes need load banks to test generators and backup power devices to ensure the utmost performance when power cuts. Using load banks benefits large power generators, the most, particularly in lightly loaded situations.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 231.08 Mn |
| CAGR during 2022-2030 | 4.7 % CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Increasing demand for reliable power source |
Segments
The load bank market data is segmented on the basis of type, application, and region. The type segment is sub-segmented into resistive, reactive, and resistive/reactive. The application segment is sub-segmented into power generation, government, defense, maritime & shipyards, oil & gas, nuclear power, data centers, industrial, and others. Further, the region segment is sub-segmented into Europe, the Americas, APAC, MEA, and Rest-of-the-World.
Browse In-depth Market Research Report (100 Pages) on Load Bank Market:
https://www.marketresearchfuture.com/reports/load-bank-market-1802
Industry Trends
The energy industry has significantly evolved in recent years, mainly due to the rising global demand for energy. Augmenting demand for load banks from the power industry is a major factor substantiating the market size. Besides, technological advances drive market growth. Rapid industrialization in developing countries creates vast market demand.
Increasing smart city projects and awareness about energy efficiency benefits to the environment boost the market demand. Increased numbers of substation utilities across the globe are another factor pushing the demand in the load bank market. Additionally, the rising emphasis on renewable energy would unlock value and contribute to market revenues. Continual technological advances and evolution in load banks increase market sales.
Increasing legislative measures toward expanding reliable grid infrastructures in developing regions would further complement the business landscape. Some advantages of load bank systems include asset & demand optimization and, distribution optimization & control analysis. Fire regulatory mandates for testing, monitoring, and controlling electrical loads on emergency power sources and power distribution systems & equipment are major market trends.
Competitive Analysis
The load bank market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Major industry players make large strategic investments in research and development activities and foster their expansion plans.
For instance, on Jan. 11, 2023, Seabound, a climate-tech startup company, announced its partnership with Crestchic Loadbanks, a leading provider of load bank testing equipment, to help test its carbon capture prototype. Seabound has developed a unique carbon capture device that can trap and store CO2 from fuel exhaust, aiming at cutting emissions from ships. The company claims that technology can capture up to 95% of CO2 emissions per ship.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/1802
Regional Analysis
North America dominates the global load bank market. The largest market share is attributed to the increase in unconventional resources from the US and Canada. Besides, rising advances in load banks and smart-grid technology, alongside the augmenting demand for electricity across the region, increase the market size. Investments in smart grid technology directly drive the load bank market growth.
With its rising spending in smart grid deployments and power distribution networks, the US leads in the region in terms of load bank market value. Distribution units operate in isolation and are programmed to trip and reset without needing connectivity networks. Resultantly, increasing demand for connectivity and distribution monitoring & control, alongside the latest satellite technologies in the region, influences the market growth.
Asia Pacific stands second in terms of global load bank market revenue. Factors such as the growing infrastructure developments and power demand in the region substantiate the market growth. Additionally, vast investments for developments and upgrades of grid infrastructures, renewable power generation sources, and infrastructural activities substantiate the load bank market size. The spurring rise in power infrastructure in the region drives the load bank market growth.
Talk To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/1802
Europe is a profitable market for load bank technologies globally. Factors such as rising automation and the upgrade of electric utility distribution create substantial market demand. Load bank devices are essential in maintaining maximum continuity of service. Increase in power system simulator programs used in various power systems to minimize fault conditions and propel regional market growth.
Related Reports:
Load Break Switch Market Research Report by Type, by Voltage Type, Installation Type, By End-User, and by Region - Forecast till 2030
End Load Cartoning Machine Market Research Report: Information by Orientation, Capacity, Dimension, End-Use and by Region - Forecast till 2030
Electronic Load Market Research Report: Information By Voltage, Application, Current Type and Region – Forecast till 2030
Load Monitoring System Market Research Report By Product, Technology and Industry Vertical — Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
