V2G is one of the key applications of smart grid. Smart grid technologies help realize the economic value of the V2G. The communication between utility, the consumer and the recharge points is an essential aspect of V2G mechanism. Smart grid technology also controls vehicle charging behavior. Developing a workable vehicle to grid infrastructure not only depends upon the speed of smart grid implementations, but also the cost of technology required to support this type of distributed generation and mobile storage program. Hence, demand for V2G vehicles is expected to increase as smart grid rollouts continue. On the back of government stimulus, EV and smart grid deployments in the US, China and Japan will drive global V2G growth.
The global V2G market which is projected to be $2,253m in 2012, is further projected to reach $40,401m in 2020, growing at a CAGR of 43%. The US V2G market is projected to be the largest in 2012 with an $847m revenues. It is further projected to reach $ 12,424m in 2020. The V2G advancement and adoption are expected to be driven by global Smart Grid deployments, renewable energy policy, increasing energy costs, consumer and business environmental awareness, green stimulus packages, a decline in the price for V2G vehicles, strong demand for hybrid electric vehicles/plug-in hybrid electric vehicles (HEV/PHEV), financial viability pressures of auto manufacturers, and a shift towards universal standard adoption.
Together, these drivers form the foundation for innovation, cost reductions, and rapid adoption of V2G technology. Global deployments of Smart Grid technology across globe have helped the government officials, investors, utilities, Wall Street, auto and battery manufacturers, and Smart Grid ecosystem integrators to understand the benefits and capabilities of V2G. Thus, the development of the Smart Grid facilitates rapid developments in V2G innovation, demonstrations, and V2G enabled EVs/PHEVs worldwide.
GlobalData’s “Vehicle-to-Grid (V2G) – Global Market Analysis and Forecasts to 2020” provides in-depth analysis of the opportunities in the Global Advanced Metering Infrastructure Market. The report provides key drivers and restraints impacting different market segments within Advanced Metering Infrastructure. The report also includes market size, forecasts and cost analysis by region and for top 10 key countries in the world. It also provides market share analysis of key players in the AMI Smart Meters Market.