Transparency Market Research delivers key insights into the global vehicle-to-grid technology market. In terms of revenue, the global vehicle-to-grid technology market is estimated to expand at a CAGR of ~46% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global vehicle-to-grid technology market.
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.
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In this research report, TMR 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.
owever, lack of infrastructure and high initial costs of electric vehicles with V2G technology are restraining the global V2G technology market. On the other hand, excess of power generated in large power plants can be stored in the batteries of electric vehicles and can be used to supply electricity back to the grid when required. This factor drives the global vehicle-to-grid technology market.