Global Vehicle Grid Integration Technologies Market 2016-2020

Outlook of the global vehicle grid integration technologies market

Technavio’s market research analyst predicts the global vehicle grid integration technologies market to grow profoundly at a CAGR of nearly 34% by 2020. The rising need for reduction in GHG emissions and energy independence will augment the prospects for growth in this market. Also, factors like the optimization of intermittent renewable generation will also aid in the steady growth of this market during the forecast period. Factors like the remote locations and intermittent nature of renewable energy sources act as the major constraints in utilizing their potential to the fullest. The vehicle-to-grid (V2G) technology is a viable option for solving these problems as it smoothens output power fluctuations from renewable energy sources. V2G technologies provide both frequency regulation and peak load balancing of power from renewable resources. Additionally, its ability to facilitate peak load management will result in its augmented adoption over the next four years.

The rising popularity of electric vehicles (EVs) and the recent increase in the number of government initiatives will be the key driver for the growth of this market. In recent times, increased marketing activities by vendors and widespread awareness have led to a rise in the popularity of EVs. Benefits such as low air and noise pollution will be the primary factors triggering its demand in the market. This increase in the popularity of EVs will result in additional vehicles being integrated into the grid.

Technological segmentation of the vehicle grid integration technologies market

• Drive systems
• Software and communication systems
• Equipment