The global load bank resistor market size is projected to reach US$ 380.10 million by 2031 from US$ 267.28 million in 2023. The market is expected to register a CAGR of 4.50% in 2023–2031. Increase in energy demand and growing trend of installing backup power generation systems are likely to remain a key global load bank resistor market trends.
The load bank resistor market is poised for substantial growth due to several key factors. Firstly, the global increase in energy demand has led to a higher need for generator sets, UPS, and batteries, creating abundant opportunities for the expansion of the load resistor market. Additionally, the growing trend of installing backup power generation systems, especially in industries such as oil & gas and data centers, is expected to generate lucrative prospects in the market. Moreover, the rising adoption of load banks, particularly in regions prone to natural disasters, is propelling the revenue growth of the load bank resistor market, particularly in the Asia Pacific region.
A load bank resistor is a crucial piece of equipment utilized across various industries to replicate and apply an electrical load to an electrical power system. It is specifically designed to accurately imitate the operational or real load that a power source will encounter in practical application. Typically, load banks consist of heavy-duty resistors or a bank of resistive heating elements that convert and dissipate the power output of the source, often in the form of heat, which is then removed by a forced air or water cooling system. These load bank resistors play a vital role in testing and maintaining power sources such as generators, uninterruptible power supplies, turbines, and battery systems. They enable the replication of real demands on critical power systems, ensuring that the power source is configured according to the actual power demands before connecting it to the normal load.
The demand for load test activities for gen-sets is increasing globally, leading to a surge in the load bank resistor market. This growth is attributed to factors such as portability and reliable constructions that attract end-users. The rising investments have prompted several load bank manufacturers to design and introduce hand portable load banks, which have attracted a significant number of end-users. Additionally, a fair percentage of end-users prefer renting these load banks, further driving the demand for hand-portable load banks. The availability of wheeled load banks in the market is also gaining prominence, contributing to the overall growth of load banks globally.
The increasing use of renewable energy sources, such as solar and wind energy, has led to a rise in the demand for load resistors. These resistors are crucial for testing the performance and reliability of renewable energy systems before they are put into operation. As renewable energy technologies continue to expand, the necessity for load resistors to ensure efficient and safe operation becomes increasingly vital. This trend is expected to drive the growth of the load bank resistor market at a healthy rate during the forecast period. The adoption of renewable energy sources, such as solar and wind energy, has increased the demand for load resistors. Load resistors are essential for testing the performance and reliability of renewable energy systems before their operation. The growth of the load bank resistor market is expected to be driven by the increasing demand for load resistors due to the expansion of renewable energy technologies.
Key segments that contributed to the derivation of the global load bank resistor market analysis are load bank type and application.
The geographic scope of the global load bank resistor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The load bank resistor market in North America holds the significant market share globally and is particularly significant, with the US playing a dominant role. This is due to substantial investments made by the US government in its electricity department to ensure a continuous supply of electricity to the population, positively impacting the market's growth. Additionally, technological advancements in the region contribute to North America's significant market share in the global load bank resistor market. The market's growth is also driven by the increasing demand for reliable power sources, especially in industries such as oil & gas, where gen-sets are used to ensure a continuous supply of electrical power to offshore and onshore facilities. This increasing adoption of load banks directly impacts the procurement of load bank resistors, which is a crucial driver for the market.
The regional trends and factors influencing the Global Load Bank Resistor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Global Load Bank Resistor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 267.28 million |
| Market Size by 2031 | US$ 380.10 million |
| Global CAGR (2023 - 2031) | 4.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Load Bank Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Global Load Bank Resistor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Global Load Bank Resistor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global load bank resistor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Avtron Power Solutions, Press Release, 2023)
The “Global Load Bank Resistor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market was estimated to be US$ 267.28 million in 2023 and is expected to grow at a CAGR of 4.50% during the forecast period 2023 - 2031.
Demand for load test activities and increasing use of renewable energy sources are the major factors that propel the global load bank resistor market.
Growing trend of installing backup power generation systems is anticipated to play a significant role in the global load bank resistor market in the coming years.
The key players holding majority shares in the market are ASCO Power Technologies, Cermet Resistronics Private Limited, Danotherm Electric Aands, Mosebach Manufacturing Company, and Megaresistors.
The market is expected to reach US$ 380.10 million by 2031.