Market Analysis
Power is an extremely crucial and integral need to run any type of industry. The total amount of power required in a business differs from one another. The power requirements in some places may be high while on the other hand in some places it may be low. Different forms of equipment and devices are utilized to test the power load in various areas. A load bank is a vital asset for just any industry as it ensures the proper functioning of equipment during power outages. The load is put to power source for validating system design performance as well as capacity under all operating conditions. The load bank comprises of capacitive load bank, inductive load bank, resistive load bank and manufacturers can offer the resistive/inductive/capacitive or resistive/inductive load bank as per the request of the client. Load banks have a wide range of application including wind generators, aircraft, hydro, engine generators, ground power units, inverters auxiliary and battery systems. Load banks have different purposes across various industries.
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There are abundant factors that is propelling the growth of the load bank market. These factors as stated by the Market Research Future (MRFR) report include huge investments being made in power generation plants, IT and telecom, real estates and industries, growing need for reliable power source, and growing need for load banks from various renewable energy systems. Increase in construction of numerous renewable energy sources namely the wind has boosted the demand for power system testing equipment especially load banks which is used for testing the generator of the wind turbine, approving the protocol prior to connection and checking a new model of wind turbine in factories. Besides, there is a constant need for load banks owing to complexities associated to the generation and integration of distributed energy, increase in safety and test regulations for nuclear energy and renewable energy generation that is undergoing a rapid expansion.
Market Segmentation
Based on type, it is segmented into resistive/reactive, reactive and resistive.
Based on application, the load bank market is segmented into industrial, data centers, oil, gas and nuclear, maritime/shipyards, government/military, power generation and others. Of these, power generation will have the largest share in the market over the forecast period.
Regional Analysis
By region, the load bank market covers growth opportunities and latest trends across Middle East and Africa, Europe, Asia Pacific, North America and South America. Of these, the APAC region will steer the market over the forecast period. Rapid industrialization in India and China and other countries coupled with the need for constant backup power and power source are predicted to boost the market growth of load banks and generators in this region. On the other hand, the load bank market in Europe and North America is moving gradually towards a mature phase.
Key Players
Leading players profiled in the load bank market include CHROMALOX, Aurora Generators, MCM Engineering, Inc, ESSEX ELECTRO, Astro Geo Marine, Inc, Hillstone, Metal Deploye Resistor, Jovyatlas, MS Resistances, Coudoint S.A.S, Northbridge (Crestchic), and others.
May 2019- World’s leading critical power solutions provider, ASCO Power Technologies has announced the accessibility of their Sigma LT Control System especially for its 5000 Series trailer-mounted load banks. This Sigma LT digital control system currently can be utilized for offering data logging and advanced control for various models of ASCO namely 5905, 5605 and 5505. It will offer an array of user-friendly features, advanced functions and cutting-edge application flexibility.
Nov 2019- EkkoSense, leading British thermal management professional has joined hands with Rentaload, renowned French load bank expert to provide data center operators with a combined service. Under this partnership terms, Rentaload will integrate EkkoSense’s senors and software into their thermal simulation packages to offer a correct picture of airflow and cooling performance. The SaaS software of EkkoSense is easy to deploy as well as use, thereby offering people with a smart service for building out their rentaload proposition.
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