Load Bank Resistor Market Current Impacting Factors, Opportunities and Challenges, Restraints and Forecast To 2027
The global load bank resistor market is estimated to account US$ 214.48 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2018 – 2027, to account to US$ 318.57 Bn by 2027.
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.
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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.
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.
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.
Source: https://www.theinsightpartners.com/reports/load-bank-resistors-market