Yahoo Finance Global Vehicle to Grid Market is projected to grow at a CAGR of 23.2% By 2032: Visiongain Research Inc
Visiongain has published a new report entitled the Vehicle to Grid Market Report from 2022 to 2032. It includes profiles of Vehicle to Grid and Forecasts Market Segment by Charging Type (Unidirectional Charging, Bidirectional Charging) Market Segment by Application (Peak Power Sales, Spinning Reserves, Base Load Power) Market Segment by Services (Ancillary Services, Active Power Support, Backup Energy For Home, Reactive Power Compensation, Other Services) Market Segment by Vehicle Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), Other Vehicle Type) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global vehicle to grid market was valued at US$887 million in 2021 and is projected to grow at a CAGR of 23.2% during the forecast period 2022-2032.
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Recent Developments in V2G Technology
Coming down the time train from numerous industrial epochs, it is clear that the current epoch – the artificial intelligence epoch – is a smart epoch. Smart cities combine smart homes, smart automobiles, smart grids, and all smart gadgets into a single concept. Several attempts have been made to develop technology that will assist in the development of smart cities. Among these technologies, the electric car is a big player. V2G technology has been continuously researched in the hopes of bringing it closer to reality.
Smart grids for power and load management are being developed, which will allow for regulations that will aid in the charging and discharging of electric batteries. In a regular charging arrangement (G2V, Grid-to-Vehicle), EV owners can push electricity from their batteries back to the grid and vice versa. Smart grids are currently being used by electric utilities to maximize power, which is a step toward pushing V2G technology.
Development of bidirectional batteries and charging systems – In September 2020, Tesla presented a new EV battery design that enables for V2G technology adoption. However, it is expected that new battery manufacture will begin in 2022 or 2023.
How has COVID-19 had a significant negative impact on the Vehicle to Grid Market?
The impacts of the global coronavirus epidemic have reverberated through many lives, upending aspects of health care, transportation, and the economy in nearly every country. There is no exception in the energy materials and renewable generating and conversion market, which includes battery-powered electric vehicles, grid storage, and personal electronic gadgets. Due to supply chain problems and anticipated demand reduction, battery shipments to automakers are expected to fall by 14% in 2020. Because LIBs account for 40–60% of total car costs, manufacturers are taking note and altering their production procedures. In reaction to pandemic-related shutdowns, two-thirds of North American economic sectors, including LIB manufacturers, have either adopted or announced plans to shift at least a piece of their supply chains out of China. Immediate production changes from China to Japan and South Korea are underway. There are also plans in the works to build new battery production plants throughout Europe. Advances in additive manufacturing (three-dimensional printing) and artificial intelligence are driving increased automation of the battery manufacture process. The next generation of manufacturers that utilise these technologies will be able to operate with fewer on-site employees and will be more resilient in the face of future quarantine measures.
How this Report Will Benefit you?
Visiongain’s 414+ page report provides 281 tables and 282 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vehicle to grid market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Vehicle to Grid. Get the financial analysis of the overall market and different segments including charging type, services, application, vehicle type and capture higher market share. We believe that high opportunity remains in this fast-growing vehicle to grid market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the current market drivers?
Peak Shaving and Other Electrical Benefits
By charging at night when demand is low (valley filling) and giving electricity to the grid when demand is high, the stored battery energy can be used to help balance loads (peak shaving). Additional benefits of peak shaving include the decrease of a range of undesirable elements like as line losses, transmission latency, and transmission congestion, among others. It also aids in the lessening of a power system's strained operation, hence extending its lifespan. As a result, large expenditures in peaking power plants are avoided. The capacity of power regulation authorities to estimate peak loads (mainly during summers due to the load of the air conditioner) is excellent. Using hybrid vehicles as distributed storage is a cost-effective and capital-intensive alternative to expensive and capital-intensive "peaking plant" generators. In general, power-seeking entities purchase electrical energy from generation businesses through long-term contracts or from spot electricity markets in the short time. Electricity prices are higher during peak load hours. Peak shaving is a feature of the PHEV fleet that lowers the cost of electricity during peak hours. The money saved in the case can be put to better use by investing in research facilities and broadening the horizons of PHEVs. The average annual advantages from an EV's involvement in V2G are expected to be between $392 and $561 per vehicle. As a result, PHEVs provide a flexible, adjustable load to the power supply, as well as load levelling during off-peak periods.
Ancillary And Regulation Services
Ancillary services account for 5-10% of power costs, or $12 billion per year in the United States, with regulation and spinning reserve accounting for 80% of these payments. The ability of PHEVs to perform ancillary services results in more stable power system operation, less protective relay operation, and maybe reduced impact of some contingencies. Short-term high-value power flows characterize these services, which are used to balance load fluctuations and adjust to unanticipated equipment breakdowns. A series of control actions are carried out in order to balance the grid around its frequency set-point. Control reserves are the available electricity resources for regulation. They could come from a variety of places, including fast-reacting gas turbines and pumped-storage power plants. PHEVs, on the other hand, can supply these auxiliary regulation services. The vehicle's trip schedules are assumed to be known at least one day ahead of time, and the 'Distribution Network Operators' (DNO) are notified of the planned journey. The vehicle is connected to the grid for auxiliary services while it is not in use. The DNO manages the charging and discharging of the battery, keeping track of its state of charge (SOC) and guaranteeing its viability for future travels. A drop in electricity tariffs would so benefit the power-seeking groups. In addition, the car owner is compensated for the additional battery degradation caused by regulation-related procedures. As a result, a PHEV can be used to modulate frequency as either a power source or a load.
Where are the market opportunities?
Improvement In V2G Technology and Devices
Device types compatible with vehicle-to-grid technology have been developed by a number of hardware companies. V2G chargers, like any other charging device, come in a variety of shapes and sizes. The highest charging power is usually approximately 10 kW, which is plenty for charging at home or at work. Even more charging options will be available in the future. Because the automobiles' own unidirectional on-board chargers can be bypassed, vehicle-to-grid charging devices are DC chargers. There have also been attempts in which a car includes an onboard DC charger that may be used in conjunction with an AC charger. This is not, however, a frequent solution today. To summarize, devices exist and are feasible, but as technology advances, there is still opportunity for improvement.
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Vehicle-To-Grid Technology Could Ease Europe’s Energy Transition Woes
High gas prices, which have recently risen by roughly 500 percent, are at the root of Europe's present energy crisis. Despite a great desire to move to renewable energy sources, a lack of supply of solar, wind, and other clean energy has forced markets to adapt by favoring gas-powered energy. While the long-term objective of creating a cleaner, greener, and more reliable energy landscape persists, there is a pressing need to supply Europeans with affordable and reliable power in the short term. Vehicle-to-Grid (V2G) technology that is scaled up could help Europe shift to cleaner, more sustainable energy while also promoting individual energy independence. Energy can be "pushed" back and forth between an electric vehicle (EV) and the power grid using V2G technology. When an electric car is plugged into a V2G charging station, it connects to a smart grid, allowing the vehicle to send its energy back into the grid. This results in a more efficient and sustainable power ecosystem, which benefits both car owners and the environment. When not in use, a connected EV can assist with grid stabilisation and potentially give power to car owners in the event of a power outage. Essentially, V2G opens up a slew of scenarios in which an EV serves as a mobile battery unit for decentralised energy storage, rather than merely a mode of transportation. This helps to reduce price volatility by stabilising and diversifying the wider energy grid.
Competitive Landscape
The major players operating in the vehicle to grid market are Energie Baden Wuerttemberg AG (EnBW), Endesa SA, NextEra Energy, Inc. (NEE), PG&E Corporation, NUVVE LTD, AC Propulsion Inc., Denso Corporation, EnerDel, Inc., Coritech Services Inc, Engie Group, EV Grid, Hitachi Ltd, Nissan Motor Company Ltd, NRG Energy Inc, OVO Energy Ltd., AC Propulsion, Mitsubishi Motors Corporation, Corinex, Coritech, Jedlix, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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