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Visiongain Publishes Vehicle to Grid (V2G) Market Report 2023-2033

07 November 2022

Visiongain has published a new report entitled Vehicle to Grid (V2G) Market Report 2023-2033: Forecasts by Charging Type (Unidirectional Charging, Bidirectional Charging), by Application (Peak Power Sales, Spinning Reserves, Base Load Power), by Vehicle Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), Other), by Service (Ancillary Services, Active Power Support, Backup Energy for Home, Reactive Power Compensation, Other), by Solution (Electric Vehicle Supply Equipment (EVSE), Power Conversion Equipment (PCE), V2G Smart Meters, Home Energy Management (HEM) Systems, Dynamic Load Management (DLM), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global vehicle to grid (V2G) market was valued at US$1,014 million in 2022 and is projected to grow at a CAGR of 21.5% during the forecast period 2023-2033.

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 maximise power, which is a step toward pushing V2G technology.

How has COVID-19 had a significant negative impact on the Vehicle to Grid (V2G) 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 2021. Because LIBs account for 40–60% of total car costs, manufacturers are taking note and altering their production procedures.

How will this Report Benefit you?
Visiongain’s 320-page report provides 167 tables and 162 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vehicle to grid (V2G) 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 (V2G). Get financial analysis of the overall market and different segments including charging type, vehicle type, services, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing vehicle to grid (V2G) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise 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.

Renewable Energy Integration
One of the most significant challenges in exploiting renewable energy supplies is storing it. Energy storage has long been a study topic in the electric community, as it would allow utilities to take advantage of low-cost generation periods. Additional storage would become a resource for the voltage regulation requirements mentioned before. Energy procurement is additionally hampered by the remote and difficult places. Around 1 p.m., solar energy peaks, whereas wind energy peaks around 4.30 a.m. Peak electricity demand is predicted to be highest between 4 and 8 p.m., according to the standard model. As a result, the peak is shifted away from the best hours for solar/wind output, posing considerable challenges in integrating renewable energy resources. Wind curtailment is also a major concern when it comes to capturing wind energy.

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 summarise, devices exist and are feasible, but as technology advances, there is still opportunity for improvement.

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 favouring 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.

Competitive Landscape
The major players operating in the vehicle to grid (V2G) market are AC Propulsion, Coritech Services Inc, Denso Corporation, Endesa SA, EnerDel, Inc., Energie Baden Wuerttemberg AG (EnBW), Engie Group, EV Grid, Hitachi Ltd, Jedlix, Mitsubishi Motors Corporation, NextEra Energy, Inc. (NEE), Nissan Motor Company Ltd, NRG Energy Inc, NUVVE LTD, OVO Energy Ltd., PG&E Corporation. 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.

Recent Developments
• 19 Aug 2022, EnBW has been looking into long-term investment partners for a minority stake in transmission system operator TransnetBW in recent months. EnBW intends to invest approximately €12 billion between 2021 and 2025, with approximately €6 billion going toward electricity and gas grids and approximately €4 billion going toward renewables and fuel switch projects.
• 18 July 2022, Nuvve Holding Corp. a global cleantech company electrifying the world through its intelligent energy platform, and San Diego Gas and Electric (SDG&E) signed an agreement that will help reduce constraints on California's energy grid while supporting local school districts by combining Nuvve's Vehicle-to-Grid (V2G) technology and services with the utility's Emergency Load Reduction Program (ELRP).

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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