The global load bank resistor market is estimated to account US$ 214.48 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2018 – 2027, to account to US$ 318.57 Bn by 2027.
Geographically, Asia-Pacific holds the largest load bank resistor market share, owing to rapid technological developments, and numerous investments in the APAC countries. The APAC load bank resistor market is also projected to grow with the highest growth rate during the forecast period. several countries in the APAC region face natural calamities that demand emergency power systems. Load banks are among the prominent solutions to assess the emergency power supplies deployed in such critical situations. Portable load banks are the most preferred solutions owing to the advantage of their flexibility. Referring to the growing number of natural calamities in countries such as Japan, Indonesia, and Vietnam, among others, several load bank companies are offering their products to the respective governments as well as private organizations. This factor is leapfrogging the growth of the revenue size of load bank resistor market in the Asia Pacific region. This as a result has positively impacted load bank resistor market.
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Global Load Bank Resistor Market – Company Profiles
- ASCO Power Technologies
- Cermet Resistronics Private Limited
- Danotherm Electric Aands
- Mosebach Manufacturing Company
- Sandvik AB
- Tutco Farnam
- Vishay Intertechnology Inc.
- Widap AG
North America holds the second highest market share in the load bank resistor market. The primary reason for the growth of load bank resistor market is the The US government spends significant amounts in its electricity department to continuously provide the US population with the required electricity. For instance, in 2018, the country generated 4,178 billion kWh of electricity, out of which, fossil fuels such as natural gas, coal, petroleum (liquids and coke), and other gases held 63%, nuclear power plants held 20%, and 17% of electricity was generated from renewable sources. The country invests decent amounts in procuring temporary power generating solutions to provide electricity in case of natural disaster or emergency power need. Similarly, Canada, on the other hand, also require temporary power solutions during emergencies such as natural disasters or sudden electricity outage in oil & gas producing areas. Canada houses several onshore and offshore oil & gas fields, which demands continuous power generation. For instance, in 2019, ASCO launched Sigma LT Control System for 5000 Series Load Banks. The Sigma LT digital control system can now be utilized for offering advanced control and data logging for ASCO’s Model 5505, 5605, and 5905 load banks. Furthermore, in 2015, Mosebach Manufacturing company displayed its wide range of load banks at Power Gen International in Las Vegas. These market initiatives and strategic expansions are expected to continue during the forecast period, contributing to the high growth of load bank resistor market in the region.
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The global electricity generation industry is observing a constant rise in terms of electricity generated and revenue earned out of generation. The continuous growth in industrialization is leading to an increase in the number of industrial infrastructures, resulting in demand for increased power generation and power distribution. The quantity of power required to run an industrial facility varies from one facility to another. Pertaining to this, several industrial facilities are increasingly inclining towards the utilization of load banks, to gather information related to the system performance and load capacity under different conditions. Oil & gas is one of the prominent industries in the load bank resistor market. The oil & gas companies deploy gen-sets to ensure a continuous supply of electrical power to their offshore and onshore facilities. In case of any power disruptions at the offshore facility, the companies incur a huge loss.
Investments in the development of data centers in developed countries as well as developing countries are anticipated to soar in the coming years. This factor is foreseen to result in an increase in the procurement of battery systems, which needs to be monitored for smooth functioning under different conditions. Accentuating demand for battery system testing is expected to drive the load bank industry, thereby, catalyzing the market size of load bank resistor market. Thus, these factors are driving the adoptions of these load bak resistor across various applications.
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