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Technology

Vehicle to Grid Technology Market is Driving Growth 48%

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Sep 28, 2020 (Profound via COMTEX) —
Vehicle-to-grid, or V2G technology, is defined as a system that is capable of controlling the bidirectional flow of electricity between the vehicle and the grid. Electricity flows from the grid to the vehicle to charge the battery. Also, electricity can flow back from the vehicle to the grid when required. A majority of the time, electric vehicles are not in use. During this idle time, the batteries of these vehicles can be utilized for supplying electricity back to the grid. Parties involved in V2G operations include vehicle owners, vehicle battery suppliers, curtailment service providers, electric utility, electric vehicle supply equipment (EVSE) owners, and businesses/homes.

The global vehicle-to-grid technology market is projected to garner revenue around US$ 17.43 billion by 2027 by recording compound annual growth rate (CAGR) of 48% during the forecast period from 2020 to 2027.

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In this research report, Precedence Research proposes that, in terms of revenue, the electric vehicle supply equipment (EVSE) segment is estimated to outpace other segments of the global vehicle-to-grid technology market by 2027. An EVSE component is required for the charging of electric vehicles and supply of electricity back to the grid from these vehicles. This factor is driving the EVSE segment. Also, reduction in the level of carbon emissions and energy saving achieved by using vehicle-to-grid technology are driving the global vehicle-to-grid technology market.

In June 2018, Mitsubishi and Hitachi collaborated to set up a vehicle-to-grid charging network for battery electric vehicles and plug-in hybrid electric vehicles at several locations across Japan. This collaboration is expected to lead to the development of a sustainable business model for renewable energy and stabilization of power networks. This project is headed by TEPCO, Japan’s energy company.

Prominent Regions

Europe is estimated to present prominent growth opportunities to the vehicle-to-grid technology market in the near future, owing to growth of the electric vehicles industry in the region. Also, various government initiatives and subsidies for the use of electric vehicles are boosting the market in the region. The North America and Asia Pacific vehicle-to-grid technology markets are expected to expand at significant CAGRs during the forecast period, owing to the adoption of the technology by countries such as the U.S., China, and Japan. The Middle East and South America are expected to present moderate growth opportunities to the V2G technology market in the near future.

Key developers of vehicle-to-grid technology are displaying synergies through collaborations in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increase in the production capacity, so as to meet the rising demand.

Key Players

Key players operating in the global vehicle-to-grid technology market are Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, and Honda Motor Co., Ltd.

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Market Segmentation

By Component Type

  • Smart Meters

  • Electric Vehicle Supply Equipment (EVSE)

  • Software

  • Home Energy Management (HEM)

By Application Type

  • Battery Electric Vehicles (BEVs)

  • Fuel Cell Vehicles (FCVs)

  • Plug-in Hybrid Electric Vehicles (PHEVs)

By Regional Type

  • North America
  • Europe
  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Rest of the World

Table of Content

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COMTEX_371977277/2630/2020-09-28T04:32:21

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