The global vehicle-to-grid market (V2G)is anticipated to witness surging growth owing to increasing electricity demand worldwide. It provides a mechanism to meet the requirements of the electric power system by using parked electric automobiles. When aggregated and connected in large number, it can be used to disperse energy storage for intermittent power usage. It offers mutual benefits of transportation and electric power system. It reduces the strain on petroleum as well as strengthens the economy.
Re-electrification of automobile transportation and enhancement of the existing power grid are expected to increase the demand over the forecast period. New product development may give vehicle-to-grid industryplayer an edge over the other competitors. It also helps in reducing the green house effect, and thus improves the quality of environment. These automobiles will also reduce noxious emissions and reduce ecological and climate changes. These environmental benefits may boost its growth over the forecast period.
Hybrid Electric Vehicle (HEV) operates more efficiently as compared to internal combustion and reduces emission. HEV reduces fuel-consumption as these automobiles shutdown, when stopped due to traffic, and recapture the kinetic energy during braking. Increase in the number of electric automobile charging stations may drive its growth over the forecast period.
These automobiles are also referred to as smart charging or mobile energy automobile. They link two different technological systems, namely the petroleum-based transportation systems and electric power systems. These benefits are anticipated to drive its demand over the next few years. For an automobile to operate in vehicle-to-grid, it must possess three main elements, power connection to the battery, control or communication device that allows grid for battery operations, and precision metering on board to track energy flows.
This communication between the automobile and the power grid enables automobiles to manage electricity resource in an efficient manner. Additionally, it empowers owners to earn money by selling the power back to the grid. By receiving and supplying power to the power grid, electric automobile can reduce the use of devices that mitigate pollution.
The Plug-in or Pluggable Hybrid Electric Vehicles (PHEV) comprise hybrid electric automobiles, and consist of plug-in charger and larger battery. PHEV prototype contains a battery that can power an automobile to run up to 20 to 60 miles after charging for an hour.
These automobiles are more attractive as they reduce the lifetime cost of the pluggable hybrid electric car. It may be more cost-effective as it will use electricity as the fuel, and not gasoline or petroleum. Plug-in hybrid electric automobile is expected to have high-penetration in developing countries owing to increasing environmental awareness in these countries further fueling its growth.
High initial costs may hinder the vehicle-to-grid market over the specified period of time. Motorists and their driving patterns are expected to reduce the overall performance of these automobiles. Automobile industries, repairing companies, and oil industries may show resistance owing to high costs of existing technology. However, new industry or existing players are expected to enter into this segment over the forecast period owing to growth opportunities. Cost and lifetime of battery may pose as a challenge over the next few years.
North America and Europe are anticipated to be the key region over the specified period of time owing to environmental awareness. Government initiatives to spread the awareness for this environmental friendly technology may favor growth. Federal government of the U.S. has started supporting these automobiles owing to its environment friendly nature. Asia Pacific is also expected to grow significantly over the forecast period owing to presence of emerging economies such as India, China, and Japan.
Key vehicle-to-grid market players include Boulder Electric Vehicle, AC Propulsion, EV Grid, Coritech Services, and Honda. Other prominent vendors include Ford Technology, Corinex, NextEnergy, Pacific Gas, NRG Energy, Enerdel, and Electric Company.
In August 2014, Ideal Power Inc. announced that it has received an order for its PPSA-enabled 30 KW battery converter from Coritech Services. This battery will be used for V2G application. In July 2013, NextEnergy formed a partnership with REV technologies, Chrysler Group and Coritech Service to explore vehicle-to-gridefficiencies. In March 2015, Endesa and Nissan launched new project to work towards mass market V2G system in European market.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.