According to Technavio’s latest market research study, the global load bank market is expected to grow at a CAGR of close to 3% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global load bank market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
The top three revenue contributing application segments are discussed below
Power generation and T&D: In the power generation and T&D sector, load banks are used extensively for testing the performance and commissioning of turbines, generators, wind and solar farms, nuclear power plants, transformers, Genset controllers, switchgear distribution systems, high voltage equipment, and private power networks. The rapid expansion of renewable energy generation, rise in test and safety regulations for nuclear energy, and complexities related to integration and generation of distributed energy will accelerate the demand for load banks in this segment.
“Vendors are focusing on enhancing load bank testing for utilities by enabling shorter lead time and faster data collection during commissioning, minimizing the risk of outages during commissioning, saving time in substation commissioning for the modern smart grid, and reducing the need for excessive transformers, cable, and personnel for complex jobs,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Oil & gas: A reliable power supply is critical in the oil and gas industry due its continuous nature of operations across various sectors — upstream, downstream, midstream, or petrochemical. Load banks are essential to minimize the risks associated with electrical power systems in the industry.
Marine, defense, and aerospace: Simulation and testing of the complete power and propulsion system is essential for the smooth operation of vessels, thus fueling the demand for load banks in this segment. The adoption of the advanced electrical power systems (AEPS) model is expected to spur an increase in the demand for electrical and power system testing solutions such as load banks.
The top vendors operating in the global load banks market are:
- Cressall
- Crestchic
- Vertiv
Other prominent vendors in the market include Load Banks Direct (LBD), Powerohm Resistors, Mosebach Manufacturing Company, Power House Manufacturing, Viking Power Systems, Simplex, Hillstone Load Banks, and SEPHCO.
A more detailed analysis is available in the Technavio report titled, ‘Global Load Bank Market 2017-2021’.
Other related reports
- Global Industrial Uninterruptible Power Supply Market 2017-2021
- Global Electrical Enclosures Market for Power Industry 2016-2020
- Global Electrical Equipment Market for the Power Distribution Industry 2016-2020
To read more press releases – click here
