Global Load Bank Market 2017-2021

Overview of the global load bank market

According to Technavio’s analysts, the global load bank market is anticipated to grow at a steady rate and post a CAGR of close to 3% during the forecast period. The growing focus on preventive maintenance will drive the growth prospects for the global load bank market until the end of 2021. One of the major factors responsible for the growing focus on preventive maintenance is the rising cost of downtime in various mission-critical industries such as power, defense, data centers, and healthcare. Consequently, a multitude of players in these industries are increasingly adopting different preventive maintenance programs to ensure the reliability of power systems and electrical components. It has been observed that electrical equipment can deteriorate under hostile conditions such as overload or severe duty cycle, which can be prevented by one of the most commonly used methods called load bank testing.

The growing demand for load banks from renewable energy systems will drive the growth prospects for the global load bank market during the next four years. The upsurge in the construction of various renewable energy sources such as the wind has increased the demand for power system testing equipment like load banks that is used to test the wind turbine’s generator, check a new model of a wind turbine in the factory, and approve the protocol before connection.

Competitive landscape and key vendors

The global load bank market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. According to the industry research report, a large number of vendors are increasingly focusing on offering value-added products in addition to the introduction of new advanced technologies to expand their geographical reach and product base. One of the major factors responsible for the increasing growth potential of these vendors in the market includes essentiality of testing power critical technology in banking, medical, marine, and defense industries.

Key vendors in this market are -

• Cressall
• Crestchic
• Vertiv

Other prominent vendors in the market include Load Banks Direct, Powerohm Resistors, Mosebach Manufacturing Company, Power House Manufacturing, Viking Power Systems, Simplex, Hillstone Load Banks, SEPHCO, Rental companies, Templant, ComRent International, Rentaload, HeatLoad, Aggreko, Load Banks of America, Cannon Load Banks, Sunbelt Rentals, and Energyst.

Segmentation by application and analysis of the load bank market

• Power generation and T&D
• Oil and gas
• Marine, defense, and aerospace
• data centers

The power generation and transmission and distribution (T&D) segment accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major areas contributing to the growing demand for load banks in this segment includes renewable energy, nuclear, and distributed energy generation. The demand for load banks continually increases because of the rapid expansion of renewable energy generation, the rise in test and safety regulations for nuclear energy, and complexities related to the integration and generation of distributed energy.

Segmentation by geography and analysis of the load bank market

• Americas
• APAC
• EMEA

In terms of geography, the Americas accounted for the majority market share during 2016 and will continue to dominate the market during the forecasted period. The growing demand for power system testing in the region due to the restoration of power grids in the US will propel the demand for load banks.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global load bank market?
• What are the key market trends impacting the growth of the global load bank market?
• What are the challenges to market growth?
• Who are the key vendors in the global load bank market?
• What are the market opportunities and threats faced by the vendors in the global load bank market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global load bank market?

Technavio also offers customization on reports based on specific client requirement.

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