The analysts forecast the global vehicle to grid market to grow at a CAGR of 18.08% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global vehicle to grid market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
One trend in market is increasing popularity of EVs through government initiatives. EVs were introduced in the early 1990s, however, they lacked popularity among end-users in the initial years. Increased marketing by vendors and widespread awareness has led to a rise in the popularity of EVs. Benefits such as low air and noise pollution are majorly triggering their demand in the market. Ford offers a detailed explanation of different options of EVs and technologies on its website.
According to the report, one driver in market is change in grid structure allowing decentralized power generation. The power system has undergone dramatic technical and institutional changes over the years. This has occurred due to the deregulation of the power industry, introduction of the smart grid, and the expansion of power generation resources that are connected to the grid. Energy policies in the majority of countries focus on the need for a clean, affordable, and reliable energy supply. This has resulted in power to be generated from low-carbon or no carbon fuels. Utilities and energy companies are making efforts to accommodate these fuels by changing the functioning of the grid.
Further, the report states that one challenge in market is competition from alternative technologies. The V2G technology is a relatively new technology. It is used for power regulation, storing of energy, balancing the grid, peak hour shaving, and powering a home. However, the technology has been facing competition from well-established and accepted technologies, such as batteries and fuel cells that have much higher penetration rates. Batteries and fuel cells have a wide area of application.