The Asia Pacific region, western Europe and North America will account for nearly 90% of the global energy storage for electric vehicle (EV) charging market through to 2027, according to Navigant Research.
Grid operators, commercial business owners and homeowners are increasing the use of energy storage for EV charging to mitigate electricity reliability and cost issues.
In addition, energy storage for EV charging is resulting in decreased EV charging times, reduction in customer range anxiety, a better business case for EV owners and charging station operators, as well as a reduction in carbon footprint for all parties involved.
The report also finds that energy storage is playing a fundamental role to the smart grid and the integration of the new power systems related to future EV charging stations.
Ian McClenny, research analyst for Navigant, said: “… several different solutions can address the peak demand of EVs and the associated charging issues, including EV charging strategies that contain the impact on the grid and the deployment of smart grid technologies like distributed generation, smart monitoring systems, and especially energy storage.
“In addition, ESEV systems represent a solution to common problems EV customers face—cost and power supply issues in the form of harmonic currents and poor power factors because of non-linear charging equipment.”