Load Bank Resistor Market to 2027 - Global Analysis and Forecasts by Load Bank Type and Application
NEW YORK, Sept. 17, 2019 /PRNewswire/ -- The global load bank resisitor market is estimated to account to 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 Mn by 2027. The global load bank resisitor market is experiencing steady growth in the forecast period. The increasing demand for load test activities for gen-sets, and portability and reliable constructions attract the end-users are owing to the surge the load bank resistor market globally. Due to the rising investments, several load bank manufacturers have designed and introduced hand portable load banks, which have attracted a significant number of end-users. A fair percentage of end-users prefer renting these load banks; the demand for hand-portable load banks is mounting. Several other wheeled load banks are also available in the load bank resistor market, which is also gaining prominence, thereby, catalyzing the growth of load banks. Oil & gas is one of the prominent industries in the load bank resistor market. The oil & gas companies deploy gen-sets to ensure a continuous supply of electrical power to their offshore and onshore facilities. The increasing adoption of load banks is directly proportional to the procurement of load bank resistors from the manufacturing point of view, and this factor is a crucial driver for load bank resistor market. Thus, it impact the growth of load bank resisitor market in the current scenario.
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A key trend that will prominently affect the load bank resisitor market in the coming years is the transforming trend of resistive load banks to resistive & reactive load banks in the forecast period.This factor is expected to boost the load bank resisitor market.
The resistive load banks have dominated and are continuing to dominate the load testing industry, attributing to several advantages.The significant adoption of resistive load banks is major because, these load banks test the generators at full capacity, thereby, providing the end-users with accurate and precise results.
However, various industries require resistive load banks as well as reactive load banks for different purposes. The adoption of resistive & reactive load banks are escalating in the current times, which is foreseen to soar in the coming years, thereby, is expected to create a prominent future for load bank resistor maket.These factors are projected to gain traction in the coming times having a significant impact approaching the load bank resisitor market.
Load bank resisitor market by type is segmented into resistive, reactive, and resistive and reactive.The resistive load banks share significant market revenues, attributing to the demand and usage of the same across industries.
The growing power generation demand has escalated the need for load banks worldwide.The increasing manufacturing of these load banks positively impacts the procurement of resistors, which is the key driving factor for load bank resistor market.
Several emerging countries across the globe are witnessing strong growth in the telecommunication sectors over the years.The telecommunication industry is a well-known end-user of reactive load banks, and the growth of the industry in developing countries is foreseen to drive the growth of the segmentin the load bank resistor market globally.
The rising adoption of reactive load banks is directly proportional to the growth of load bank resistors market in the coming years. The demand for periodic testing activities of these power generators and UPSs are increasing the requirement of load banks, thereby, throttling the growth of load bank resistor market in the current scenario. These factors are expected to enhance the demand of reactive load banks in the load bank resistor market globally. Similarly, referring to the growing number of natural calamities in countries such as Japan, Indonesia, and Vietnam, among others, several load bank companies are offering their products to the respective governments as well as private organizations. This factor is leapfrogging the growth of the revenue size of load bank resistor market in the Asia Pacific region. Thus, APAC region is one the fastest growing region in the load bank resistor market across the world.
The overall load bank resistor market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the load bank resistor market.
Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the load bank resistor market.
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