Vehicle to Grid market report provides actionable intelligence on factors that have been driving demand; key trends that are impacting the market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments. Industry experts project Vehicle to Grid market to grow at a CAGR of 18.08% during the period 2017-2021.
Widespread electrification of the transportation sector has allowed the production and sales of millions of EVs. EVs have high potential to reduce GHG emissions and other air pollutants from the transportation sector. Alternatively, they serve as an energy resource for sending power back to the grid when required and providing ancillary services. This process is called as V2G. A V2G system facilitates the flow of power between a power grid and electric drive vehicles, such as BEVs, plug-in hybrid electric vehicle (PHEVs), or fuel cell EVs. In addition, these V2G systems provide a network that helps owners communicate with the power grid. The V2G technology provides demand response services to the power grid, enhancing the efficiency of the system while operating with heavy loads.
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Vehicle to Grid Market Drivers, Challenges and Trends: –
- Market Driver: – one driver in market is change in grid structure allowing decentralized power generation. The power system has undergone dramatic technical and institutional changes over the years. This has occurred due to the deregulation of the power industry, introduction of the smart grid, and the expansion of power generation resources that are connected to the grid. Energy policies in the majority of countries focus on the need for a clean, affordable, and reliable energy supply. This has resulted in power to be generated from low-carbon or no carbon fuels. Utilities and energy companies are making efforts to accommodate these fuels by changing the functioning of the grid. Traditional power grid had linear power generation, partial connection with its customers, and one-way communication. However, energy and utility companies are improving each part of the value chain by implementing new IT technology, which has made the grid smarter. Therefore, installing smart grid technology utilities will provide a higher level of transparency and control on the transmission and distribution of electricity.
- Market Challenge: – one challenge in market is competition from alternative technologies. The V2G technology is a relatively new technology. It is used for power regulation, storing of energy, balancing the grid, peak hour shaving, and powering a home. However, the technology has been facing competition from well-established and accepted technologies, such as batteries and fuel cells that have much higher penetration rates. Batteries and fuel cells have a wide area of application. This is due to their availability in different sizes and power ranges. They are used as a backup power solution in a wide range of utility, industrial, commercial, and residential applications. In addition, they are extensively used in transportation and telecom sectors.
- Market trend: – One trend in market is increasing popularity of EVs through government initiatives. EVs were introduced in the early 1990s, however, they lacked popularity among end-users in the initial years. Increased marketing by vendors and widespread awareness has led to a rise in the popularity of EVs. Benefits such as low air and noise pollution are majorly triggering their demand in the market. Ford offers a detailed explanation of different options of EVs and technologies on its website. End-users can now scroll through videos, texts, and cut-away diagrams to understand the technology better and determine options befitting their driving needs. There has been a rise in market penetration, given the strong support from governments to both manufacturers and consumers
Market segmentation by technology:- V2G market by technology, V2G market by power electronics, V2G market by software
Geographic Segmentation: –
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To determine the Vehicle to Grid market size the report considers detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report covers the market landscape and its growth prospects over the coming years. Report contains vendor landscape in addition to a SWOT analysis of the key vendors operating in Vehicle to Grid market space like
- AC Propulsion
- AutoPort and many more.
- Vehicle to Grid market report provides comprehensive analysis of the market with the help of up-to-date market opportunities, overview, outlook, challenges, trends, market dynamics, size and growth, competitive analysis, major competitors analysis.
- Report recognizes the key drivers of growth and challenges of the key industry players. Also, evaluates the future impact of the propellants and limits on the market.
- Uncovers potential demands in the market.
- Vehicle to Grid market report provides in-depth analysis for changing competitive dynamics
- Provides information on the historical and current market size and the future potential of the market.
Vehicle to Grid Market highlights following key factors:
- A complete background analysis of Vehicle to Grid industry, which includes an assessment of the parental market.
- Emerging trends by segments and regional markets.
- Significant changes in market dynamics & market overview.
- Market breakdown up to the second or third level.
- Market shares and approaches of key players in Vehicle to Grid market.
- Current and predictable size of Vehicle to Grid market from the perspective of both value and volume.
- Reporting and estimation of recent industry developments.
- References to companies for establishment their position in the market
- This report provides new business dimensions with an eye on growth opportunities and contribution of upcoming market segments.
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Some of the exhibits included in Vehicle to Grid research report are
Exhibit 01: Benefits of V2G
Exhibit 02: Working of V2G system
Exhibit 03: Basic requirements of V2G technology
Exhibit 04: Global V2G market
Exhibit 05: Global V2G market 2016-2021 ($ billions)