Load Bank Market to Hit Valuation of USD 524.1 Million By 2032 | Astute Analytica [Yahoo! Finance]
SCHNEIDER ELEC UNSP/ADR (SBGSY)
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Source: Yahoo! Finance
Technological advancements, increased industrialization, and stringent regulations are driving growth. Companies are innovating to meet diverse testing needs, ensuring efficiency, reliability, and compliance in power systems. New Delhi, June 24, 2024 (GLOBE NEWSWIRE) -- The global load bank market is projected to experience significant expansion, reaching a market size of US$ 524.1 million by 2032 from US$ 305.0 million in 2023 at a CAGR of 6.2% during the forecast period of 2024 to 2032. The global demand for load banks has been on a significant rise due to several key factors driving the market. Firstly, the increasing frequency and intensity of natural disasters such as hurricanes, floods, and wildfires have spotlighted the critical need for reliable backup power systems. In 2023 alone, the world experienced a 20% increase in such events compared to the previous year, which directly impacts the demand for load banks as essential tools for testing and validating the reliability
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