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Load banks are electrical devices that develop load, apply it to an electrical power source, and finally convert the resultant output of the source. Among the available types of load banks, resistive load banks are the most used which absorb the power coming from the power source. With the growing energy demand all over the world, the demand for generator sets and UPS and batteries has increased that has created ample opportunities for growth of load resistors market. Also, the growing adoption of renewable sources of energy for various applications has increased the demand for testing before the operation and ultimately the load resistors. Following this trend, the market for load bank resistors is expected to grow at a healthy rate during the given forecast period.
Based on its application, the global load bank resistor market can be segmented into UPS testing, battery systems testing, generators testing, turbine testing, and others. The growing penetration of UPS and generator sets will drive the growth of the segments during the given forecast period. Generators sets are now available to be operated on renewable sources such as solar, wind and natural gas, and this has led to changes in the design and manufacturing of generator sets. Therefore the demand for testing of these newly developed generator sets has increased driving the adoption of load bank resistors.
Key Market Driver -
Growing demand for load test activities
Key Market Restraint -
Operational barriers for batteries
The growing demand for energy has led to an increasing number of UPS and generator installations. This ultimately has driven the growth of the load bank resistors market as load test activities are carried out on these new installations. Also, the equipment helps in getting information about system performance and system operation under different conditions.
Key market restraint for the global load bank resistors market is the operational barriers that are put in with the installation of a load bank resistor. The restrictions include disconnecting the real load from the mains supply and arrangements for continued supply and protection of the resistor.
Key players operating in the global load bank resistor market are ASCO Power Technologies, Hubbell Industrial Controls, Inc., Crestchic Loadbanks., SEPHCO, Cermet Resistronics Pvt Ltd, Ivory Power Group, Cressall Resistors Ltd, Kanthal, Tutco-Farnam Custom Products, Vishay Intertechnology, Inc., Danotherm Electric A/S, and Mosebach Manufacturing Company
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The global load bank resistor market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific currently dominates the market with a large number of renewable energy projects planned out. Also, the energy demand and population have been rising at a healthy rate in the region. This has created a great opportunity for market players to have more and more customers. Following Asia Pacific, Europe and North America hold a significant market share in the market. The US is the dominant country in North America owing to the technological advancements taking place in the region. In Europe, many countries have increased the share of renewables for energy production that has resulted in more batteries and generators sets being installed. This will drive the growth of the load bank resistor market in North America and Europe respectively.
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