Report : Load Bank Resistor Market to 2027 - Global Analysis and Forecasts by Load Bank Type (Resistive, Reactive, and Resistive & Reactive) and Application (Battery System, Generator, Uninterruptible Power Supplies (UPS), Turbines, and Others)
The global load bank resistor market is estimated to account US$ 214.5 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2018 – 2027, to account to US$ 318.6 Mn by 2027.
The global power generation industry is growing flamboyantly in recent years. The demand for power generation is constantly upsurging attributing to the increase in industrialization and urbanization. The rising economic conditions in different regions across the globe has resulted in movement from rural areas to urban areas, which has increased in the real estate sector. The growing number of residential sectors and commercial sectors (hospitals, banks, shopping malls, airports, and railway stations) is increasing the demand for electrical power supply. Additionally, the industrial sector is also growing with the increase in demand for several commodities. The industrial sector is one of the prominent end-users of electrical power. Pertaining to the rise in industrial facilities across the globe, the need for electricity is growing.
Load banks offer tremendous advantages to end-users businesses. Regular maintenance and testing of standby gen-sets such as annual load bank testing are highly recommended as these gen-set play a critical role in the seamless continuity of business. Testing of power equipment and turbines with load banks enhances the reliability of the power systems, reduces maintenance costs, improves engine efficiency, prevent oil deterioration, lessens smoke exhaust, and finally increases the lifespan of the equipment. With the increase in orders and purchase of load banks, the load bank manufacturers are increasingly procuring load bank resistors, which is catalyzing the revenue growth of load bank resistor market.
The increasing investment towards development of load bank resistor market is intended towards supplying of consistent power supply to different industries. 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. Similarly, in the same year, Danotherm’s sister company ATE Electronics introduced next power level thick film resistor PR800. This new resistor has 30% higher power capability when compared with the latest PR600 with the same footprint of 57(65) x 60mm. These resistors are mainly used in many low and medium voltage filter applications.
Some of the factors propelling the market for load bank resistor include the increasing demand for load test activities for gen-sets, portability and reliability are the key attractions to the end-users. However, volatility in raw material cost is a key restraint that is hampering the growth of the load bank resistor market. Nonetheless, quest for renewable energy is anticipated to be opportunistic for the load bank resistor market.
The market players present in load bank resistor market are mainly focusing on the product enhancements by implementation of advanced technologies. The large firms are adopting the strategy of contracts and acquisitions with the various companies for enhancing its capabilities and expanding its footprint in various geographies. These type of strategies allow the companies in strengthening their footprint in the market. Also, key market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years. Some of the key players included in the global load bank resistor market ASCO Power Technologies, Cermet Resistronics Private Limited, Danotherm Electric Aands, Mosebach Manufacturing Company, Megaresistors, Cressall, Sandvik AB, Tutco Farnam, Vishay Intertechnology Inc., and Widap AG among others.
Load Bank Resistor Market — Geographic Breakdown, 2018
The report segments the global load bank resistor market as follows:
Global Load Bank Resistor Market – By Load Bank Type
Global Load Bank Resistor Market – By Application
Global Load Bank Resistor Market – By Geography