LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global load bank market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global load bank market for 2017-2021 provides a detailed industry analysis based on application (power generation and T&D oil and gas; marine, defense, and aerospace; and data centers) and geography (APAC, EMEA, and the Americas).
The global load bank market is projected to showcase a CAGR of close to 3% over the forecast period, with APAC accounting for generating the highest incremental growth. The compliance and adoption of stringent energy codes in APAC are driving the impressive growth of the market segment.
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The top three emerging trends driving the global load bank market according to Technavio heavy industry research analysts are:
- Demand for load banks from the renewable energy systems
- Growth in smart grid market
- Rise in distributed power generation
Demand for load banks from the renewable energy systems
“The growth in the generation of renewable energy is expected to create significant demand for load banks. The wind and solar renewable energy systems extensively apply load bank testing to check and approve various applications,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
The amendment of the Kyoto Protocol and the implementation of stringent EU emission standards have greatly increased renewable energy development projects. The upsurge in these renewable energy projects has increased the demand for power system testing equipment like load banks.
Growth in smart grid market
Smart grids greatly enhance the energy distribution by using distributed energy resources (DER) such as power from renewable energy sources to aid utilities adapt to demand patterns. Smart grids converge both analog and digital information using computer-based remote control and automation mechanisms to connect consumers and commerce to wind farms or power plants. Load banks become necessary in a smart grid system to ensure safe and fast commissioning of substation components. Productive load banking is being increasingly adopted to enhance the demand response capabilities of a building connected to a smart grid.
Rise in distributed power generation
“Distributed power generation systems are dependent on load bank applications to test interconnections with the grid and other electrical connections. Load banks provide a greater level of control, leading to enhanced compliance of the systems with test standards when tested against a simulated grid,” says Anju.
The adoption of load banks in distributed power networks allows real load step scenarios to be mimicked, a full range replication of the true, operational environment, and shorter execution times, fewer man hours, and shorter lead-time planning. These advantages are leading to the growth of the load bank market.
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