New York, United States , Aug. 20, 2024 (GLOBE NEWSWIRE) -- The Global Load Bank Market Size is to Grow from USD 270.5 Million in 2023 to USD 413.8 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 4.34% during the projected period.
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A load bank is an electrical testing device, used to simulate an electrical load to test various power sources without connecting them to their actual operating load. Load banks are used to test, maintain, and commission electrical power sources like diesel generators, turbines, batteries, and uninterruptible power supplies (UPS). Load banks are used for testing the performance and reliability of power systems like generators, turbines, UPS, and batteries. Furthermore, rising energy requirements are expected to propel market growth worldwide. The market is also driven by the rise in remote working and online activities, and the number of natural disasters, grid failures, and other unexpected events is increasing, so the need for dependable backup power systems has surged. However, the market faces several challenges such as the high level of technical expertise and training required to operate it, and the significant capital investment required for purchasing.
Browse key industry insights spread across 260 pages with 110 Market data tables and figures & charts from the report on the "Global Load Bank Market Size, Share, and COVID-19 Impact Analysis, By Current (AC and DC), By Type (Resistant/Reactive or Combined Load Bank, Resistive Load Bank, and Reactive Load Bank), By Site (Portable and Stationary), By End-Use (Power Generation, Data Centres, Oil and Gas, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The AC segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe.
Based on the current, the global load bank market is divided into AC and DC. Among these, the AC segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe. This is because it offers various benefits like digital metering for precise data reading, manual and software-controlled load profiles, data management, data analysis, report creation, etc.
The resistant/reactive or combined segment is anticipated to grow at the fastest pace in the global load bank market during the projected timeframe.
Based on type, the global load bank market is divided into resistant/reactive or combined load bank, resistive load bank, and reactive load bank. Among these, the resistant/reactive or combined segment is anticipated to grow at the fastest pace in the global load bank market during the projected timeframe. The increasing adoption of smart grids and the integration of renewable energy sources into power grids paired with advanced testing capabilities with the option to test both resistive and reactive loads is boosting the segment’s growth.
The portable segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe.
Based on site, the global load bank market is divided into portable and stationary. Among these, the portable segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe. The growth of this segment is due to the design with high mobility, easier transportation to different sites, and cost savings it offers because of renting.
The power generation segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe.
Based on end-use, the global load bank market is divided into power generation, data centres, oil and gas, and others. Among these, the power generation segment is anticipated to hold the greatest share of the global load bank market during the projected timeframe. The major reason for this segment’s large share is due to its need for reliable and efficient testing and maintenance of power systems, and the high load handling capability without compromising stability.
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North America is anticipated to hold the largest share of the global load bank market over the forecast period.
Asia Pacific is expected to grow at the fastest pace in the global load bank market during the forecast period. This is because developing nations like India, and Indonesia have started emphasizing sustainability and energy efficiency, forcing energy companies to more load testing requirements.
North America is anticipated to hold the largest share of the global load bank market over the predicted timeframe. The North America region’s market is driven by robust industrial and commercial sectors requiring load testing for power infrastructure resilience and reliability. The growth of this region is due to the advanced technological infrastructure and high regulatory standards. Huge investments in renewable energy projects paired with the robust industrial base, data centers, and cryptocurrency mining are boosting the region’s growth. Also, the growth is supported by the presence of leading players in the load bank market and high energy consumption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.Major vendors in the Global Load Bank Market include Eagle Eye Power Solutions, Kaixiang Technology, Coudoint S.A.S., Crestchic Limited, Vanjen Group, Shenzhen Sikes Electric Co., Ltd., Simplex, Inc., Mak Industries, Cannon Load Bank, Power House Manufacturing Inc., Testek Inc, Air+, Sephco, Hubbell, Load Banks Direct, Smartload Banks, SCOPE T&M Pvt. Ltd., Schneider Electric, Mosebach Manufacturing Company, Om Industries, and Others.
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Recent Developments
- In June 2022, High power resistor manufacturer Cressall Resistors launched “Power Prove”, a new division specifically for its load bank range. Cressall Resistors has over 100 years of experience in manufacturing resistors and load banks, and it launched it in response to the increasing customer demand.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Load Bank Market based on the below-mentioned segments:
Global Load Bank Market, By Current
- AC
- DC
Global Load Bank Market, By Type
- Resistant/Reactive or Combined Load Bank
- Resistive Load Bank
- Reactive Load Bank
Global Load Bank Market, By Site
- Portable
- Stationary
Global Load Bank Market, By End-Use
- Power Generation
- Data Centres
- Oil and Gas
Global Load Bank Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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