Market Overview
A load bank is a valuable asset for industries. Industries must have a load bank to ensure the proper functioning of industrial equipment in the situation of power outages. By imitating the actual load, there is no possibility of an unpredictable or random current. Load banks can also be referred to as contained system units that integrate both accessories and controls into a single installed location. The power source will supply the desired power, but the load bank utilizes this energy to support and protect the power source as well as test it.
Load banks can be used in several applications. These devices can be used in inverter auxiliary and ground power units, battery systems, engine generators and hydropower stations, and in the aircraft and wind generators. These devices have various purposes across numerous industries. The advanced load banks are also used to test the modern engines that are working at varying mechanical loads. This testing is performed to ensure that engines can operate efficiently in a complex environment and circumstances. Dynamometers are utilized to connect the load bank to the engine. Once the system is properly connected, the load bank monitors the performance and make further adjustments if required.
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Load banks are also required in generator cell testing. Manufacturers of standby generators often utilise the load banks to test the generator units. By using specific loads, the stability and endurance of the generator unit can be measured. If there are any errors, the load banks further calibrate the generator units, enabling them to meet the desired tolerance level and expected specifications. The market report on the global load bank market provides detailed information on the current trends and also highlights the growth prospects that have been drawn for the forecast period 2019-2024.
Market Segmentation
As per the market report, the global load bank market accounted for US$157.4 million in 2019 and the market is expected to reach US$177.4 million by the end of 2024, developing at a CAGR of 3.0%. This research report proposes a comprehensive overview of the global load bank market and highlights the market shares and growth opportunities of the global market based on product type, primary application, key manufacturers/retailers, and major regional markets.
Based on product types, the global load bank market has been segmented into-
- Resistive Load Bank
- Reactive Load Bank
- Resistive/Reactive Load Bank
Based on applications, the global load bank market has been segmented into-
- Power Generation
- Government/Military
- Maritime/Shipyards
- Oil, Gas, & Nuclear
- Data Centers
- Industrial
- Other
Regional Overview
The United States, Asia Pacific, Europe, Southeast Asia, and the Middle East and Africa are the major regions that are expected to drive the growth of the global load bank market. Ongoing advancement and development in the power generation and nuclear industries are expected to propel the market demand for load banks. Increasing awareness regarding the advantages of data centres and increased adoption of these systems can further drive the demand for load banks. The regional segmentation of the market has been done with the key objective to understand the structure of the overall Load Bank market by identifying the trends, opportunities, market share, and growth rate of various regional and country-level markets.
Industry News
National Resistors, an Indian company has recently announced the wide availability of different types of resistors for transformers, generators, UPS etc. The company has now started manufacturing advanced load banks that are well-suited for several industrial applications. The company is known as a leading manufacturer of power generation industry products. The brand is can serve the customized requirements of particular clients by leveraging well-equipped manufactory located in Pune, India.
Table of Contents
Global Load Bank Market Growth 2019-2024
1 Scope of the Report
2 Executive Summary
3 Global Load Bank by Manufacturers
4 Load Bank by Regions
5 Americas
6 APAC
7 Europe
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
10 Marketing, Distributors and Customer
11 Global Load Bank Market Forecast
12 Key Players Analysis
13 Research Findings and Conclusion
……Continued
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