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vehicle-to-grid (v2g) - global market analysis and forecasts

V2G, the Next Generation Smart Vehicles

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vehicle-to-grid (v2g) - global market analysis and forecasts

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  1. Vehicle-to-Grid (V2G) - Global Market Analysis and Forecasts to 2020

  2. V2G, the Next Generation Smart Vehicles As a smart grid solution for the automobile sector, Vehicle-to-grid (V2G) technology enables plug-in electric vehicles (BEV’s/PHEV’s) to communicate with the power grid and sell demand response services either by supplying electricity to the grid or by cutting down their charging rate. The V2G concept, which has been pioneered at the University of Delaware, is still under testing worldwide; however gaining ground in the United States and Europe. Currently, technology and policy to make V2G legal, possible, and desirable are being developed. No original equipment manufacturers (OEM) are currently building vehicles capable of feeding electricity back to the grid, though some are working on it. Smart Grid Technology, the key to Realizing V2G Economic Value 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

  3. back of government stimulus, EV and smart grid deployments in the US, China and Japan will drive global V2G growth. US Projected the Largest Market for V2G 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.

  4. Market Participants Geared up to Grab V2G Opportunities Emerging technologies, enhanced communication and the smart grid are expected create opportunities for the V2G market. Some energy providers are trying to be the first to market with smart charging and V2G services, while others are trying to follow them. Most utilities are likely to leave the investments of capital and creating new business models to others. Some innovative utilities such as Duke, Edison, Sempra, Austin Energy, and Xcel will possibly offer their own V2G services. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Vehicle-to-Grid-V2G-Global-Market-Analysis-and-Forecasts-to-2020&ReportType=Industry_Report&coreindustry=Industry_Report&Title=Power_Generation Visit our report store: http://www.globaldata.com For more details contact: pressreleases@globaldata.com North America: +1 646 395 5477 Europe: +44 207 753 4299 +44 1204 543 533 Asia Pacific: +91 40 6616 6782

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