LONDON–(BUSINESS WIRE)–#energy–The global
vehicle to grid (V2G) market is expected to grow at a CAGR of
more than 18% during the forecast period, according to Technavio’s
latest market research.
In this market research report, Technavio
covers the market outlook and growth prospects of the global vehicle
to grid market for 2017-2021. The market is
further categorized into two segments based on technology. These
segments are power electronics and software, of which the
power electronics segment accounted for more than 88% of the market
share in 2016.
“The need to reduce GHG emissions and develop energy independence is
leading to the rise in the adoption of efficient electric cars,
which in turn, is driving the market. It is expected that Tesla and
Nissan will launch EVs with V2G capability during the forecast period.
This will help the market grow in double digits as the technology will
move from the pilot to the commercialization phase, making V2G a
mainstream application,” says Thanikachalam Chandrasekaran, a lead smart
grid research expert from Technavio.
Technavio’s energy
research analysts segment the global vehicle to grid market into the
following regions:
- Americas
- APAC
- EMEA
V2G market in Americas
The Americas is the leading region for V2G technologies, with the US
being the major contributor to the growth. This growth is attributed to
rapid investments in the development and deployment of V2G
infrastructure. This was coupled with aggressive government
strategies and targets to stimulate sales of battery electric vehicle
(BEVs) and plug-in hybrid electric vehicle (PHEVs) in the region.
Integrating EVs into the grid can save cost to utilities as well as help
offset the overall ownership cost of EV owners.
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V2G market in APAC
APAC has the fastest growing V2G market among other regions. The demand
for V2G technologies will largely be driven by the need for improving
the environment and energy security in some of the fast-growing
economies in APAC, such as China and India. Governments of these
countries are investing heavily in the deployment of smart grids that
will enable two-way communication between the grid and EVs.
“Investments in smart grid and benefits such as tax exemptions for
the construction of charging stations coupled with subsidies for
the purchase of EVs will drive the demand for EVs. This, in turn, will
fuel the grid integration technologies in the region,” says
Thanikachalam.
V2G market in EMEA
The transition to smart grid systems, the evolution of EVs stimulated by
the development of vehicle batteries, and aggressive policies in
renewable energy are some of the drivers for the V2G market in Europe.
Large-scale deployments of smart grid technologies such as smart meters
will enable vehicle grid integration (VGI) and increase the share of
renewable power in the region. This will drive the need for technologies
that will enable grid integration to manage renewable power generation.
VGI demonstration projects are taking shape in countries such as Denmark
and Germany that have a large amount of renewable power generation.
The top vendors in the global vehicle to grid market as highlighted in
this market research analysis are:
- AC Propulsion
- CORITECH
- DENSO
- Hitachi
Browse Related Reports:
- Global
Vehicle Grid Integration Technologies Market 2016-2020 - Global
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Automatic Generation Control Market 2016-2020
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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Global Vehicle to Grid Market 2017-2021: Market Analysis and Forecasts by Technavio was first posted on April 3, 2017 at 3:20 pm.
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April 04, 2017 at 02:43AM
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