According to a new report from Navigant Research, worldwide revenue from vehicle-grid integration (VGI) services will grow from $335,000 in 2015 to $20.7 million by 2024 annually.
The report also says that the global sales of plug-in electric vehicles (PEV)s surpassed 320,000 in 2014.
The pilot programs testing VGI technologies are flourishing, providing expanding opportunity for the market in the coming years.
In addition, the report analyzes the market opportunity for VGI technologies needed to support grid reliability and stability.
The report also includes global market forecasts for vehicle-to-grid-enabled PEVs and VGI capacity and revenue for various regions through 2024.
According to the report, the VGI market can be separated into two categories.
PEVs can provide services to the grid by changing the rate at which they consume power, which is known as vehicle-to-grid communications for charge management or V1G.
In the second category, they can provide power back to the grid, a bidirectional system known as vehicle-to-grid power transfer, or V2G.
Today, the V2G pilots are prevailing and most commonly used method. However, V1G pilots are facing certain restrictions in regards to automaker adoption and market access.
Today’s (PEVs) has high electricity demand which on ill managing will create problems with distribution-level transformers.
Eventually, this will increase demand during peak hours, the time when PEV owners return from work and plug in their vehicles.
At the same time, PEVs represent an increase in load that will be used to capture renewable electricity generation and help balance generation with demand, making electricity cheaper and cleaner.
“In development since before the Volt and LEAF were first sold in the Unites States, VGI technologies are designed to help make the grid more flexible and resilient, while also lowering electricity rates for owners of PEVs,” says Scott Shepard, research analyst with Navigant Research.
Sabeena Wahid
[email protected]