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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Load Bank Market Share
The resistive load bank accounts for a major share due to their suitability of testing in various power sources
The resistive load banks hold the largest market share. These load banks are suitable for testing a variety of power sources, including generators, batteries, UPS systems, and electrical distribution systems as they can provide a consistent and controllable load across a wide range of voltage and frequency parameters. They also have a straightforward design consisting of resistive elements, typically made of nichrome wire, which converts electrical energy into heat. This simplicity makes them easy to operate, maintain, and troubleshoot compared to more complex load bank configurations.
The resistive reactive load bank market closely follows the market for resistive load bank in terms as it combines both resistive and reactive technologies in one load bank unit. Resistive reactive load banks are used to test emergency power sources with the load bank acting as both a motor load and electromagnetic device and are also used to test power sources with resistive loads of lagging or leading power factors.
The oil and gas sector maintains its dominance in the market due to the growing usage of load banks in offshore and remote operations
The oil and gas sector holds a significant share of the load bank market. In the oil and gas sector, drilling operations often take place in remote or offshore locations where access to reliable power sources may be limited. Load banks are used to test and commission power generation systems, including diesel generators and gas turbines, ensuring they can reliably supply power for drilling rigs, pumps, and other equipment.
Offshore platforms and onshore facilities in the oil and gas sector require robust power systems to support operations such as extraction, processing, and transportation. Load banks are employed to conduct routine testing, maintenance, and performance validation of backup power systems, emergency generators, and electrical distribution networks to minimise the risk of downtime and ensure operational continuity. Meanwhile, the power generation sector is anticipated to gain sizeable growth in the load bank market in the coming years.
Load Bank Market Report Snapshots
Load Bank Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market for load banks is expected to grow at a CAGR of 1.90% during the period 2024-2032.
The load bank market is driven by the rising automation in different industries and the increasing need for emergency power generation.
The growing industrialisation of the Asia Pacific region and increasing demand for load banks from the oil and gas industry are key trends in the market.
The regional markets include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa
The current types for load banks in the market are alternating current (AC) and Direct Current (DC).
The market segments for types of load banks include stationary and portable.
Based on product type, the market segments include resistive load bank, radiator load bank, and resistive reactive load bank.
Oil and gas, power generation, government, healthcare, and manufacturing, among others.
The major players in the market are ASCO Power Technologies, L.P., Simplex, Inc., Dekal Load Banks, Trystar, Cressall Resistors Ltd, Aktif Group, MegaResistors Corporation, and M.S. Resistances, among others.
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