DUBLIN, March 18, 2024 /PRNewswire/ -- 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
Market Restraining Factors
Market Opportunities
Forecasts to 2034 and other analyses reveal commercial prospects
Segments Covered in the Report
Market Segment by Charger Type
Market Segment by Power Capacity
Market Segment by Components
Market Segment by Vehicle Type
Market Segment by 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
In summary, the 410+ page report provides you with the following knowledge:
For more information about this report visit https://www.researchandmarkets.com/r/jk58k4
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SOURCE Research and Markets
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