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Electrical energy is the basic need today, and its demand is increasing all over the world. The world population is increasing, and the electricity consumption per capita is rising due the influence of technology in human life. Over the last decade countries have increased the production of electricity, which in turn has helped the load bank market to grow. Load banks are used with engine generators, battery systems, ups systems, inverters, ground power units, auxiliary power units, aircraft power generators, wind generators, and hydro generators.
Based on the current, load bank market can be segmented in AC and DC current. Based on site, load bank market is divided into portable and stationary. Based on types, the load bank market can be segmented resistive load bank, Reactive load bank, and combined load bank. Based on the application, load bank market is divided into UPS & battery system, HVAC, power plant, oil & gas, and others.
Key Market Driver -
Key Market Driver – Increase in demand for electricity
Key Market Restraint -
Key Market Restraint – Cost associated with load bank testing
The major market driver for the global load bank market is the increasing demand for electricity. The per capita consumption of electricity is also increasing. All electrical infrastructure and grid require the use of load bank for safe and reliable operation. The increasing industrial and manufacturing activities is a boost for the load bank market.
The major market restraint for the global load bank market is the cost associated with load bank testing of the equipment. The developing countries do not have the resources to allocate for load bank testing which requires specialized know-how of load bank and skilled manpower.
Some of the major companies that are present in the load bank market are Schneider Electric, Mosebach Manufacturing Company, Load Banks Direct, Simplex, Inc., Testek Inc, Crestchic Limited, Vanjen Group, Sephco Smartload Banks, Shenzhen Sikes Electric Co., Ltd., SCOPE T&M Pvt. Ltd., Eagle Eye Power Solutions, Coudoint S.A.S., Power House Manufacturing Inc., Kaixiang Technology, Hubbell, Om Industries, Cannon Load Bank, and Air+ Mak Industries.
The global load bank market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to dominate the load bank market. The high increase in the number of manufacturing and industrial units has boosted demand for load banks. The increase in railways, metros, bullet trains, IT hubs, commercial centers, etc. require use of load bank tested devices and equipment for stable and reliable electricity supply. The load banks are used primarily used for testing and validation purpose in all the sectors mentioned above.
Rapid urbanization has increased demand for electrical appliances, and UPS systems in-turn have increased demand for load banks required for testing. The increase in number of power generation plants and transmission infrastructure has also increased sales of load banks. The African continent has enormous potential for growth of load bank market while Latin America has second-largest growth potential for load bank market.
Just like Asia-Pacific region, Latin America and Africa will experience fast growth of load bank market due to similar reasons and conditions. Europe and North America will experience steady growth in the load bank market. The refurbishment, upgradation, and modernization of electrical testing infrastructure will these regions will spur growth of load bank market. Several European nations are gradually phasing out conventional power generation sources and are building renewable power plants and battery storage to fulfill the demand for electricity. The load banks are used for testing of battery systems.
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