Dublin, March 20, 2024 (GLOBE NEWSWIRE) -- The "Vehicle to Grid (V2G) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
World revenue for Vehicle-to-Grid (V2G) Market is forecast to surpass US$ 4.31 billion in 2024, with strong revenue growth through to 2034.
Escalating Demand for Electricity, Coupled With a Global Commitment to Reduce Reliance on Fossil Fuels, Resulting in a Surge in the Adoption of Electric Vehicles
The vehicle-to-grid (V2G) market is witnessing unprecedented growth driven by a confluence of factors shaping the future of sustainable transportation and power management. Key drivers include the escalating demand for electricity, coupled with a global commitment to reduce reliance on fossil fuels, resulting in a surge in the adoption of electric vehicles (EVs). This market is characterized by opportunities that lie in the integration of renewable energy sources, such as solar and wind, to meet energy demands, while also addressing challenges associated with the variable nature of these sources.
The primary driver for the V2G market is the escalating demand for electricity worldwide. Governments and industries are increasingly recognizing the need for sustainable and low-emission solutions, driving the widespread adoption of EVs. The electrification of the transportation sector not only addresses environmental concerns but also provides a unique opportunity for EVs to serve as mobile energy storage units. This bidirectional flow of power, where EVs can both draw and supply energy to the grid, is a key driver propelling the V2G market forward.
Opportunities in the V2G market are abundant, particularly in the integration of renewable energy sources. As countries strive to meet ambitious renewable energy targets, V2G technology becomes an enabler for managing the intermittent nature of solar and wind power. This creates opportunities for smart grid solutions and advanced energy storage systems. Additionally, the idle times of parked EVs present an untapped opportunity for bidirectional power flow, optimizing energy use during off-peak hours and supporting the grid during peak demand periods.
High Cost Associated with Upgrading Existing Charging Infrastructure
A significant challenge impeding the seamless progression of the vehicle-to-grid (V2G) market is the substantial cost associated with upgrading existing charging infrastructure. As the demand for V2G technology increases, the existing charging stations need to undergo modifications and enhancements to accommodate bidirectional power flow between the grid and electric vehicles (EVs). This retrofitting process involves installing advanced chargers capable of bidirectional energy transfer, along with the necessary communication and control systems. The high upfront investment required for these upgrades poses a financial hurdle for charging infrastructure providers and businesses operating in the V2G ecosystem.
Key Market Dynamics
Market Driving Factors
- Supportive Government Regulations and Financial Incentives for V2G Deployment.
- Growing Adoption of Electric Vehicles Across the Globe Driving the Market Growth
- Rising Urbanization and Industrialization Driving the Market Growth
Market Restraining Factors
- High Cost Associated with Upgrading Existing Charging Infrastructure
- Lack of Standardized Charging Infrastructure Hinder the Market Growth
- Grid Limitations and Upgrades Hinder the Market
Market Opportunities
- Ongoing Technological Advancements in V2G Technology Opportunities for Market
- Collaboration and Partnership Opportunities for the Market Players
- New Energy Management Technology Opportunities for the Market
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising vehicle-to-grid (V2G) prices and recent developments.
Segments Covered in the Report
Market Segment by Charger Type
- Bi-Directional Chargers
- Uni-Directional Chargers
Market Segment by Power Capacity
- Low Power (< 10 kW)
- Medium Power (10 kW-50 kW)
- High Power (>50 kW)
Market Segment by Components
- Electric Vehicle Supply Equipment (EVSE)
- Smart Meters
- Home Energy Management (HEM)
- Other Components
Market Segment by Vehicle Type
- Electric Cars
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Electric Buses
- Electric Trucks
- Other Vehicle Types
Market Segment by Technology
- Charging Infrastructure
- Communication Equipment
- Grid Management Software
- Energy Management Software
- Smart Grid Integration Solutions
- Other Technology
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Vehicle-to-Grid (V2G) Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- ABB Limited
- AC Propulsion
- Denso Corporation
- Edison International
- EV Grid, Inc
- Fermata Energy
- Hitachi, Ltd
- Honda Motor Co., Ltd
- Indra Sistemas, S.A
- Nissan Motor Co., Ltd.
- NRG Energy, Inc.
- NUVVE Holding Corp
- OVO Energy
- Toyota Industries Corporation
- Wallbox
In summary, the 410+ page report provides you with the following knowledge:
- Revenue forecasts to 2034 for Vehicle-to-Grid (V2G) Market, 2024 to 2034 Market, with forecasts for charger type, power capacity, components, vehicle type, and technology, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Vehicle-to-Grid (V2G) Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Vehicle-to-Grid (V2G) Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/2ljf0g
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