According to industry experts, the vehicle-to-grid technology industry is projected to register a CAGR of 48% during the forecast period 2020-2027.
The growth of electric vehicles and the smart grid has lead to the creation of vehicle-to-grid (V2G) technology. Imagine using your electric vehicle to power your home during a storm-induced power outage. While your vehicle may not be able to power your entire house, there likely would be enough energy to charge your phone, power the lights, and keep your refrigerator on. How is this possible? Through the use of V2G technology.
According to Precedence Research, the vehicle-to-grid technology industry is projected to register a CAGR of 48% from 2020-2027 and is expected to be worth around US$ 17.43 billion by 2027alt. Read More@ https://www.precedenceresearch.com/vehicle-to-grid-technology-market
What is Vehicle to Grid (V2G) Technology?
Vehicle-to-grid technology involves drawing unused power from the car into the smart grid. V2G, which is also known as vehicle-grid integration (VGI), can help the energy grid supply electricity during peak hours. It can also create an extra power source when weather-dependent renewable energy sources are not available. For example, a home that uses solar power cannot generate electricity at night, but an electric vehicle could provide a secondary source of power if needed.
This type of technology can help meet clean energy goals such as targeting zero-carbon emission by 2045. It can also provide an added benefit to consumers by potentially lowering the cost of electric vehicle ownership. An owner can sell back surplus power from their vehicle in order to offset other costs.
How Vehicle to Grid (V2G) Technology works
Electric vehicle charging is usually a one-way "Grid-to-Vehicle" flow of energy. The power stored in EV batteries is used exclusively for driving.
Bi-directional V2G charging points make EV charging a two-way street. At times when the grid's power demand spike, fully charged vehicles have the ability to feed stored energy back into the network.
EV owners charge the grid a fee for the service, enjoying a return on their EV investment while setting sensible limits to ensure they always have the range they need. Smart grids benefit by maximizing their use of renewables and optimizing their carbon footprint in real time.
V2G, AN ENERGY STORAGE SOLUTION
Electricity generation has gone through changes and now incorporates renewable energy sources. As energy sources that are by nature sporadic, they make the network unstable, which means that more energy needs to be stored. The storage capacity made available via V2G can absorb a spike in consumption, preventing an outage from occurring. It can also offset the disruptions inherent in energy transfer when production switches between sources.
In the other direction, the concept of Vehicle To Grid operates on the principle of smart charging. The battery gets charged during renewable energy production phases, making it possible to consume mainly green energy more affordable.
Finally, V2G can be used as an alternative domestic energy source. The owner of an electric vehicle can draw on the energy stored in the battery to supply power to their home. Although it is still in the very early stages, as electric vehicles become more common the advantages of this technology are obvious.
Vehicle to grid market perceives substantial growth due to exponentially growing number of EV charging stations across the world. EVs have less range than hybrid and internal combustion engine (ICE) vehicles. As a result, several charging facilities are essential to be installed on the road and off the road to progress their adoption rate. The intensifying number of charging stations will result in additional vehicles being integrated into the grid which in turn bolsters the demand for the vehicle to grid technologies.
However, on account of ongoing COVID-19 outbreak, the global automobile sector is facing a slowdown due to the lockdown in numerous countries that has constrained the production of electric vehicles. The operations of certain vital players impacted by COVID-19 outbreak comprise BMW AG, Nissan Motor Co., Kia Motors Corp., Tesla, Inc and Daimler AG. Nonetheless, government incentive packages in the future might help the EV market get through an economic crisis carried by COVID-19 by investing profoundly in charging infrastructure. China is set to invest to encourage its automotive sector. The Chinese government has highlighted "new infrastructure" as part of a stimulus policy to lift its economy after the slowdown instigated by COVID-19 and trade tensions. Therefore, most governments from pretentious areas have resorted to infrastructure refurbishment as an economic impetus method.
Improving the Smart Grid
One of the biggest frontiers in electrical engineering today is the development and implementation of smart grid technology. Fueled by the global demand for greener technologies and alternative fuels, environmentally-friendly smart grid technology has the ability to stimulate stagnant economies as well as change the way power is delivered to electricity consumers around the world.
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Key Companies Share Insights
The global vehicle-to-grid technology market is highly competitive with prominent ongoing developments in the market. The market players are largely focused on technology investment, partnership and merger & acquisition strategy for cementing their footprint in the market. In June 2018, Hitachi and Mitsubishi collaborated together to establish a vehicle-to-grid charging network for PHEVs and BEVs at several places in Japan. Similarly, in June 2019, ENGIE entered into an agreement with Fiat Chrysler Automobiles (FCA) to offer new electric-powered mobility solutions in fourteen different countries of Europe. The company planned to offer FCAs with its charging station for its customers and dealers in Europe. Thus, a significant initiative from auto-manufacturers to promote the vehicle-to-grid technology has a prominent impact on the market growth.
Some of the prominent players in the vehicle-to-grid technology market include:
- Nissan Motor Corporation
- Mitsubishi Motors Corporation
- NUVVE Corporation
- ENGIE Group
- OVO Energy Ltd
- Groupe Renault
- Honda Motor Co., Ltd.
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