Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Load Bank Market, By Type, By Component, By Site, By Mode, By Current, By Application, By Industry, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
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 global load bank market is projected to grow at a steady rate owing to the increased aging power infrastructure, rising adoption of load bank in different fields, and increased need for power. The increasing approvals and product launches, especially in the field of power and energy play a prominent role in bolstering the market growth.
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.
Growth Influencers:
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. 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.
Regional Overview
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%.
Segments Overview:
- The resistive load bank held the highest market share of more than 50% in 2021.
- 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%.
- The battery and UPS system testing segment held the highest share of more than 30%.
- The manufacturing testing segment is expected to hold the highest growth rate of 6.8% over the forecast period.
- The HVAC segment held the largest market share close to 28%.
Competitive Landscape
The cumulative market share of the major players is close to 40%. 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.
Company Profiles
- 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
Key Metrics
| Report Attribute | Details |
| No. of Pages | 289 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $276.4 Million |
| Forecasted Market Value (USD) by 2030 | $468.9 Million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Global Load Bank Market
Chapter 4. Global Load Bank Market Overview
4.1. Application Value Chain Analysis
4.1.1. Raw Material Provider
4.1.2. Manufacturer
4.1.3. Distributors
4.1.4. End User
4.2. Industry Outlook
4.2.1. Power Supply Market Outlook
4.2.1.1. Generators
4.2.1.2. UPS
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Opportunities
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Market Volume Estimates and Forecast (Units), 2017 - 2030
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2020
4.8.3. Competitor Mapping
Chapter 5. Global Load Bank Market, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
5.2.1. Resistive Load Bank
5.2.2. Reactive Load Bank
5.2.2.1. Inductive Load Bank
5.2.2.2. Capacitive Load Bank
5.2.3. Resistive Reactive (Combined) Load Banks
Chapter 6. Global Load Bank Market, By Component
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
6.2.1. Radiator & Cooling System
6.2.2. Exhaust System
6.2.3. Control Panel
6.2.4. Circuit Breaker
6.2.5. Alternator
6.2.6. Diesel Engine
Chapter 7. Global Load Bank Market, By Site
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
7.2.1. Portable
7.2.2. Stationary
Chapter 8. Global Load Bank Market, By Mode
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
8.2.1. Automatic
8.2.2. Manual
Chapter 9. Global Load Bank Market, By Current
9.1. Key Insights
9.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
9.2.1. AC
9.2.2. DC
Chapter 10. Global Load Bank Market, By Application
10.1. Key Insights
10.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
10.2.1. Manufacturing Testing
10.2.1.1. Generator Test Cells
10.2.1.2. Engine Test Cells
10.2.2. Field Testing & Exercise
10.2.3. Elimination of Wet Stacking
10.2.4. Battery and UPS system testing
10.2.5. Inverters
Chapter 11. Global Load Bank Market, By Industry
11.1. Key Insights
11.2. Market Size and Forecast, 2017 - 2030 (US$ Mn & Units)
11.2.1. HVAC
11.2.2. Aerospace
11.2.3. Power Plant
11.2.4. Oil & Gas
11.2.5. Others
For more information about this report visit https://www.researchandmarkets.com/r/foyr9-load-bank?w=12
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