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Load Bank Market Size, Share & COVID-19 Impact Analysis, By Current (AC and DC), By Site (Portable and Stationary), By Type (Resistant/Reactive Load Bank, Resistive Load Bank, and Reactive Load Bank), By End-User (Power Generation, Data Centers, Oil and Gas, and Others), and Regional Forecast, 2023-2030

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI101641

 

KEY MARKET INSIGHTS

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The global load bank market size was valued at USD 266.65 million in 2022. The market is projected to grow from USD 277.03 million in 2023 to USD 376.27 million by 2030, exhibiting a CAGR of 4.47% during the forecast period.


A load bank is a device or system designed to provide an artificial electrical load for testing and validating the performance of electrical power sources, such as generators, uninterruptible power supplies (UPS), and electrical systems. It helps ensure that the power source or system can operate at its full capacity and efficiency when needed. These banks come in various sizes and configurations, allowing for different types of testing, including capacity testing, thermal testing, voltage regulation testing, and others.


The market is driving due to these configurations and various capacities of products. They are commonly used in industries, such as telecommunications, data centers, and manufacturing to verify the reliability and functionality of power equipment.


COVID-19 IMPACT


Supply Chain Disruptions Caused by COVID-19 Pandemic Hampered Market Growth


Many non-essential businesses, especially those in the hospitality, entertainment, and retail sectors, were forced to shut down temporarily. This included manufacturing plants, factories, and industrial facilities that were not deemed critical to essential services. Disruptions in global supply chains meant that some industries faced shortages of essential components and materials. This affected their ability to manufacture and maintain equipment, including load banks. Many load banks are manufactured with components sourced from various suppliers, both domestic and international. Lockdowns, travel restrictions, and factory closures in different parts of the world disrupted the production and supply of load bank components, which led to delays in manufacturing these banks.


Load Bank Market Trends


Increasing Demand for Data Center Load Banks is Propelling Market Growth


Data centers use backup power systems, such as uninterruptible power supplies (UPS) and generators, to maintain continuous operations during electrical outages. These banks are employed to test these systems regularly. They simulate various load conditions to ensure that the backup power systems can seamlessly take over in case of a power failure. However, the increasing demand for load banks in data centers is driven by the critical need to ensure uninterrupted power supply and the reliability of backup power systems. For instance, by 2026, India is planning to install 693 MW of Data Centers, which requires an investment of USD 4.4 billion.


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Load Bank Market Growth Factors


Integration of Emerging Technologies Will Propel Market Growth


The load bank market growth is being significantly influenced by the integration of emerging technologies, which enhance testing capabilities, data collection, and operational efficiency. Digital twin technology allows load banks to create virtual replicas of physical load banks and power systems. This integration provides real-time simulations and monitoring, enabling operators to visualize and analyze load bank performance remotely. IoT sensors and connectivity are increasingly integrated into load banks. These sensors collect data on load conditions, temperature, voltage, and frequency, among other parameters. Operators can access this data remotely, enabling proactive maintenance, early fault detection, and the optimization of load bank performance.


Renewable Energy Integration Is Boosting Market Growth


Renewable energy sources, such as solar and wind power, can be intermittent, and their output can fluctuate based on weather conditions. Due to involvement of renewable energy integration solution, the market is boosting. Load banks are used to simulate grid conditions and test how renewable energy systems respond to variations in load, helping to ensure grid stability and reliability. Load banks are essential for the performance testing of renewable energy systems. They are used to simulate both partial and full electrical loads on renewable energy installations, allowing operators to assess how well these systems perform under different conditions. Load banks are used to test inverters, which are crucial components in converting the DC power generated by solar panels or wind turbines into AC power suitable for the electrical grid. Inverter testing ensures their reliability and efficiency. For instance, in September 2023, Sterling and Wilson’s Renewable Energy secured a 300 MW EPC project in Gujarat.


RESTRAINING FACTORS


High Initial Cost May Hinder the Market Expansion


Load banks, especially those with high power capacities or specialized features, can represent a significant capital investment for businesses and organizations. The cost of purchasing along with associated accessories and installation expenses, can be substantial. Many organizations operate within budget constraints, and capital expenditures, including the acquisition of load banks, must compete with other essential priorities. During times of economic uncertainty or financial constraints, such as economic downturns or budget cuts, organizations may be hesitant to allocate funds. The high cost is restricting the market growth, affecting the overall industry.


Load Bank Market Segmentation Analysis


By Current Analysis


Integration of Advanced Control Systems Led the AC Load Banks Segment Growth


Based on current, the market is segmented into AC and DC.


AC segment held a larger share in 2022. AC load banks have seen trends such as the integration of advanced control systems for precise load adjustments, remote monitoring and control capabilities, and a focus on energy efficiency to reduce operational costs. These factors influence the more usage of load bank and hence, propelling the market growth.


DC load bank is second dominating and have experienced trends such as the development of load banks with high-resolution data acquisition and monitoring capabilities. These trends help in more adoption leading to drive the market growth.


By Site Analysis


Portable Segment Led the Market Owing to Its Mobility and Easy Transportation


Based on Site, the market is segmented into portable and stationary.


The portable segment dominated the market owing to their design for mobility and can be easily transported to different locations for on-site testing.


Moreover, a stationary load bank is second dominating and it is a piece of equipment designed for testing and validating the performance of power systems and electrical equipment.


By Type Analysis


Resistant/Reactive Load Bank Leads the Market Owing to Its Versatility


Based on type, the market is segmented into resistant/reactive load bank, resistive load bank, and reactive load bank.


The resistant/reactive load bank segment is leading in the market owing to its versatility and capability to stimulate a wide range of real-world loads.


The resistive load bank segment holds a significant share in the industry. The increasing power consumption and the need for efficient power infrastructure contribute to the growth of the resistive load bank segment globally. It provides a controlled electrical load for generators, ensuring their performance and reliability.


By End-User Analysis


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Power Generation Segment Holds a Dominating Share Owing to Its Ability to Test and Validate Various Systems


Based on the end user, the industry is divided into power generation, data centers, oil & gas, and others.


A power generation segment holds the dominating share of market and it is a specialized piece of equipment used for testing and validating the performance of power generation systems, including generators, power plants, and other sources of electrical power.


The data center segment is second dominating segment holding a significant load bank market share for several reasons. Data centers are at the core of modern businesses, serving as the backbone for digital operations and information storage.


The oil & gas segment plays a crucial role in the global market, where the demand for robust power infrastructure is paramount for the exploration, extraction, and refining operations characteristic of this industry. The other segment includes industries, such as healthcare, utilities, and construction, among others.


REGIONAL INSIGHTS


Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


North America Load Bank Market Size, 2022 (USD Million)

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North America is a significant market and the dominating region for the market, driven by a robust industrial base, data centers, and the need for reliable backup power systems. Regulatory compliance and the adoption of renewable energy technologies further boosts the demand in this region.


In Europe countries, such as Germany, France, and the U.K. have mature markets due to established industries, data centers, and infrastructure. The emphasis on energy efficiency and sustainability contributes to market growth.


The Asia Pacific region, particularly countries, such as China and India, has witnessed rapid industrialization over the years. This industrial growth has led to a significant demand for load banks for testing and maintaining backup power systems, generators, and electrical equipment in manufacturing facilities, construction sites, and other various industries.


The market in Latin America is characterized by several factors such as usage of electricity in various industries that contribute to its dynamics and growth. The industrial and energy sectors in Latin America are significant drivers of the market. Industries such as mining, oil and gas, manufacturing, and telecommunications rely on load banks for testing and maintaining backup power systems, generators, and electrical equipment.


List of Key Companies in Load Bank Market


Growing Key Players Focus on Mergers and Acquisitions to Propel Market Expansion


The global market is highly competitive, with multiple players active across different distribution channels. Industry players are emphasizing on the introduction of new hybrid transformers with new technologies to increase customer reach. Additionally, the organizations enter into merger and acquisition deals to expand their technological horizons.


Numerous companies are actively operating across different countries to cater to the specific demands of the customers. Schneider Electric and Cummins Inc. are expected to account for a significant market share owing to their extensive range of product portfolios along with their strong brand value. Furthermore, the companies are also focused on enhancing their sales, distribution, and marketing channels through partnerships with different local associates to fortify its product reach across North America.


Additionally, other key participants operating in the industry include Hubbell Incorporated, Power House Manufacturing, The Vanien Grop, LLC, Eagle Eye Power Solutions LLC, and others, leading in providing various load banks across different verticals. Consequently, numerous other small and medium players are present across the industry with different capacity products to power continuous, peak, and standby load requirements.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • May 2023 – Crestchic provided formal load bank training to one of the most elite naval forces globally after the arrival of its 3000 kVA, 3-phase load bank with NOVA control hardware and Orion user interface. The load banks were tested for their resistance of over 550 megaohms at 500V and were later placed in a 10ft ISO container.

  • September 2022 – Eagle Eye Power Solution has expanded and moved its headquarters to Mequon, Wisconsin, with an onsite battery learning lab as part of Eagle Eye University headquarters. Eagle Eye also added a services headquarters in 2021, Eagle Eye Services, located in Grain Valley, MO.

  • June 2022 – Cummins Inc. has launched a new 1MW twin-pack rental generator, the C1000D6RE, which offers a competitive rental power solution for various applications throughout North America. Manufactured by Cummins, a company that has been synonymous with technology, reliability, and service since 1919, the new C1000D6RE model will be built in Fridley, Minnesota. This product ensures greater reliability for rugged portable power applications and others. The generator’s container is capable of withstanding extreme weather conditions.

  • May 2022 – Schneider Electric, a global leader in energy management and automation, has entered into a definitive agreement to acquire AutoGrid, a prominent player in AI-driven optimization for distributed energy resources (DERs). The completion of this acquisition is contingent on regulatory approval and standard closing conditions, with expectations set for Q3 2022. Through this acquisition, AutoGrid anticipates benefiting from Schneider Electric's extensive resources and global presence, enabling an expedited growth trajectory and fostering innovation in product development.

  • May 2020 – Crestchic and US-based Hawthorne Cat have recently made a significant investment in their load bank rental fleet. With increased demand for load bank rentals throughout the U.S., the deal will strengthen the market and ensure that customers have access to the latest technology. To meet increased demand, Hawthorne turned to Crestchic to supply three new 30-foot containerised 2500 kVA resistive-reactive medium voltage load banks. 


REPORT COVERAGE


The research and business intelligence report offers an in-depth analysis of the market. It further provides details on the adoption of load banks across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help stakeholders gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players in the market, along with their strategies.


An Infographic Representation of Load Bank Market

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Report Scope & Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.47% from 2023 to 2030



 Unit



Value (USD Million)



 


Segmentation



By Current



  • AC

  • DC


By Site



  • Portable

  • Stationary


By Type



  • Resistant/Reactive Load Bank

  • Resistive Load Bank

  • Reactive Load Bank


By End-User



  • Power Generation

  • Data Centers

  • Oil and Gas

  • Others



By Region



  • North America (By Current, Site, Type, End-User, and Region)

    • U.S. (By End-User)

    • Canada (By End-User)



  • Europe (By Current, Site, Type, End-User, and Region)

    • U.K. (By End-User)

    • Germany (By End-User)

    • France (By End-User)

    • Italy (By End-User)

    • Spain (By End-User)

    • Russia (By End-User)

    • Rest of Europe (By End-User)



  • Asia Pacific (By Current, Site, Type, End-User, and Region)

    • China (By End-User)

    • India (By End-User)

    • Japan (By End-User)

    • Australia (By End-User)

    • Southeast Asia (By End-User)

    • Rest of Asia Pacific (By End-User)



  • Latin America (By Current, Site, Type, End-User, and Region)

    • Brazil (By End-User)

    • Mexico (By End-User)

    • Rest of Latin America (By End-User)



  • Middle East & Africa (By Current, Site, Type, End-User, and Region)

    • GCC (By End-User)

    • South Africa (By End-User)

    • Rest of the Middle East & Africa (By End-User)








Frequently Asked Questions

A study by Fortune Business Insights states that the global market was USD 266.65 million in 2022.

The global market is projected to grow at a CAGR of 4.47% over the forecast period.

The market size in North America stood at USD 98.11 million in 2022.

Based on end-user, the power generation segment holds a dominating share of the global market.

The global market size is expected to reach USD 376.27 million by 2030.

Emerging technologies in the market will propel the market growth.

Asco Power Technologies, Avtron Power Solution, Mosebach Manufacturing Company, etc., are the top players actively operating across the market.

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