A new report has been published by Frost & Sullivan which explores the impact of a wide range of grid services and electric vehicle (EV) charging markets and how their impacts on each other.
According to the study:
- Widening range of grid services will create new revenue streams for providers of EV charging technologies.
- Next-generation of charging technologies will be dominated by fast-charging, vehicle-to-home, and vehicle-to-grid models.
- Wireless charging is expected to be the biggest disruptor.
- EV charging solutions will find greater uptake when they integrated with wider grid services including demand response and load management.
- Digital support in the form of a unique digital platform providing real-time updates to consumers will be key.
To take advantage of the growth of EV charging and grid services markets, charging solution providers need to:
- Ensure the availability of charging infrastructure across commonly used transport paths.
- Collaborate with utilities, technology solution providers, and EV manufacturers to enable commonality and availability.
- Use digital platforms to manage the charging portfolio and monitor the health of the equipment. As an additional feature, the customer can view the electricity market prices at the time of charging/discharging from/back to the grid.
- Evaluate the feasibility of blockchain technologies to accelerate the vehicle-to-grid and smart charging initiatives within the local energy communities.
Vasanth Krishnan, Energy & Environment Senior Research Analyst at Frost & Sullivan, said: "With pure electricity sales likely to dip due to the rising efficiency of electric vehicle (EVs) operationally, investors will seek opportunities in grid services.
"They will also look to form partnerships or collaborate with end-supplier utilities, technology solution providers, or digital platform providers to offer unique functions. The focus will be on delivering value-added benefits such as ease of operation, speed of charging, pricing, and support for a variety of EVs.
"Digital platforms supporting charging solutions by providing real-time updates on slot availabilities, electricity pricing, and other unique features will be key to market success.
"Innovative charging solutions will play a key role in easing the transition to EVs. Overall, simplicity of use, standardisation, and 24x7 support will be vital for the mass adoption of charging solutions."
For more information about the report, click here.