Vehicle-to-Grid (V2G) Global Market Analysis and Forecasts to 2020
Research and Markets has announced the addition of GlobalData 's new report "Vehicle-to-Grid (V2G) - Global Market Analysis and Forecasts to 2020" to their offering.Our Vehicle-to-Grid (V2G) - Global Market Analysis and Forecasts to 2020 provides information on market opportunities for impending V2G players in smart grid, besides presenting the forecasts for V2G market. The report provides key drivers and restraints impacting V2G prospects in the potential markets. The report also includes product comparison of the upcoming V2G vehicles that are currently under testing phase. It also provides market share analysis by region for various segments of global V2G market in 2012 and 2020.
The global vehicle-to-grid market is projected to grow at a blistering growth rate during the forecast period 2012-2020. The key enablers of V2G transition will be the smart grid, as well as the evolution of high performance vehicle batteries. The V2G advancement and adoption are expected to be driven by global smart grid deployments, renewable energy policy, increasing energy costs, consumer and business environmental awareness, green stimulus packages, a decline in the price for V2G vehicles, strong demand for HEV/PHEV, financial viability pressures of auto manufacturers, and a shift towards universal standard adoption. In terms of geographic region, North America is projected to lead the growth in 2015, while Asia-Pacific is projected to lead the market in 2020. The Rest of World region is expected to have a moderate growth through out the forecast period.
The ongoing and upcoming smart grid projects, state and federal government subsidies EV buyers, increased awareness in the people about the green cars, nations pressure on carbon emission reductions and challenge of meeting the increased power demand in future among others act as key drivers for V2G adoption in the US. On the other hand, the US market also faces some barriers for growth of electric vehicles, which include upfront cost of EVs, range anxiety, availability of charging infrastructure, technology uncertainty, and lack of information about significant benefits and challenges of EVs for users among others.
Currently, technology and policy to make V2G legal, possible, and desirable are being developed. No OEM vehicle manufacturers build vehicles capable of feeding electricity back to the grid, though some are working on it. In the US, Delaware is the only state where energy sent to the grid from a V2G vehicle must be net-metered, though most states require net-metering for all renewable electricity sources, and in most cases V2G vehicles could piggy-back on these renewable energy policies. Net-metering is necessary for V2G (bidirectional power flow) to be workable. All ISOs in the US send command signals for frequency regulation, so most of the US population could sell V2G regulation services.
The emerging smart grid markets and fast developing V2G concept will open opportunities for every segment of the global V2G market. The policy initiatives, development in power electronics and the opening of electricity markets across nations creating opportunities for electric-drive vehicles. The adoption of V2G/electric vehicles (EVs) over the next several years is expected to be accompanied by significant investment in EV charging infrastructure including public, private, workplace, and residential charging equipment. Also, there are only a small handful of players developing V2G hardware and software, leaving ample business opportunities for new entrants and partnerships in this area.
In future, V2G is expected to gain acceptance, not as widely as the EVs though. By 2012, V2G could be operational in many large vehicle fleets in multiple RTO/ISO territories, as well as in some private early adopters' vehicles. Various OEMs are expected to manufacture grid interactive vehicles with the communications systems to respond to external signals. By 2020, most OEM vehicles are likely to be grid interactive, while some OEMs are expected to offer vehicles with power electronics which are capable of supporting bi-directional power flow.
source: businesswire