The global load bank market held a market value of USD 276.4 million in 2021 and is projected to reach USD 468.9 million by the year 2030. The market is projected to list a CAGR of 6.2% during the forecast period. the market volume was 10516 units in 2021, with a growth rate of 4.8% over the forecast period.
The load bank is a tool used to deliver electrical loads so that power sources can be tested. These tools are used to test power sources such as UPSs and generators. The majority of the time, these load banks are housed in factories where the battery systems and generator sets are tested. They can be used in the industries to test the turbines and ground power as well. The usage of load banks is expanding rapidly in the current environment, including in companies, buildings, power-generating plants. The usage of load banks as a dependable source of electricity is growing along with the investment in these. All of these elements could increase and aid market expansion.
The modernization, renovation, and expansion of the electrical testing infrastructure will promote the expansion of the load bank market. To meet the need for electricity, a number of European countries are phasing out conventional power producing methods and constructing renewable power plants and battery storage. The battery systems are tested using the load banks. Thus, such moves will influence the market growth.
On the other hand, the mismanaged load bank know-how and the negative impacts owing to this testing impedes the market. Nonetheless, the rising construction of data centers is likely to create lucrative opportunities in the near future.
Aging power infrastructure in developed countries
For a steady and consistent electrical supply, the expansion of railways, metros, bullet trains, IT hubs, and commercial centres, among other structures, necessitates the employment of load bank tested devices and equipment. In all the aforementioned areas, the load banks are largely employed for testing and validation purposes. Such usage of aging power infrastructure in countries with largest market share fuels the growth rate of the load bank industry.
Increasing demand for energy across the globe
The need for electrical appliances has increased due to rapid urbanisation, and UPS systems have in turn driven up demand for the load banks needed for testing. Sales of load banks have expanded along with the number of power production facilities and transmission infrastructure. The load bank market has a huge potential for expansion on the underdeveloped and developing regions, with regions such as Latin America and Africa having significant potential.
The global load bank market is segmented into type, component, site, mode, current, application, and industry.
? Resistive Load Bank
? Reactive Load Bank
o Inductive Load Bank
o Capacitive Load Bank
? Resistive Reactive (Combined) Load Bank
The resistive load bank held the highest market share of more than 50% in 2021.
? Radiator & Cooling System
? Exhaust System
? Control Panel
? Circuit Breaker
? Diesel Engine
The control panel held the highest market share with largest CAGR of 6.7 % over the anticipated period.
The portable segment is expected to reach USD 294.9 million by 2030.
The automatic segment held the highest market share of more than 70%.
The DC segment holds the highest market share close to 50%.
? Manufacturing Testing
? Generator Test Cells
? Engine Test Cells
? Field Testing & Exercise
? Elimination of Wet Stacking
? Battery and UPS system testing
The battery and UPS system testing segment held the highest share of more than 30%. In addition to that, the manufacturing testing segment is expected to hold the highest growth rate of 6.8% over the forecast period.
? Power Plant
? Oil & Gas Others
The HVAC segment held the largest market share close to 28%.
The global load bank market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. The Asia Pacific market for load bank is projected to hold the largest CAGR of 6.6% with a highest market share of more than 30%.
The cumulative market share of the major players is close to 40%. The prominent players operating in the global load bank market include 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, Air+ Mak Industries, and others. Several players are involved in strategic alliances. For instance, in June 2021, Crestchic Loadbanks, expanded its facility by 60 percent, creating an additional 30 jobs. Moreover, Schneider Electric obtained 77% of their global revenue in 2020 through the energy management segment.
The global load bank market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global load bank market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing of load bank
? Manufacturing Cost Analysis: Cost-share of various components in supply products, cost analysis, unit cost analysis
? Data Insights:
o Power Supply Market Outlook
o Power Supply ? Generators & UPS
The global load bank market report answers questions such as:
? What is the market size and forecast of the global load bank market?
? What are the inhibiting factors and impact of covid-19 on the global load bank market during the assessment period?
? Which are the types/segments/applications/areas to invest in over the assessment period in the global load bank market?
? What is the competitive strategic window for opportunities in the global load bank market?
? What are the technology trends and regulatory frameworks in the global load bank market?
? What is the market share of the leading players in the global load bank market?
? What modes and strategic moves are considered favorable for entering the global load bank market?