Vehicle Grid Integration Technologies and Services Are Expected to Make up a $700 Million Market by 2026
Opportunities for vehicle grid integration deployment vary by location according to plug-in electric vehicle population, the grid, renewables penetration, and regulatory structures
A new report from Navigant Research analyzes the market opportunity for vehicle grid integration (VGI) technologies used to support grid reliability and stability, providing global forecasts for plug-in electric vehicles (PEVs), networked and bidirectional electric vehicle supply equipment (EVSE), and VGI capacity and revenue, through 2026.
As PEV adoption picks up pace within the next few decades, the electrification of transportation is expected to increase load significantly. For utilities, actively managing and spreading the load across infrastructure assets and time via VGI technologies can prevent infrastructure upgrade costs and may also decrease grid balancing costs. Click to tweet: According to a new report from @NavigantRSRCH, VGI technologies and services are estimated to achieve a market size of $700 million by 2026.
“Opportunities for VGI deployment vary significantly by location depending on the confluence of a growing PEV population, an advanced grid, penetration of renewable resources, and an encouraging grid regulatory structure,” says Scott Shepard, senior research analyst with Navigant Research. “Additionally, an increased focus from utilities and grid operators to enroll PEVs in grid services and demand response programs will have significant impacts on the VGI market.”
Navigant Research estimates that the combined global market for regulation and demand response (grid services) is currently near 198 GW. By 2026, global increases in renewables penetration and the advance of smart grid organizational structures are expected to bring the grid services market to more than 516 GW. According to the report, VGI will grow significantly in the next 10 years but account for only a minute portion of global grid service capacity by 2026.
The report, Vehicle Grid Integration, analyzes the market opportunity for VGI technologies to be used to support grid reliability and stability. The study considers various policy factors associated with the growth of VGI, as well as significant market drivers and barriers. Global market forecasts for PEVs, networked and bidirectional EVSE, and VGI capacity and revenue extend through 2026. The report also examines the major VGI technologies and case studies and profiles key market participants. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Vehicle Grid Integration, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
Source: navigantresearch
