Global V2G Market to Reach $26.6 B by 2020
The global vehicle-to-grid (V2G) market is expected to reach $26.6 billion by 2020, according to a recent study by Zpryme and sponsored by the ZigBee Alliance.
From 2015 to 2020, global V2G vehicle unit sales are projected to grow from 103,900 to 1.06 million, respectively. The V2G vehicle unit sales compound annual growth rate (CAGR) from 2015 to 2020 is projected to be 59.0 percent, according to the report.
The report also concluded that, for the next five years, the market for residential charging stations will provide a greater opportunity than commercial charging stations. Based on Japan’s current automotive technology and leadership in the EV space, it will likely pioneer the next generation of V2G for the mainstream market.
Just recently, the Obama Administration set a target of 40 million smart meters in US homes and 1 million plug-in hybrids (PHEVs) by 2015 and just this week according to a Department of Energy report, US spending ($2.4 billion in stimulus spending aimed at encouraging development of new battery and electric-vehicle technology) will raise the U.S.’s manufacturing capacity for advanced vehicle batteries from 2 percent of the world market to 40 percent by 2015.
However, fleet operators say they are still unlikely to invest in hybrid or electric vehicles.
Global interest for V2G technology will be fueled by consumer demand as EVs become increasingly more marketable, because they appeal to a wide spectrum of consumers, according to the study.
The study found that several types of consumers are considering the purchase of an EV: the environmentally conscience who value zero emissions and alternative fuel sources, the economically driven who are attracted to minimal vehicle depreciation and fuel savings and movers-and-shakers who are drawn to aesthetic issues.
Collectively, these are the same consumers that will be owners of the next generation of vehicles. More than 25% of the 4,000 drivers surveyed across the US, Europe,
China and Japan said they would consider buying an electric vehicle, according to the report.
The report also found that the hardware/software industry is relatively untapped in the V2G space, but companies such as AC Propulsion and Azure Dynamics are two that have established footprints in the industry.
Energy Manager News
- Two Critical Questions to Ask Yourself About Your Current Energy Contract
- Pepco and Exelon Say Customers Have Benefitted$440 Million Since Merger
- ICC Issues Stringent Consumer Protection Rules For Retail Electric Suppliers
- Tesla’s Battery Storage Device Put to Use. Time to Exhale?
- Variable Speed Drives are a Powerful Efficiency Tool
- Veolia Checks Into the UK’s Tallest Hotel
- Massachusetts Aims for Critical Care Resiliency
- State of Michigan and MISO Propose Retail Capacity Charge