Load Bank Resistor Market Growth Report 2021 to 2031
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.
Global Load Bank Resistor Market Analysis
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.
Global Load Bank Resistor Market Overview
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.
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Global Load Bank Resistor Market: Strategic Insights
Market Size Value in US$ 214.48 Million in 2018 Market Size Value by US$ 318.57 Billion by 2027 Growth rate CAGR of 4.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Global Load Bank Resistor Market: Strategic Insights
| Market Size Value in | US$ 214.48 Million in 2018 |
| Market Size Value by | US$ 318.57 Billion by 2027 |
| Growth rate | CAGR of 4.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Global Load Bank Resistor Market Drivers and Opportunities
Demand for Load Test Activities to Favor the Market
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.
Growing Adoption of Renewable Energy and Load Bank Resistors – An Opportunity in the Market
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.
Global Load Bank Resistor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the global load bank resistor market analysis are load bank type and application.
- Based on load bank type, the market is segmented into resistive, reactive, and resistive & reactive. The resistive segment held a significant market share in 2023.
- By application, the market is segmented into battery system, generator, uninterruptible power supplies (UPS), turbines, and others. The battery system segment held a substantial share of the market in 2023.
Global Load Bank Resistor Market Share Analysis by Geography
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.
Global Load Bank Resistor Market Report Scope
Global Load Bank Resistor Market News and Recent Developments
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:
- Avtron Power Solutions, a global leading load bank manufacturer is pleased to announce one of its products; the 9800 medium voltage load bank has received UL listed status and becomes the first medium voltage solution to achieve this level of certification.
(Source: Avtron Power Solutions, Press Release, 2023)
Global Load Bank Resistor Market Report Coverage and Deliverables
The “Global Load Bank Resistor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Load Bank Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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